Soaring Demand for Renewable Energy Power Production Solutions to Aid Market Growth
The gas turbine market has witnessed consistent advancements over the past couple of decades due to evolving dynamics of the market. Due to the growing pressure by the regulatory bodies and mounting environmental concerns, natural gas continues to gain worldwide popularity among power producers as an efficient fuel of choice. While power producers continue to invest in new technologies in tandem with the evolving industrial and regulatory requirements, participants of the gas turbine market are expected to stay abreast with these developments. At present, players involved in the current gas turbine market landscape are primarily focusing on improving the reliability of their products and minimizing carbon emission.
Over the past decade, gas turbine manufacturers have increasingly invested noteworthy resources in research and development to accelerate various processes in the new product cycle, wherein new designs are being launched. Moreover, market players are also emphasizing on improving the efficiency and performance of their products to gain an advantage in the current market ecosystem. At present, market players are also inclined toward increasing their manufacturing prowess to cater to the ever-growing demand for gas turbines around the world. In their bid to attain that objective, market players are forging strategic alliances and partnerships with other players in the current market landscape.
At the back of these factors, along with the growing demand for renewable energy power production, the gas turbine market is expected to attain a market value of US$ 53.8 Bn by the end of 2030.
Request a sample to get extensive insights into the Gas Turbines Market
Technological Advancements to Propel Market Growth during Assessment Period
Over the past few decades, technological advancements have played an imperative role in revolutionizing the gas turbine market and the trend is set to continue over the course of the forecast period. The aviation sector was at the forefront in terms of innovations as aero-derivative technology entered the fray– a major step in the power production sphere and an imperative development in combine heat and power (CHP) generation. These advancements continue to play an important role in balancing the integration of different power sources, including wind and solar.
To understand how our report can bring a difference to your business strategy, Ask for a brochure
Similar to the aero derivative technology, technological advancements are expected to open gates to new possibilities for the players operating in the current gas turbine market landscape. At present, gas turbines are primarily designed for gas-fired power generation due to which, efficiency levels have reached new heights. Market players are increasingly emphasizing on addressing some major barriers in power generation such as grid fluctuation caused by multiple power sources. Market players are launching cutting-edge digital solutions to enhance performance of gas turbine operations.
Market Players Launch New Technologies, Forge Partnerships to Gain Advantage
As technological advancements continue to remain key for players operating in the gas turbine market, considerable investments have been made to develop new mobile and improved gas turbine models or units. In recent years, several companies have launched cutting-edge technologies and models. For instance, ENGIE offered a contract to Emerson– a deal initiated to replace legacy combustion turbine controls with new turbine control technologies. In terms of innovations, GE has consistently remained at the forefront and spearheads the gas turbine market as far as rolling out innovative gas turbines is concerned. For instance, the DLN-2.6e combustion was launched by GE in recent years, wherein fuel nozzles could influence pressure oscillations, emissions, and dynamic pressures.
The growing global interest in liquefied natural gas is expected to pave the way for lucrative opportunities for players operating in the gas turbine market, particularly in developing regions, including India, China, and Indonesia.
Delay in Project Completion Likely amid COVID-19 Pandemic
The advent of the novel COVID-19 pandemic is expected to have a short-term impact on the growth of the global gas turbine market. Although the demand for gas turbines is projected to remain lower than initial projections due to the ongoing COVID-19 pandemic, the upcoming years are likely to present an array of opportunities for market players. Furthermore, various barriers across the supply chain due to stringent regulations on cross-border trade and transportation are likely to have a negative impact on the operations across the gas turbine market. Gas and wind turbine OEMs, particularly in India and China, are likely to address the hurdles in the manufacturing processes caused by the COVID-19 pandemic to mitigate losses. Delays in the completion of several gas turbine projects around the world are anticipated to occur in 2020 due to a host of factors.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Gas Turbines Market
Analysts’ Viewpoint
The global gas turbine market is expected to grow at a CAGR of ~4%, in terms of revenue, during the forecast period. The market growth can be attributed to the growing demand for renewable energy, mounting environmental concerns, growing investments in research and development activities, and fast-paced advancements in technology. Market players should focus on expanding their market share by forging new partnerships, increasing their manufacturing capacity, and introducing new and efficient concepts to the market. The rising demand for gas turbines for use in an array of applications in different industries, including aviation, oil & gas, and power generation, will remain the key factor for market growth during the assessment period.
Gas Turbine Market: Overview
- The global gas turbine market is expected to register a CAGR of ~4% (revenue) between 2020 and 2030
- Rising adoption of gas turbines to produce electricity, growing demand for natural gas-fired power plants, accessibility of efficient power generation, effect of the shale gas revolution, and reduction in the emission of carbon dioxide across the world is expected to boost the gas turbine market in the near future
- The global gas turbine market is expected to reach US$ 53.8 Bn by 2030 from US$ 36.7 Bn in 2020
- North America holds major share of the gas turbine market in terms of volume and is anticipated to dominate the gas turbine market during the forecast period, followed by Asia Pacific and Europe
- North America remains the leading region in the gas turbine market, with revenues in 2020 estimated at US$ 10,510 Mn
- The gas turbine market in Middle East & Africa and South America is also expected to show moderate growth during the forecast period
- Asia Pacific is projected to expand significantly, in terms of share, of the global gas turbine market during the forecast period. This is due to the growth of the gas turbine market across Asia Pacific with increasing consumption of electricity and subsequent investments in developing new large gas-fired combined cycle power generation, which has propelled the demand for gas turbines in the region.
- The gas turbine market report provides analysis of the global gas turbine market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 - 2030 is the forecast period
- The study on the gas turbine market would help clients to understand the adoption analysis of gas turbines in different countries
- Gas turbine is the heart of a power plant and is known as a combustion turbine. Gas turbines are used to produce electric current. A gas turbine is an engine, which is used to transform other liquid fuels or natural gas to mechanical energy. This mechanical energy then drives a generator and thus, it produces electrical energy.
- Each gas turbine has three main elements, including an upstream rotating gas compressor; a combustor; and a downstream turbine on the same shaft as the compressor
- For converting energy into electricity, a mixture of fuel and air at very high temperature heated by the gas turbine causes turbine blades to spin. The spinning turbine drives the generator, and thus electricity is generated.
North America Gas Turbine Market Snapshot
- North America is a developed region and hence, innovation and new technologies are expected to be trends witnessed in this region over the next few years. North America is projected to hold a prominent share of the global gas turbine market in 2020. For the same reason, North America is likely to witness the highest opportunity addition in the gas turbine market globally, with Europe and Asia Pacific being the next closest regions.
Key Growth Drivers of Gas Turbine Market
- Growing Number of Power Plants across the World
- The shifting trend toward sustainable power sources across the world has augmented the usage of gas turbines to produce cleaner power by curbing carbon emissions
- Growth in demand for electricity or rising energy demand across the globe is likely to result in high number of coal power plants and thermal power plants, which is expected to drive the demand for gas turbines in the global market. Furthermore, carbon-free technologies are growing at a rapid pace in the process of power generation or electricity generation. Gas turbines used in combined heat and power (CHP) or cogeneration processes can increase the efficiency of plants by utilizing exhaust gases to generate steam that can again be used for various purposes without consuming additional fuel. This, in turn, is expected to increase the demand for gas turbines worldwide.
- Rising Oil & Gas Exploration and Production (E&P) Activities
- Demand for oil & gas products is increasing at a significant rate; however, supply of the same is declining due to decrease in oil & gas reserves around the globe. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil & gas extraction efficiency. Governments of different countries such as India and China are investing in oil & gas companies. This, in turn, is expected to enhance the demand for gas turbines with the rising number of oil & gas plants.
- The North America region is witnessing heavy investments by oil & gas companies in exploration activities. The rise in the U.S. upstream spending is primarily driven by factors such as growing oil field services costs and increased drilling activity, which has boosted the growth of the gas turbine market.
Key Challenges Faced by Gas Turbine Market Players
- Complex operations and high maintenance cost may restrain the growth of the gas turbine market
Gas Turbine Market: Competition Landscape
- In February 2020, GE announced that it has completed its first battery-assisted black start of a GE 7F.03 gas turbine at the 150-MW unit located at Entergy Louisiana’s Perryville Power Station
- In May 2020, Siemens AG launched the SGT5-9000 HL turbine, which was built in its Berlin manufacturing plant. The SGT5-9000 HL turbine has 593-MW capacity that will be installed at the Keadby 2 Power Plant located in Lincolnshire for SSE Thermal.
Gas Turbine Market: Company Profiles
- Siemens AG: Established in 1847, Siemens AG is one of the leading global manufacturers of resource-saving and energy-efficient technologies. The company primarily operates through seven business segments that include digital industries, smart infrastructure, gas & power, mobility, Siemens Healthineers, Siemens Gamesa Renewable Energy, and Financial Services (SFS). Siemens AG is one of the world’s leading suppliers to the oil & gas industry. In September 2014, the company acquired Dresser-Rand to expand its product offerings for petrochemical, oil & gas, chemical, and other process industries, which include reciprocating compressors, monitoring systems, drive systems, turbines, and engines.
- General Electric Company: Incorporated in 1892, General Electric is a provider of automation and controls technology and services for power generation, distribution, and related applications across industries. The company operates under seven business segments: power, aviation, renewable energy, healthcare, oil & gas, transportation, and energy connections & lighting. General Electric is a pioneer in manufacturing, repairing, and offering services for gas turbines. The company distributes its products through its distribution channels Fuseco and Weutscheck Distributor. It operates in approximately 180 countries across the world.
- Ansaldo Energia: Incorporated in 1853, Ansaldo Energia is an Italian power engineering company active in the power generation industry. The company manufactures power equipment such as gas & steam turbines, generators, and micro turbines, besides offering related services. The Ansaldo Energia Group is the world’s fourth largest producer of systems for the production of electricity and is present in over 35 countries worldwide.
- Other major players operating in the global gas turbine market and profiled in the report include
- Kawasaki Heavy Industries, Ltd
- Bharat Heavy Electricals Ltd.
- Centrax Gas Turbines
- Mitsubishi Hitachi Power Systems, Ltd.
- OPRA Turbines B.V.
- Solar Turbines Incorporated
- Vericor Power Systems
Gas Turbine Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global gas turbine market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the gas turbine market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the gas turbine market will progress during the forecast period 2020 - 2030.
The report offers intricate dynamics about the different aspects of the gas turbine market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the gas turbine market, during the forecast period. It also includes impact analysis of COVID-19 on the gas turbine market. The global gas turbine market report helps to estimate statistics related to the market progress in terms of value (US$ Mn) and volume (Thousand Units).
The study covers a detailed segmentation of the gas turbine market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the gas turbine market, wherein various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Gas Turbine Market
The report provides detailed information about the gas turbine market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the gas turbine market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of gas turbines?
- What will be the Y-o-Y growth of the gas turbine market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the gas turbine market?
- What are the major drivers and restraints of the market?
- What will be the size of the gas turbine market from 2020 to 2030?
- Which will be the fastest growing segment in the gas turbine market?
- Which are the leading companies in the gas turbine market?
- What are the strategies of the companies operating in the market?
Research Methodology – Gas Turbine Market
The research methodology adopted by analysts to compile the gas turbine market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the gas turbine market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the gas turbine market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the gas turbine market.
Gas Turbine Market – Segmentation
TMR’s research study assesses the gas turbine market on the basis of type, capacity, application, technology, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the gas turbine market.
|
Type |
|
|
Capacity |
|
|
Application |
|
|
Technology |
|
|
Region |
|
