Gas Turbine Market Sales Revenue, Development Strategy


The Global Gas Turbine Market is Poised to Reflect 4.80% CAGR by 2023

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Market Analysis

Market Research Future (MRFR) predicts the global gas turbine market to register a 4.80% CAGR from 2016 to 2023 (forecast period).

A gas turbine is a combustion engine that transforms natural gas or other liquids into mechanical energy. This energy then fuels the generator that generates electrical energy. Gas turbines have various benefits, such as high power to weight ratio, low operating pressure, and lower than most reciprocating engines of the same power rating. Turbines play an important part in the reduction of carbon emissions. Compared to other combustion-based power generation applications, they show lower emissions. Global electricity demand is anticipated to rise by almost one-third of current demand in the coming years. Major gas-producing regions, like the Middle East, the U.S., and Russia, are experiencing a major revamp in their electricity generation infrastructure to actively pursue gas-based power generation. These changes will boost the market for gas turbines along with the need to minimize carbon emissions.

The availability of large quantities of natural gas, combined with relatively lower prices, in particular in North America, Thailand, and China, has led to a rise in power generation using a gas turbine. For example, as per EIA, natural gas demand and supply averaged 93.4 billion cubic feet per day in the first half of 2018, which is 12% higher than demand in the first half of 2017.

The global gas turbine industry is expected to rise at a high rate during the forecast period, mainly due to the strict emission requirements for gas turbine and shale gas production boom. According to EIA, the rapid pace of technological progress in the oil and gas sector will result in an increase in growing per well recoveries and an increase in the production of shale gas. As stated by EIA, the share of natural gas will increase from 34% in 2018 to 39% by 2050 due to growth in drilling activities. Thus, the rise in the production of natural gas would put downward pressure on the prices of natural gas, which would lead to an increase in the share of electricity produced by natural gas. This is expected to spur the market growth of gas turbines globally.

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COVID -19 Impact on the Gas Turbine Market

The industry is predicted to experience a mild downturn due to the worldwide outbreak of a new coronavirus pandemic. Manufacturing activities are at a standstill due to labor shortages. This has contributed to a major decline in demand from the end-use industries.

Market Segmentation

The global gas turbine market has been segmented based on capacity, technology, and application.

Based on capacity, the global gas turbine market has been segmented into up to 200 MW and above 200 MW.

Based on technology, the global gas turbine market has been segmented into open cycle and combined cycle. The open cycle segment is propelled by factors such as lower warm-up time, lightweight, compact size, operational versatility, quick start, and less dependency on cooling water. 

Based on application, the global gas turbine market has been segmented into power generation, industrial, and aviation. Power generation is estimated to be the largest market during the forecast period due to growing energy demand coupled with positive regulatory towards the integration of sustainable energy infrastructure. 

Regional Analysis

Region-wise, the global gas turbine market has been segmented into Europe, North America, Asia Pacific, and the rest of the world. 

APAC to lead the global market

The Asia Pacific region is the largest gas turbine market. Rapid industrialization, urbanization, and strong economic growth in countries such as India and China will drive the gas turbine industry.

Competitive Landscape 

Ongoing mergers and acquisitions, together with rising RD spending in product durability, efficiency, and versatility by major manufacturers, will complement the industry's scenario.

Notable players in the global gas turbine market are General Electric (U.S.), Siemens (Germany), Kawasaki Heavy Industries, Ltd. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Bharat Heavy Electricals Limited. (India), Harbin Electric Company Limited. (China), Ansaldo Energia, (Italy), Vericor Power Systems. (Georgia), Rolls-Royce Holdings plc. (U.K), MAN Diesel Turbo. (Germany), and Solar Turbines Incorporated. (U.S.A).

Summary 

The global gas turbine market is expected to register a 4.80% CAGR from 2016 to 2023 (forecast period). Global electricity demand is increasing and has doubled over the last two decades. It is expected to rise at twice the rate of energy demand as a whole over the next 25 years. Moreover, the development of technology leading to an increase in the production of shale gas, along with the proposals of various countries to phase out coal-based power generation and substitute it with a gas-fired power plant, is likely to serve as a driver for the market.

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Market Research Future (MRFR) is a reliable firm that undertakes an extensive analysis of markets in various domains. Our teams of research analysts gather relevant data through painstaking primary and secondary research that aims to give clients a complete outlook on markets of their interest. The data is compared against third-party agencies and reputed organizations for estimating valuations and revenue projections.

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