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Gas Turbine market 2021 Industry Key Trends and Analysis to 2028

(EnergyIndustry.Net, August 24, 2021 ) Market Overview

A gas turbine is an internal combustion engine in which expanding gases from the combustion chamber drive the blades of the turbine.

Gas turbines are primarily used for power generation, oil & gas industry, and to power aircraft, ships, etc. The economics of power generation by gas turbines are proving to be more attractive, due to low capital cost, and high reliability and flexibility in operation



Market Drivers and Restraints

The availability of low-cost natural gas and high technological advancements in the past few years which have resulted in the design & development of highly efficient gas turbine units are the primary factors driving the market growth.

The stringent emission norms in many countries are also responsible for a shift towards gas-based power generation, which in turn is driving the market for gas turbines.

Also, the need for clean power generating assets and altering of aging power stations in the developed regions is further boosting the demand.

The increasing demand for renewable energy sources like wind and solar is posing a significant challenge to the growth of gas-based power generation and can hinder the market growth during the forecast period.



Industry Segmentation Analysis

By Design Type

Heavy-Duty Gas Turbines

Industrial Gas Turbines

Aeroderivative Gas Turbines



By Technology

Open Cycle

Combined Cycle



By Capacity

Less than 40 MW

40 MW- 120 MW

120 MW- 300 MW

Above 300 MW



By Application

Power Generation

Oil & Gas

Aerospace

Marine



Geographical Share

The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others.

Asia-Pacific accounted for the largest market share in 2017 and will be the most lucrative region during the forecast period.

The market for gas turbines in the APAC region is mainly driven by the increasing demand from developing countries like China, India, and countries in Southeast Asia. China and India will be the fastest growing regions in APAC in the coming years.

The market growth in these countries is bolstered by the high electricity demand fuelled by high levels of urbanization, industrialization, and infrastructural developments.

The high investments for the development of new large gas-fired combined cycle power generation will also spur the demand for gas turbines in the region.

Also, the market growth in China is significantly supported by government plans for large-scale renewable gas and utilization.

In 2017, China added 4.8 GW of new capacity. In the 13th Five-Year Plan (FYP), the Chinese government has prioritized the promotion of low-carbon fuel sources and clean energy technologies to support economic growth and development. The curtailment of coal and the need for system flexibility is expected to increase the demand for gas turbines in the nearby future.

In mature economies like Japan, Australia, the increasing levels of gas turbine deployment is driven by the need to alter existing power generation models by shifting away from nuclear and coal.



Gas Turbine Companies

The Global Gas Turbine market report profiles the following companies : General Electric, Siemens, MHPS, Harbin Electric, Kawasaki Heavy Industries, Ansaldo Energia, Solar Turbines, BHEL, MAN Diesel, Centrax.

General Electric, Siemens and MHPS are the top players of the market, holding the majority of the market share.



Related Reports

Steam Turbine Market, Gas Turbine MRO Market, Wind Turbine Market, Gas Turbine Distributed Energy Generation Market, Wind Turbine Casting Market

DataM Intelligence

Sai Kiran

+1 877 441 4866

pr@datamintelligence.com

Source: EmailWire.Com

Renewable Energy News




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