Global Gas Turbines Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Introduction:

One of the most commonly used power generating technologies is gas turbines. Gas turbines are a type of internal combustion (IC) engine in which the burning of an air-fuel mixture yields hot gases that whirl a turbine to generate power. Gas turbines can be utilised for a wide range of fuels including natural gas, fuel oils, and synthetic fuels. Combustion arises continuously in gas turbines as different to responding IC engines in which combustion happens irregularly.

Global Gas Turbines Market Size and Growth:

Global gas turbines market is valued at $17.82 billion in 2017 and projected to reach $23.38 at the end of 2025 with a CAGR of 3.4% during the forecast period 2019-2025. Growing demand for natural gas-fired power plants is one of the significant driver driving the market growth. Increasing demand for electricity is boosting the growth of the market coupled with efficient power generation technology one among the major factors propelling the market growth. Reduction in the emission of carbon dioxide along with the impact of shale gas due to health concerns and government regulations are fueling the growth of the market. Price volatility and the infrastructure of natural gas are the primary restraint faced by the market. Increased trend of distributed power generation has opened the opportunity for the growth of the market. Replacement of phased out nuclear & coal plants has scope for the growth in gas turbines market and shifting focus toward renewable energy is one of the significant challenge faced by the market.

Global Gas Turbines Market Share:

Global gas turbines market is segmented regarding technology, design type, rated capacity, application and geography. Concerning technology, the combined cycle dominated the market, and the growth is projected owing to the demand for combined cycle power plants as these offer low carbon dioxide emissions and higher productivities. Combined cycle plants combined with massive duty turbines allow high flexibility and low emissions, even in part load processes.

Regarding design type, the market is dominated by the heavy duty (frame) segment as it is projected to be the most abundant gas turbines market till 2025. The market growth is owing to the increase in the number of large-gas fired power plants and demand for heavy-duty gas turbines that needs power. Concerning rated capacity, above 300 MW is widely used across the industries as industries need a tremendous amount of power and for which above 300 MW is used in general.

Regarding application the power generation segment is projected to grow at the fastest rate during the forecast period. In the oil & gas application, gas turbines are used to pump natural gas through pipelines where a slight part of the pumped gas aids as the fuel. Industrial gas turbines vary from 1,000 to 50,000 HP. Other industrial applications use gas turbines to track compressors or mechanical drives which benefit in various industrial processes and thereby propels the market growth.

Concerning the geography, Asia Pacific is currently dominating the market for gas turbines, followed by the European and North American markets. Japan accounted for the most significant share of the market in the Asia Pacific in 2017 while China is estimated to grow at the fastest CAGR from 2017 to 2025. In developing countries such as China and India, aspects such as the increasing demand for electricity propelled by high levels of urbanisation, industrialisation, and infrastructural developments and following investments in developing new large gas-fired combined cycle power generation is projected to boost the demand for gas turbines.

Global Gas Turbines Market Trends:

In January 2018, GE’s Power Services business agreed with a consortium formed by Macquarie Capital and Techint valued at approximately over $330M to deliver 25 years of total plant services solutions for the 907 megawatts (MW) Norte III power plant of Mexico.

In May 2017, Siemens launched 38-MW aero-derivative gas turbine for oil and gas industry and is a cost-effective offshore solution for oil and gas industry

Global Gas Turbines Market Research Report:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have a complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOTanalysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
• Identifying DROC in the current market and their impact on altering market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
• Kawasaki Heavy Industries
• Siemens
• General Electric
• Mitsubishi Hitachi Power Systems, Ltd.
• Ansaldo Energia SPA
• Harbin Electric International Company Limited