Global Gas Turbine Market Information Report by Product Type (Heavy Duty and Aeroderivative), by Capacity (≤ 70MW, 70-300 MW and ≥ 300 MW), by Technology (Open Cycle and Combined Cycle), by Application (Power Generation, Oil & Gas, Industrial, Marine and Aviation) and by Region – Global Forecast To 2023
Growing electricity demand coupled with growing prominence towards the energy-mix concept and other gas fired technology will boost the global gas turbine market size over the forecast timeline. In the past few years government and private financial institutions have made substantial investments towards the expansion of new gas fired generation facilities.
Gas turbines are classified, based on their capacity type types, as ≤ 70 MW, 70 – 300 MW and ≥ 300MW gas turbine. ≤ 70 MW gas turbines are used in small industrial and commercial applications whereas 70 – 300 MW and ≥ 300MW gas turbine are used for high power applications such as power generation and industries. ≤ 70 MW is expected to witness substantial growth by 2023.
The key players of global gas turbine markets are General Electric (U.S.), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China), MAN Diesel & Turbo. (Germany), Vericor Power Systems. (Georgia) and Solar Turbines Incorporated. (U.S.A).
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The need for uninterrupted electric supply is growing because of the worldwide rise in population and rapid industrialization. The increasing need of reliable electric supply and subsequent investment in producing new generating capacity, high productivity & low carbon discharge features of natural gas-fired power plants, and new shale gas exploration will drive the growth of gas turbine market.
The gas turbine market in the Asia-Pacific region is expected to grow the fastest during the forecast period. The rapid industrialization, urbanization, and fast economic growth in the countries such as India and China will drive the market for gas turbines.
Scope of the Report
This study provides an overview of the global gas turbine market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global gas turbine market by its product type, capacity, by application, technology and by regions.
A gas turbine, also called as a combustion turbine, is a type of internal combustion engine. It has an upstream rotating compressor which is coupled to a downstream turbine with a combustion chamber in between called a combustor. The basic working of the gas turbine is similar to that of the steam power plant except that the operational fluid, here, is air instead of water. Gas Turbines are available in various capacity for various applications. The market is driven by the increasing need for reliable electric supply and subsequent investment in producing new generating capacity, high productivity & low carbon discharge features of natural gas-fired power plants, and new shale gas exploration.
Gas Turbines are widely accepted under any situation around the world as they have very high power-to-weight ratio, compared to reciprocating engines. Gas turbines are installed in power generation, oil & gas, industrial, marine and aviation sector. The constant need for electricity and the unstable power supply situation in most developing countries will aid in the growth of the gas turbines market over the forecast period. Fluctuation in international trade of natural gas and continuing distress over stable natural gas supply are restraining the gas turbine market.
The market is expected to grow at a CAGR of 4% during the forecast period.
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Market Research Analysis
Rapid urbanization & industrialization in countries such as China, India, Indonesia and Australia, demand for continuous electricity supply for operations of industrial sector, data centers, emergency services, commercial & household applications, are creating a lucrative market for gas turbines in this region as ageing conventional coal-fired power plants often hamper the continuous supply of power.
The market has been analyzed based on product type, capacity, technology, application and regions. On the basis of product type, the heavy duty segment is expected to dominate the market for gas turbines. The rise in the number of large gas-fired power plants that utilize heavy duty gas turbines drives the growth of heavy duty gas turbine. The heavy duty gas turbine coupled with combined cycle operation provides an optimum output of around 300MW. Industrial gas turbine market currently holds more than half of the total share of volume of gas turbine and is expected to dominate the market in forecast period and the growing attention towards the replacement of conventional coal-fired power plant with viable natural gas-fired power plants will enhance the industrial gas turbine market in forecast period.
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