Gas Turbine Industry Overview
The global gas turbine market size is projected to reach USD 38.80 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany.
Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. This market is predicted to expand rapidly during the forecast period, owing to increased government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world.
Gas Turbine Market Segmentation
Grand View Research has segmented the global gas turbine market based on technology, capacity, end-use, and region:
Based on the Technology Insights, the market is segmented into Open Cycle and Combined Cycle
- The combined cycle turbines sector accounted for the largest revenue share of more than 72.0% in 2021 and is anticipated to continue its dominance in the near future. This technology category is expected to increase at a faster rate in the coming years.
- Strict regulations for coal plants, low gas prices, and the integration of increasing amounts of renewable energy are driving the switch to combined cycle gas turbine technology.
- Government initiatives that encourage the use of sustainable fuels for electricity generation and reduce greenhouse gas emissions are likely to boost demand for natural gas-fired power plants over coal-fired power plants.
Based on the Capacity Insights, the market is segmented into ≤200 MW and >200 MW
- >200 MW emerged as one of the most significant segments in this market with a revenue share of more than 65.0% in 2021. It is likely to be the fastest-growing segment during the forecast period.
- The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world’s major countries, are driving demand in this category.
- The rise of the power generation business, combined with a greater emphasis on generating electricity from renewable energy sources, is the primary driver for gas turbines, particularly those with capacities above 200 MW.
Based on the End-Use Insights, the market is segmented into Power & Utility and Industrial
- The Power & utility sector accounted for the largest revenue share of approximately 80.0% in 2021. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors.
- Heavy industries, specialty chemical production, glass and cement manufacture, pharmaceutical, and sugar mills are all part of the industrial segment. Due to strict pollution regulations, gas turbines are seeing growing demand in the industrial sector.
Gas Turbine Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is consolidated by a few major companies, which account for a dominating industry share. Industry participants practice several strategic initiatives, such as joint ventures, mergers & acquisitions, partnerships, and new product offerings, to enhance their foothold in the market. For instance, in June 2020, the consortium between Ansaldo Energia and Shanghai Electric Group signed a contract with the Bangladesh Power Development Board company named North-West Power Generation Company Ltd. The consortium is anticipated to design and build an 880 MW combined cycle power plant in Bangladesh under the terms of the deal, allowing the companies to expand their scale of operation.
Some prominent players in the global Gas Turbine market include:
- General Electric
- Siemens Energy
- Mitsubishi Power, Ltd.
- Kawasaki Heavy Industries, Ltd.
- Ansaldo Energia
- Solar Turbines Incorporated
Order a free sample PDF of the Gas Turbine Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment