Gas Turbine Market Size to Worth Around USD 17.29 Billion by 2028: Fortune Business Insights

Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the global gas turbine market size was valued at USD 13.41 billion in 2020. The market is expected to grow from USD 13.80 billion in 2021 to USD 17.29 billion, at CAGR of 3.3% over the forecast period of 2021 to 2028.

Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global gas turbine market to exhibit a CAGR of 3.3% between 2021 and 2028; The rising demand for electricity globally is expected to boost the turbine’s demand. A rising focus on the reduction of fossil fuels consumption is likely to fuel the product’s adoption. The popularity regarding turbines’ benefits, increasing electricity consumption, and rapid developments in the aviation industry are likely to foster market growth.

Gas Turbine Companies studied in report:

GE, Siemens, Mitsubishi Hitachi Power Systems, Ltd., Ansaldo Energia, Solar Turbines, Kawasaki Heavy Industries, Ltd, Doosan Heavy Industries & Construction, Bharat Heavy Electrical Limited, OPRA Turbines, Rolls-Royce, Vericor Power Systems LLC.


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Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

3.3%

2028 Value Projection

USD 17.29 billion

Base Year

2020

Market Size in 2020

USD 13.41 billion

Historical Data for

2017-2019

No. of Pages

220

Segments covered

By Capacity (1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, and 300+MW), By Technology (Heavy Duty, Light Industrial, and Aeroderivative), By Cycle (Simple Cycle and Combined Cycle), By Sector (Power Utility, Oil & Gas, Manufacturing, Aviation, and Others) and Regional

Growth Drivers

Replacement of Coal and Nuclear Turbines by Gas-Based Turbines to Boost Market Growth

 

Heavy Duty Technology to Hold Large Market Share


Global Gas Turbine Market Highlights:

A gas turbine is an internal and continuous combustion engine that consists of a downstream turbine on the same shaft as compressors, an upstream rotating gas compressor, and a combustor.  A gas-based turbine uses natural gases instead of coal, which is expected to boost its adoption. It can replace traditional oil-fired and gas-fired power plants by utilizing turbines that run on natural gas.

Governments focus on replacing coal-based plants with gas-based turbines to reduce global emissions, thereby boosting the turbine’s sales. In addition, its adoption is increasing rapidly from the aviation industry because of the rising investments in the aviation industry. These factors are likely to boost market growth during the upcoming years.

Drivers & Restraints:

The rising adoption of gas turbines instead of nuclear and coal turbines is likely to boost market development. Concerns regarding the emission of toxic materials from nuclear and coal are likely to boost demand for natural gas-based turbines. For example, China operated nearly 1,082 coal-fired power plants, which, in turn, is likely to boost the air pollution level. Junliangcheng Power Plant installed 650 MW gas-driven turbines in February 2021. This factor is likely to increase the turbine’s demand. Furthermore, infrastructural development and rapid urbanization lead to rising electricity demand. Private and public sectors install new power plants to increase their power plant capacity and meet the demand for sustainable energy resources. Several industries install gas-based turbines to expand their operations. In addition, governments implement strict norms provoking manufacturers to install gas-based turbines and reduce emission levels. These factors are likely to drive the gas turbine market growth.

However, fluctuating natural gas prices and geopolitical tensions may hamper the growth of the market.

Gas Turbine Market Impact of COVID-19:

Lockdown Restrictions to Impede Market Progress

This market is expected to be negatively affected during the COVID-19 pandemic because of stringent lockdown restrictions. Rising infections led to the adoption of effective lockdown measures, which, in turn, negatively affected the market’s progress. The halt on manufacturing and the closure of several industries may impede the progress of the market. Restrictions on transport and travel lead to the lack of raw materials required to produce the turbine. However, post-lockdown relaxations enabled companies to operate at reduced capacities and implement production machinery and advanced sanitization methods. This factor is likely to boost market growth during the pandemic


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Report Coverage:

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Gas Turbine Market Segmentation:

By capacity the market is segmented into 1-2 MW, 2-5 MW,5-7.5 MW,7.5-10 MW,10-15 MW,15-20 MW,20-30 MW,30-40 MW,40-100 MW,100-150 MW,150-300 MW, and 300+ MW. As per technology, it is classified into heavy-duty, light industrial, and aeroderivative. Based on cycle, it is bifurcated into combined cycle and simple cycle. By sector, it is categorized into aviation, manufacturing, oil & gas, power utilities, and others. Regionally, it is grouped into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.

