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Gas Turbine Market: Global opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 35 Views
 
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Gas Turbine Market Outlook - 2027

Gas turbine is a device that harnesses energy from gas by using its kinetic energy. The gas undergoes thermodynamics process where the system converts heat energy to rotational energy, which results in producing electricity. Low operating pressure, higher speed, high power to weight ratio, and low maintenance cost make gas turbine suitable for in many industries. The economics of power generation by gas turbines is increasing due to its low capital cost, high reliability, and convenience in handling. Furthermore, increase in technology coupled with focus toward the growth of power generation drives the global industry of gas turbine. 

 

Market scope and structure analysis

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  USD Billion

  Segments covered

Capacity, Product, Technology, Application, and Region

  Countries covered

U.S., Canada, Mexico, UK, France, Germany, Italy, Finland, Netherlands, Denmark, Greece, Ukraine, Azerbaijan, China, India, Japan, South Korea, Australia, Thailand, Indonesia, Malaysia, UAE, Saudi Arabia, Qatar, Oman, Egypt, Iraq, Jordan, Lebanon, South Africa, Nigeria, Kenya, Ghana, Brazil, Argentina, and Chile

  Companies covered

General Electric, Siemens AG, Mitsubishi Hitachi Power Systems, Ltd., Wartsila, Kawasaki Heavy Industries Ltd., Opera Turbines B.V., Solar Turbines Incorporated, Harbin Turbine Company Limited, and Bharat Heavy Electricals Limited

 

Gas turbine market by capacity

  • < 50 kW
  • 50 kW to 500 kW
  • > 500 kW to 1 MW
  • > 1 MW to 30 MW
  • >30 MW to 70 MW
  • > 70 MW to 200 MW
  • > 200 MW

Gas turbine market by product

  • Aero-derivative
  • Heavy Duty

Gas turbine market by technology

  • Open Cycle
  • Combined Cycle

Gas turbine market by application

  • Power Plants
  • Oil & Gas
  • Process Plants
  • Others

COVID-19 impact analysis

  • Delays in projects due to supply chain disruptions
  • Financial crisis faced by the market and the industry
  • Unavailability of manpower due to lockdown

Market scenario analysis

The availability of cost-efficient natural gas and increase in environmental regulations resulted in shift toward gas-based power generation. This growth is attained due to increase in demand for electricity, efficient power generation technology, demand for natural gas, and reduction in the emission of carbon dioxide. Heavy-duty gas turbine market is expected to register a significant growth due to its cost structure, high capacity, and maximum cycle efficiency. Technological advancements on the system for improved reliability, efficiency, and flexibility are likely to create an opportunity to grow during the forecast period. Furthermore, increase in its applications in marine propulsion, grid stability, aviation, and district heating in response to characteristics such as lightweight, operational versatility, and high speed with low consumption boost its demand in the global market.

Trend & region analysis

The recent trend observed is that the governments in various countries have launched programs that support the generation of electricity through natural gas. For instance, government provides various incentives for land to setup plant. Gas turbines are used in the field of aircraft propulsion for medium and large planes that operate at supersonic speed. Shift in interest toward gas-based power generation instead of nuclear is anticipated to create potential growth opportunities for players. 

Asia-Pacific dominates the market in terms of revenue, owing to rapid industrialization and increase in demand for power in developing counties. Europe is expected to register significant growth during the forecast period as a result of development of the renewable energy sector.

Market challenges

Governments across many countries are providing subsidies to increase the use of renewable resources to generate power and as a result the investments for the solar and wind energy rises. Moreover, the energy generated from solar and wind power plants can be transferred and stored in storage devices. This is a major challenge for gas turbines, as it is impossible to store energy generated by gas turbines. 

Key benefits of the report

  • This report presents the analytical depiction of the global gas turbine industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global market.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
  • The report provides clarity on market analysis depending on competitive intensity and how the competition will take shape in coming years. 
 
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