San Francisco, 28 Nov 2018 - According to a report published by Grand View Research, Inc.; the global gas turbine market is projected to reach a valuation of around USD 30.08 billion by 2025. Factors such as increasing electricity demand and pressure to reduce carbon footprint are anticipated to drive market over the forecast period (2014 to 2025). In addition, supportive government measures such as intensives offerings for natural gas-based electricity generation are also expected to fuel market growth in near future.
Turbines produce lower carbon footprint, as compared to combustion-based power generation applications. Demand for gas turbines is expected to witness a steady rise in the forthcoming years due to rising implementation of climate change drives and stern regulatory frameworks to reduce greenhouse gas emissions.
The worldwide turbine market can be segmented on the basis of capacity, technology, application, and region. Based on capacity, the market can be classified into ≤200 MW and >200 MW. On the basis of technology, the market can be bifurcated into open cycle and combined cycle. In terms of Revenue, combined cycle segment held over 50.0% of overall capacity in 2016. This segment is expected to exhibit high growth with an estimated CAGR of 5.0% over the forecast period. These turbines consume less fuel to produce desired output and can reduce distribution and transmission losses.
As per application, the market can be categorized into power generation, industrial, and aviation. In 2016, power generation segment was valued at USD 10.91 billion. The segment is likely to expand at a CAGR of 4.4% during the forecast period. It comprises fertilizers, pulp and paper, chemical, metal, mining, sugar, and oil and gas, and other such industries. Heavy industries segment is expected to create several business opportunities in the forthcoming years due to cost effectiveness and better efficiency of gas turbines. Installation of these turbines is expected to cut operative cost by over 35.0%.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. A large number of power station are expected to be decommissioned in North America and Europe as most power plants are in second phase of their lifecycle. In Europe, air pollution equipment of several plants have not been upgraded. Hence, Europe is likely to showcase significant rise in demand over the forecast period with a large number of thermal-based power generations being decommissioned over the forecast period.
In terms of current Combined Heat and Power (CHP) installed capacity, industrial and manufacturing segments in U.S. holds a major share as per the CHP Association. They can be use in various process industries including pulp and paper, chemicals, and petroleum refining. In terms of capacity expansion and orders, Middle East and Africa is likely to appear as the second regional segment. In 2016, this region was valued at more than USD 5,000 million. Increasing preference for gas-based combined cycle plants in oil and gas industry is expected to drive regional market over the forecast period.
Central and South America is also expected to create lucrative opportunities for clean energy in the forthcoming years. Countries such as Brazil, Chile, Peru, and Uruguay are the key regional markets for gas turbines. Active encouragement for cogeneration from Brazil is anticipated to bode well for regional demand in the forthcoming years.
Apart from China, Asia Pacific expected to show moderate growth due development of thermal-based power generation facilities and economic slowdown in Japan. However, rapid infrastructure development is expected to create opportunities in near future. India is expected to witness steady rise in demand for clean resources. China is likely to reduce its dependency on coal in near future and is likely to adopt clean energy sources. This factor is expected to support regional growth over the forecast period. China’s regional market is expected to expand at a CAGR of 5.2% through 2025.
Prominent players operating in the gas turbine market include Man Diesel & Turbo SE, Mitsubishi Hitachi Power Systems, Ltd., Siemens AG, Opra Turbines B.V., and Bharat Heavy Electricals Limited.
Browse More Reports Of The Same Category: www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the gas turbine market on the basis of capacity, technology, application, and region:
Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- ≤200 MW
- >200 MW
Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- Open Cycle
- Combined Cycle
Gas Turbine Application Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
- Power Generation
- Industrial
- Aviation
Gas Turbine Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North America
- US
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East and Africa
- Saudi Arabia
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-gas-turbine-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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