Gas Turbine Market Regional Insights:

Rising Shale Gas Exploration to Boost Market Growth in North America

North America is projected to dominate the gas turbine market share because of the rising shale gas exploration activities. The market in North America stood at USD 4.43 billion in 2020 and is expected to dominate market share in the upcoming years. As per the U.S. Energy Information Administration (EIA) information in 2019, approximately 40% of the nation’s power is generated using coal plants, and 25% of power is generated through the adoption of natural gas. Approximately 14GW boiler and 49GW coal plants were closed down, and nearly 15GW were replaced with natural gas cycle. Rapid digitization and the emergence of several companies are likely to boost gas-based turbine adoption. These factors are likely to fuel the market growth in the upcoming years.

Asia-Pacific is expected to gain the largest market share because of rapid urbanization and industrialization. The rising demand for clean energy is expected to boost natural gas-based turbine demand. Further, the dependence on coal power boosts pollution levels, which may boost the product adoption. In addition, the rising adoption of gas-based turbines in South Korea, Japan, Australia, India, and China is expected to boost market development.

In Europe, the rising adoption of natural gas plants over coal and nuclear is expected to boost the product adoption. Increasing carbon emissions and rising initiatives by the European Union to reduce greenhouse gas are likely to boost the product’s adoption. These factors may propel market progress.


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Competitive Landscape:

Prominent Players Develop Advanced Turbines to Improve Brand Image

The prominent companies operating in the market develop advanced products to boost their brand image. For example, Mitsubishi Power established its novel turbine that operates on gas in Dubai in May 2021. It will focus on J- Series Air-cooled gas-driven turbine sales. It can operate on 30% hydrogen and 70% natural gas. This strategy may enable the company to attract more consumers and boost its brand image globally. Furthermore, the adoption of research and development may allow companies to tackle challenges in the market and improve their product quality. This strategy may help companies to boost their market position globally.

Industry Development:

March 2021: Mitsubishi Power declared the development of a 40MW class gas turbine that uses 100% ammonia. The project was aimed at reducing carbon emissions since ammonia does not produce carbon emissions.

Gas Turbine Market Segmentation:

By Capacity:

  • 1-2 MW

  • 2-5 MW

  • 5-7.5 MW

  • 7.5-10 MW

  • 10-15 MW

  • 15-20 MW

  • 20-30 MW

  • 30-40 MW

  • 40-100 MW

  • 100-150 MW

  • 150-300 MW

  • 300+ MW

By Technology:

  • Heavy Duty

  • Light Industrial

  • Aeroderivative

By Cycle:

  • Simple Cycle

  • Combined Cycle

By Sector:

  • Power Utilities

  • Oil & Gas

  • Manufacturing

  • Aviation

  • Others


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Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Latest Technological Advancement

    • Regulatory Landscape

    • Porters Five Forces Analysis

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on the Gas Turbine Market

    • Steps Taken by the Government to Overcome the Impact

    • Key Developments in the Industry in Response to COVID-19

    • Potential Opportunities and Challenges due to COVID-19 Outbreak

  • Global Gas Turbine Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Capacity

      • 1-2 MW

      • 2-5 MW

      • 5-7.5 MW

      • 7.5-10 MW

      • 10-15 MW

      • 15-20 MW

      • 20-30 MW

      • 30-40 MW

      • 40-100 MW

      • 100-150 MW

      • 150-300 MW

      • 300+ MW

    • Market Analysis, Insights and Forecast – By Technology

      • Heavy Duty

      • Light Industrial

      • Aeroderivative

    • Market Analysis, Insights and Forecast – By Cycle

      • Simple Cycle

      • Combined Cycle

    • Market Analysis, Insights and Forecast – By Sector

      • Power Utilities

      • Oil & Gas

      • Manufacturing

      • Aviation

      • Others

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Middle East & Africa

      • Latin America

  • North America Gas Turbine Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Capacity

      • 1-2 MW

      • 2-5 MW

      • 5-7.5 MW

      • 7.5-10 MW

      • 10-15 MW

      • 15-20 MW

      • 20-30 MW

      • 30-40 MW

      • 40-100 MW

      • 100-150 MW

      • 150-300 MW

      • 300+ MW

    • Market Analysis, Insights and Forecast – By Technology

      • Heavy Duty

      • Light Industrial

      • Aeroderivative

    • Market Analysis, Insights and Forecast – By Cycle

      • Simple Cycle

      • Combined Cycle

    • Market Analysis, Insights and Forecast – By Sector

      • Power Utilities

      • Oil & Gas

      • Manufacturing

      • Aviation

      • Others

    • Market Analysis, Insights and Forecast – By Country

      • U.S. Market Analysis, Insights and Forecast – By Cycle

        • Simple Cycle

        • Combined Cycle

      • Canada Market Analysis, Insights and Forecast – By Sector

        • Simple Cycle

        • Combined Cycle

Continued…


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