ReportCrux Market Research has published a new report titled “Gas Turbine Market by Capacity (Less than 40 MW, 40–120 MW, 120–300 MW, and Above 300 MW); by Product (Heavy Duty, and Aero derivative); by Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine, and Others); by Technology (Open Cycle, and Combined Cycle); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Gas Turbine Market Size
Gas Turbine Market is estimated to grow from USD 18.87 Billion in 2019 to USD 25.02 Billion by 2027, at a CAGR of 3.6% during 2020-2027
Market Overview
Gas turbine is a mechanical system that utilizes its kinetic energy or potential energy to extract the energy from working fluid or gas. These turbines operate on a brayton cycle that consists of a cooler, compressor, heater, and turbine. The operating fluid undergoes a thermodynamic process in which the system converts mechanical/ heat energy into rotating energy which in turn produces the electricity output.
Turbines play a large part in reducing carbon emissions. They show lower emissions as compared to other combustion-based power generation applications. Its capacity is expected to increase in the coming years with the introduction of various climate change policies as well as legislation to reduce GHG emissions.
The availability of low-cost natural gas and stepping up environmental legislation has resulted in a move to gas-based power generation, which in turn is leading growth in gas turbine industry. The need for renewable power generation assets and the decommissioning of aging power plants has also strengthened this phenomenon. T
he industry environment will be further complemented by growing concerns about GHG pollution in line with strict policy requirements on the adoption of gas-fired turbines over conventional power generating units. In addition, rising energy demand across developing nations and increased adoption of renewables relative to traditional fuels is also strengthening product integration.
Improvements in the supply chain of power generation technologies and natural gas are likely to increase the share of the power sector thus boosting market growth in the forecast period.
Segmentation Analysis
The global market for the gas turbine is segmented into capacity, application, product, technology, and region.
By Capacity
Based on the capacity, the global market for gas turbine is segmented into 40–120 MW, 120–300 MW, Less than 40 MW, and above 300 MW. From this, the above 300 MW segment accounted for almost 28% share of the market by capacity. Continuous development due to improving operating range, combustor technology, and longevity is increasing product penetration in line with the expansion of effective regenerative systems to meet high heat requirements.
In addition, the inclination towards combined-cycle power generation plants due to high capacity, reliability, and operational performance are propelling industry outlook.
By Product
On the basis of product, the market is categorized into heavy duty, and aero derivative. The heavy-duty segment held almost 68% share of the market in 2019 due to high operating efficiency and lower pressure ratios to provide the full specific power. Growing product demand across heat recovery and utility-aided power generation plants is pushing the market landscape further due to lower turbine dimensions & costs along with full cycle capacity.
The dynamics of the industry will be fueled by ongoing technological developments due to reliability, efficiency, and flexibility improvements across both unrecovered & recovered systems.
By Application
On the basis of application, the market is categorized into power plants, oil & gas, process plants, aviation, marine, and others. A key requirement for upstream oil operations is the use of available local fuel to generate electricity, since facilities are often located in remote locations. Associated gas is mostly used as fuel for power generation;however, there is insufficient availability of fuel power plants in some heavy oil fields.
The heavy industries also generate considerable demand. Gas turbines are proving a cost-effective and efficient method of delivery of power in plants.
By Technology
Based on technology, the market is categorized into open cycle, and combined cycle. The combined cycle segment held major share of the market in 2019. Some of the major factors complementing the open cycle combustion turbine industry statistics are compared to compact size and operational flexibility, along with fast start & lower warm-up time.
Onshore and offshore industries consider varied turbine applicability through mechanical and direct drive. For example, in 2018 GE launched ‘cross-fleet gas turbine' which boosts OEM fleet reliability & efficiency. Installation across the aircraft industry due to its high efficiency & light weight, as well as growing demand for electricity across offshore establishments would positively influence the demand for the market.
By Regions
Based on regions, the market is divided into North America, Middle East & Africa, Asia Pacific, Europe, and Latin America. North America held almost 38% share of the overall market. This is because most power plants are in phase two of their life cycle. Air emission equipment of various plants which have not been upgraded in Europe was to be closed by 2015.
The aging capacity and legislative initiatives have created a potential market for replacement. MEA is expected to emerge as the second biggest order and capacity additions market. In 2016 this area was estimated at over USD 5,000 million. Rising demand can be due to a growing preference in the regional oil and gas industry for coal-fired combined cycle plants.
Key Market Analysis
Some of the major players in gas turbinemarket are GE (US), Siemens (Germany), MHPS (Japan), Ansaldo (Italy), Harbin Electric International Company (China), BHEL (India), Solar Turbines (U.S.), Capstone Turbine (U.S.), Vericor Power Systems (U.S.), Ansaldo Energia (Italy), Opra Turbines (Netherland), Zorya-Mashproekt (Ukraine), and Cryostar (France) among others.
About Us:
ReportCrux is a global market intelligence aggregator and publisher of market research reports, business information reports, economic and equity reports. We cater a diverse range of industrial sectors along with niche domains and sub-domains within the industry. We offer exclusive blend of cutting-edge market insights for the critical business needs.
Contact Us:
Name: Ms. Hazel M.
Email: hazel@reportcrux.com
Website: https://www.reportcrux.com/
Phone: +1-888-526-5515 (US/Canada), +91 89561 57215 (India)
