NEW
YORK, May 20, 2024 /PRNewswire/ -- The
global gas turbine market size is estimated
to grow by USD 2.65 bn from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 1.86% during the forecast
period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download
Free sample report in a minutes
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Heavy-duty gas
turbine and Aeroderivative gas turbine), Technology (CCGT and
OCGT), and Geography (APAC, North America, Europe, Middle East and
Africa, and South America)
|
Region
Covered
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Ansaldo Energia Spa,
Bharat Heavy Electricals Ltd., Capstone Green Energy Corp.,
Caterpillar Inc., Doosan Heavy Industries and Construction Co.
Ltd., General Electric Co., Harbin Electric Corp., IHI Aerospace
Co. Ltd., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE,
MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC,
MTU Aero Engines AG, Rolls Royce Holdings Plc, Siemens Energy AG,
Solar Turbines Inc., Wartsila Corp., Shanghai Electric Group Co.
Ltd., and OPRA Turbines BV
|
Segment Overview
This gas turbine market report extensively covers market
segmentation by
- Product
- 1.1 Heavy-duty gas turbine
- 1.2 Aeroderivative gas turbine
- Technology
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Heavy-duty gas turbine- The global gas
turbine market is segmented by product, with a focus on heavy-duty
frames used in large-scale power generation. This sector is poised
for robust growth due to increasing power consumption worldwide and
the shift towards cleaner energy sources. Power generation
activities are anticipated to expand significantly, particularly in
developing nations. Environmental concerns are driving the adoption
of gas-based power generation over coal-based, reducing GHG
emissions. High-baseload plants, requiring turbines with rating
capacities exceeding 300 MW, will significantly contribute to
market growth. Natural gas, a key fuel source, is becoming
increasingly accessible due to shale gas reserves. However,
challenges such as high temperatures, labour safety laws, and lack
of expertise pose obstacles. Regulations and technology insights
are crucial in addressing these challenges. Gas turbine efficiency
and fuel flexibility are essential considerations in the context of
power generation. The market encompasses various applications,
including glass & cement manufacture, heavy industries, and CHP
plants. Renewable energy sources and distributed power generation
are also gaining traction. Combined cycle technology, Brayton
cycle, and carbon emissions are significant technology-related
factors. Nuclear power plants and sugar mills are other sectors
utilizing gas turbines. The market is influenced by urbanization,
clean energy sources, and the transition from coal-based power
generation to gas-based.
3.1 APAC- In the geographic landscape of APAC, the
gas turbine market is experiencing significant growth due to the
region's rapid industrialization and urbanization. With countries
like China, India, and Southeast Asian nations leading the
charge, the increasing demand for electricity to fuel industrial
and urban development necessitates efficient power generation
solutions. Gas turbines, with their reliability and flexibility,
are a preferred choice. Global power generation in APAC is marked
by a shift towards cleaner energy sources, including natural gas,
which emits fewer GHG emissions compared to coal-based power
generation. Heavy industries such as glass & cement
manufacture, sugar mills, and CHP plants benefit from gas turbine
technology's high temperatures and fuel flexibility. However,
challenges like labour safety laws, lack of expertise, and
regulations require technology insights to optimize gas turbine
efficiency and rating capacity. Combined cycle technology, Brayton
cycle, and distributed power generation are key areas of focus in
gas-based power generation. Renewable energy sources and clean
energy sources are also gaining traction, with nuclear power plants
and shale gas reserves playing a role in the energy mix. Despite
these advancements, fossil fuels continue to dominate,
necessitating continued innovation in gas turbine technology to
meet the region's electricity consumption demands while adhering to
regulations and minimizing carbon emissions.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Key Market Trends Fueling Growth
The gas turbine market is significantly influenced by the high
fuel costs, particularly for natural gas in power generation. Fuel
flexibility, enabled by technologies like the Brayton cycle, is
driving innovation in the sector. Aeroderivative gas turbines,
traditionally fueled by natural gas, now utilize alternative fuels
such as biofuel and synthetic gas due to affordability. Other
industries, including cement and heavy industries, also rely on gas
turbines for high-temperature processes. Regulations and labor
safety laws add to the complexity of the market. Renewable energy
sources, distributed power generation, and CHP plants are emerging
clean energy alternatives to fossil fuel-based power generation.
Technological advancements, including combined cycle technology and
combined cycle turbines, are enhancing gas turbine efficiency.
Shale gas reserves and urbanization further shape the market
landscape.
Market Challenges
• The global gas
turbine market faces challenges due to increasing regulations on
natural gas storage, as methane leaks from these facilities
contribute significantly to global warming. These leaks, which
often go undetected, are a major concern for environmentalists.
Natural gas, a key component in gas turbine power generation, emits
greenhouse gases (GHGs) during extraction, storage, and combustion.
Other industries, such as glass and cement manufacture, heavy
industries, and power generation, also contribute substantially to
GHG emissions. Technological advancements, including the Brayton
cycle and combined cycle technology, aim to improve gas turbine
efficiency and reduce emissions. However, the implementation of
stricter regulations and the lack of expertise in handling natural
gas may hinder market growth. Additionally, the shift towards
renewable energy sources and urbanization trends are expected to
impact the market dynamics.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Research Analysis
The Gas Turbine Market encompasses the production, sale, and
installation of gas turbines utilized in Combined Cycle Power
Plants (CHP), a clean energy source that harnesses the heat
generated by the turbines to produce electricity. Combined Cycle
Technology, a key component of this market, enhances the efficiency
of Gas Turbines, making them a preferred choice for meeting the
increasing Electricity Demand and reducing Greenhouse Gas (GHG)
emissions. The Oil & Gas Industry, with its vast Fossil Fuel
reserves, plays a significant role in fueling this market. However,
the market faces challenges such as Labour Safety Laws, Lack of
Expertise, and Regulations. The market also caters to various
sectors, including Specialty Chemical Production, Sugar Mills, and
Urbanization. The Rating Capacity of Gas Turbines varies, making
them suitable for diverse applications. The market's growth is
influenced by factors like Fuel Flexibility, Global Power
Generation trends, and the exploitation of Shale Gas Reserves.
Renewable Energy sources are also gaining traction, impacting the
market dynamics.
Market Research Overview
The Gas Turbine Market encompasses various types of turbines
that use gas as a fuel to generate power. These turbines are widely
used in power generation, oil and gas industries, and aviation
sectors. The market is driven by factors such as increasing energy
demand, technological advancements, and growing focus on reducing
carbon emissions. Gas turbines offer high efficiency, flexibility,
and quick response time, making them a preferred choice for various
applications. The market is segmented based on technology, size,
application, and region. The future outlook of the market is
promising, with significant growth opportunities in emerging
economies and the ongoing shift towards cleaner energy sources. The
market is also witnessing intense competition, with numerous
players offering innovative solutions to cater to the evolving
needs of the industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Heavy-duty Gas Turbine
- Aeroderivative Gas Turbine
- Technology
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio