Westford, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- SkyQuest's analysis of the Gas turbine market provides valuable insights. Growing concerns regarding GHG emissions, as a result of stringent government rules mandating the use of gas-fired turbines over traditional power generating units, are likely to drive the expansion of the gas turbine market. Rising energy demand in developing countries, as well as increasing adoption of renewables over traditional fuels, are expected to strengthen product integration even further. Technology advancement has resulted in an increase in shale gas production, and various nations' plans to phase out coal-based power generation and replace it with gas-fired power plants are projected to boost market growth in the coming years. Nonetheless, rising renewable deployment as a result of renewable-based power generation's higher competency may stymie the expansion of the gas turbine market in the coming years.
Gas turbines are typically used to generate electricity. Operating a simple cycle turbine power plant to supply electricity to industry is substantially more expensive than acquiring it from outside sources. As a result, combined cycle power plants, which are more efficient, are used most of the time. A CHP plant is an example of a combined cycle power plant, which can generate energy as well as provide mechanical drive.
The major factors driving the market's growth are the paradigm shift from coal-based power generation to gas-based power generation in developed and developing countries such as the United States, Japan, China, and India, as well as supportive government policies for the construction of gas-based power plants.
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United States is the most lucrative market for gas turbine due to the favorable government policies
The market in the United States is expected to expand rapidly as a result of increased government funding for power generation technologies that aim to minimize carbon dioxide emissions. The main elements driving the change from coal-based power generation to gas-based power generation in the country are favorable economics and supportive regulations for the establishment of gas-based power plants. Furthermore, assured long-term fuel supply availability in the United States is one of the elements driving the country's market growth.
Top Trends in Global Gas turbine Market
- Increasing adoption of combined cycle power plants: This technology allows the simultaneous generation of electricity from both gas and steam turbines, resulting in higher efficiencies and lower emissions.
- Growing use of natural gas as a power generation fuel: Natural gas is a cleaner and more cost-effective fuel than coal or oil, making it an attractive option for power generation.
- Advances in technology and digitalization: Companies are investing in digital technologies such as IoT, AI, and big data analytics to improve the performance, efficiency, and monitoring of gas turbine systems.
- Emphasis on sustainability and environmental concerns: Governments and customers are placing increasing importance on reducing carbon emissions and other environmental impacts, leading to increased demand for low-emission gas turbine systems.
- Increasing demand for electricity and power generation: The growing population and rising living standards are driving the demand for electricity and power generation, leading to an increase in the installation of gas turbine systems.
- Expansion of the renewable energy market: The growing trend of renewable energy and the decrease in the cost of renewable power are challenging the gas turbine market. The United States has the most installed capacity of turbines to generate power from natural gas, 528.32 gigatonnes. This is five times more than the second-ranked country. In 2021, installed gas-fired capacity will be nearly 1.8 terawatts worldwide.
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SkyQuest trade data reveals that the United States was the top exporter of gas turbines in 2021
According to data from the World Bank, in 2020, Gas Turbines were the 15th most traded product globally. In terms of exports, in 2021, the United States was the top exporter of Gas Turbines, followed by the United Kingdom, France, Germany and Singapore. These countries accounted for a significant portion of the global export market for gas turbines. In terms of imports, in 2021, the United States was the top importer of Gas Turbines, followed by China, Singapore, Germany, and United Kingdom.
The full import-export analysis of Gas turbine is available in the trade analysis section of the report.
Leaders of the Pack: A Deep Dive into the Top Players in the Gas Turbine Market
The global gas turbine market is highly consolidated with key players accounting for more than 90% of the global market share. For instance, in 2021, GE Energy accounted for a market share of 45.48% followed by Siemens at 29.84%, MHPS at 12.05%, Solar Turbines at 9.22%, Rolls-Royce at 1.06% and other players accounting for only 2.35% of the global gas turbine market.
Industry participants engage in a variety of strategic activities, such as joint ventures, mergers and acquisitions, collaborations, and new product launches to strengthen their market position. For example, in June 2020, a consortium led by Ansaldo Energia and Shanghai Electric Group inked a contract with North-West Power Generation Company Ltd, a subsidiary of the Bangladesh Power Development Board. Under the terms of the agreement, the consortium is expected to design and build an 880 MW combined cycle power plant in Bangladesh, allowing the companies to scale up their operations.
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Major Players in Global Gas turbine Market
- General Electric
- Siemens Energy
- Mitsubishi Power, Ltd.
- Kawasaki Heavy Industries, Ltd.
- Ansaldo Energia
- Solar Turbines Incorporated
- Doosan Heavy Industries & Construction
- Bharat Heavy Electrical Limited
- OPRA Turbines
- Rolls-Royce
- Vericor Power Systems LLC
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