Pune, India, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The global Industrial Gas Turbine Market size is expected to gain momentum by reaching USD 10.55 billion by 2028 while exhibiting a stellar CAGR of 3.0 % between 2021 to 2028. In its report titled “Global Industrial Gas Turbine Market,” Fortune Business Insights mentions that the market stood at USD 8.35 billion in 2020.
The increasing demand for clean energy is accelerating the demand for gas turbines. It is used as a combustion engine to generate mechanical energy from various fuels such as natural gas or liquid fuels to generate electrical energy. The demand for these has increased over traditional because it is for the combustion of gas or oil. Moreover, the increasing demand for electricity around the globe is propelling the market growth For instance, in December 2020 Mitsubishi Power won a contract to supply two M50JAC gas turbines from Capital Power. These turbines will be used to repower its Genesee Unit 1 & 2.
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Driving Factor
Gas Turbine Technology Reduces Greenhouse Emissions Fuels the Market Growth
Traditional coal fire plants are known to release large amounts of harmful gases, which contribute to global warming. Thus, the rising issue of environmental crisis due to emissions of these gases has put up a sense of urgency to develop cleaner techniques to get electricity is expected to drive the industrial gas turbine market growth. Natural gases which are used in these turbines contain very less sulfur and CO2 emissions are also very low, i.e. .37 kilograms of CO2 per kWh of electricity generated.
List of Key Players in the Industrial Gas Turbine Market
- GE (U.S.)
- Siemens (Germany)
- Mitsubishi Hitachi Power Systems, Ltd. (Japan)
- Ansaldo Energia (Italy)
- Solar Turbines (U.S.)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Doosan Heavy Industries & Construction (South Korea)
- Bharat Heavy Electrical Limited (India)
- OPRA Turbines (The Netherlands)
- Rolls-Royce (U.K)
- Vericor Power Systems LLC (U.S.)
COVID-19 Impact
The outbreak of the coronavirus has affected the global economy adversely, and the power sector was also impacted badly. Unavailability of human resources due to lockdown caused major delays in new projects and disruption is the supply chain and issues in project financing. For instance, the Myanmar power plant projects were delayed due to the pandemic. However, the market is expected to revive during the forecast period.
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What does the Report Provide?
The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints that are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Market Segmentation:
By capacity, the market is divided into 1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, and 300+MW. By technology, the market is segmented into heavy-duty, light industrial, and aero-derivative. By cycle, the market is segmented into the simple cycle and combined cycle. By sector, the market is segmented into electric power utility, oil & gas, manufacturing.
Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
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Regional Insights
North America to Dominate Backed by Presence Large Number of Turbine Plants
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period because it has a large number of industrial gas turbine plants which are operating on natural gas because of the ongoing increased shale gas exploration activities in the region. North America’s market stood at USD 2.56 billion in 2020.
The Asia Pacific is expected to showcase significant market share in upcoming years, owing to rapid industrialization, the rising demand for energy, and increasing demand for clean energy technologies. Asia Pacific region is majorly dependent on coal for power production. Coal combustion causes a significant amount of air pollution, thus governments in the region have passed stringent rules to control emission, which is fueling the demand for gas turbines.
Competitive Landscape
Key Players to Focus on Agreements to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
- April 2021– Siemens made an agreement with EPC Contractor TSK to supply the F-class as a turbine for Côte d'Ivoire. It is a power plant built in Jacqueville. This power plant has a capacity of 390 MW and it is likely to begin its operation in 2022.
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