Research Nester published a report titled “Gas Turbine Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global gas turbine market in terms of market segmentation by capacity, type, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global gas turbine market is anticipated to attain ~5% CAGR over the forecast period, i.e., 2022-2035. The market is segmented on the basis of end-user industry into energy & power, oil & gas, aviation, and others, out of which the energy & power segment is projected to garner the largest market share over the forecast period owing to the growing use of natural gas to generate electricity. Governments of various countries are taking steps to phase-out coal, and switch to natural gas for electricity generation.
The global gas turbine market is forecasted to grow on the back of increasing government initiatives to reduce carbon emissions, and adoption of natural gas for electricity generation, backed by increasing power demand in the industrial and commercial sectors. Moreover, growing population and industrial development are the major factors estimated to boost the market growth. Coal reserves are rapidly depleting, which has generated the need to look for alternate resources. Although renewable resources, such as, solar, wind and nuclear are being promoted, their adoption is slow on the ground level. This is estimated to further raise the adoption of natural gas as a source for energy, which is expected to boost the market growth.
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Regionally, the global gas turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to garner the largest share over the forecast period, on account of increasing natural gas consumption in the region amongst various sectors, including power sector. According to the U.S. Energy Information Administration, in 2020, the total consumption of natural gas amounted to 30.48 trillion cubic ton, out of which, the consumption in the power sector accounted to about 38% of total consumption. Moreover, presence of major key players in the region, and government initiatives to reduce carbon emissions is estimated boost the market growth.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Shift from Coal to Natural Gas in the Power Sector to boost the Market Growth
As of 2020, over 34% of the global power is generated from coal, which is estimated to decrease to 22% by 2040.
Earlier, the power generation was concentrated on thermal power plants, which used coal to generate electricity. However, owing to the depleting coal reserves, there has been a rapid shift of power generation from coal to natural gas. This is estimated to boost the market growth.
However, increasing acceptance of renewable energy is expected to operate as key restraint to the growth of global gas turbine market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global gas turbine market which includes company profiling of General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, Mitsubishi Power, Ltd. and MAN Energy Solutions. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global gas turbine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.