DUBAI, United Arab Emirates, Feb. 03, 2022 (GLOBE NEWSWIRE) -- As per a recent gas turbine market analysis by Future Market Insights (FMI), the global market was valued at over US$ 19 Bn in 2021 and is projected to expand at a modest CAGR of 4% over the forecast period. The steady requirement of efficient power generation technology in developed countries and flourishing industrial sector in developing economies remain the major drivers of the gas turbine market.
| Attributes | Details | |
| Gas Turbine Market CAGR (2022 – 2032) | 4.0% | |
| Gas Turbine Market (2026) | US$ 23 Bn | |
| Gas Turbine Market Attraction | Developing markets to hold more substance than mature markets | |
Emerging gas turbine markets such as China and India provide various untapped and undiscovered prospects for the market to expand.
Competitive advantage of gas turbines is high over other distributed generation technologies for backup power and onsite generation because of their better efficiency and stable generation capacity. As a result, the rise of distributed power generation represents a significant gas turbine market opportunity.
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The rise in the global awareness of environmental health is also heavily influencing a paradigm shift in the conventional coal-powered plant industry. The stringent government regulations regarding the greenhouse emissions further have further incentivized the use of gas turbine systems.
The volatility of natural gas prices restricts the growth of the industry. The erratic nature of transnational factors establishes an uncertainty about the demand for gas turbines.
Despite the restraints, the gas turbine market is expected to reach a valuation of US$ 23 Bn by 2026.
Key Takeaways
- Based on sector, the electric power sector utility segment dominated the market with a 76% share in 2021. It is followed by oil and gas sector due the rise in exploration activities.
- The Asia Pacific gas turbine market is predicted to be driven by economic expansion, development and carbon dioxide emission regulations.
- As per design type, the heavy segment accounts for the major part of the market. Aeroderivative gas turbines are lighter, easier to install, and start up faster which makes aeroderivative the fastest-growing segment.
- The 150-300 MW segment is dominating the market share when categorized as per capacity. The 300+ MW market is steadily rising, owing to recent shift in gas turbine market trends.
- The power and utilities segment had the highest revenue share of almost 85% in 2020, and it is expected to rise at the highest CAGR during the forecast period.
- Due to rapid industrialization, Asia Pacific emerged as the largest regional market and accounted for the maximum revenue share of over 31% in 2020.
- Global natural gas consumption was reported to be 3822.8 billion cubic meters in 2020, according to the BP statistical analysis of world energy 2021, a decrease of roughly 81.1 billion cubic meters from 2019. It could be the direct result of lockdowns and the impact of COVID-19 on the gas turbine market.
- Coal-fired power generation dominates the Indian power sector, accounting for 61.3 percent of total installed capacity in June 2021. For decarbonization and meeting the Paris Agreement's commitments, the country possesses enormous renewable energy and gas-based power generation potential.
“The cultural change from coal-based power generation to gas-based power generation in advanced and emerging countries such as the United States, Japan, China, and India, as well as supportive government policies for the construction of gas-based power plants, are the major factors influencing the industry's development.” as reported by FMI’s lead analyst.
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Comparative View of Adjacent Gas Turbine Market
| Attributes | Gas Turbine Market | Industrial Gas Turbine Market | Hydrogen Gas Turbine Market | |||
| CAGR (2022-2032) | 4% | 2% | 10% | |||
| Market Value (2026) | US$ 23 Bn | US$ 5.9 Bn | US$ 1.8 Bn | |||
| Growth Factor | Demand to remain high as gas turbine is deemed as reliable electricity generation source. | Regulatory mandates for GHG emissions to drive sales. | Sales to soar as adoption grows formodern hydrogen gas turbines with low CO2 emission. | |||
| Opportunity | Japan holds high market attractiveness quotient. | Shift from coal-based to gas-based power generation source to offer opportunities. | Investment in fuel composition up to 20% will bode favorable returns. | |||
| Key Trends | Prioritize manufacturing of gas turbines with a load capacity to 300 MW. | Diversify portfolio for district heating and marine propulsion. | Increase R&D activities for design improvements. | |||
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Competitive Landscape
The gas turbine market is consolidated with a few major players controlling a major share of the market. The potential of gas turbine market growth remains high with the heavy influence of competitive environment.
- Ansaldo Energia and Shanghai Electric Group's consortium signed a deal with Bangladesh Power Development Board Company named North-West Power Generation Company Ltd in June 2020. The collaboration is projected to develop and construct an 880 MW combined cycle power plant in Bangladesh under this deal, allowing the enterprises to expand their scale of operation.
- In another recent development, in August 2020, General Electric has placed an order for an 858 MW CCGT power plant to supply the Zainskaya State District Power Plant with its 9HA.02 gas turbine and supporting equipment.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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