Gas turbines are combustion engines which convert natural gas and certain liquids into mechanical energy to help fuel the production of electrical energy. There are several advantages to the adoption of gas turbines including the high power to weight ratio, low operation pressures, and a smaller reciprocating engine of the power rating. Such turbines can be useful in the reduction of carbon emissions and they also exhibit lower emissions making them fairly advantageous. Market Research Future has found that the global Gas Turbine Market is on track to grow at a CAGR of 4.80% during the forecast period from 2017 to 2023.
The rise of the global electricity demand has put a lot of pressure on the power generation sector. The demand for electricity is expected to increase by nearly a third of the current demand in the coming years and major gas producing regions are revamping their electricity generation infrastructure to switch to gas turbines for overall reducing carbon emissions and generate higher levels of electricity. The availability of natural gas in huge quantities across the globe has driven the adoption of gas turbines. and the growth of the market appears to be swift. The stringent emission regulations put forth by various countries has driven the adoption of gas turbines. The increasing natural gas production is expected to drive down the process of natural gas and result in an increased amount of electricity which is generated using gas turbines.
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Market Segmentation
The global gas turbine market’s various segments have been determined on the basis of capacity, technology, application, and region. Capacity of gas turbines has been segmented into up to 200 MW, and above 200 MW.
Technology has been segmented into open cycle and combined cycle. The open cycle segment is growing due to factors such as lower time for warm up, compact size, lightweight in nature and needs less cooling water.
Applications of gas turbines can be found in aviation, power generation, and industrial. The power generation segment has captured the largest share of the market and is the most significant application of gas turbines.
Regions of note covering the global market include Europe, South America, Middle East, and Africa, North America, and the Asia Pacific.
Regional Analysis
The Asia Pacific is a key market in the region due to the extremely populated urban areas with the massive demand for power generation is expected to lead the market. The growing investment in replacement of traditional matured infrastructure due to the rapid economic growth in the region is expected to drive the market. Moreover, countries like China and India have rapid industrialization and expanding urbanization which is putting a strain on the existing power generation industry. Use of gas turbines in the region has low operating costs as well as low fuel costs, thus driving the growth of the APAC over the assessment period. The Middle East & Africa and South American regions have similar growth patterns to those of the APAC.
Key Players
Some of the leaders with strong competitive roles in the global gas turbine market include Rolls-Royce Holdings Plc. (U.K), Mitsubishi Heavy Industries Ltd. (Japan), Harbin Electric Company Limited. (China), MAN Diesel & Turbo. (Germany), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Alstom S.A (France), General Electric (U.S.), Siemens (Germany), Solar Turbines Incorporated. (U.S.A), Kawasaki Heavy Industries, Ltd. (Japan), and Vericor Power Systems (Georgia). MRFR has studied these players for their role in the market as well as their prestigious market positions.
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