Pune, India, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global industrial gas turbine market size is estimated to grow from USD 8.55 billion in 2021 to USD 10.55 billion at a CAGR of 3.0% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Industrial Gas Turbine Market, 2021-2028.” In 2020, the market was valued USD 8.35 billion.
According to our analyst, the increasing demand for clean energy is accelerating the demand for the gas turbine. 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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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2022 to 2028 CAGR | 3.0% |
| Industrial Gas Turbine Market Size 2028 Projection | USD 10.55 billion |
| Base Year | 2021 |
| Market Size in 2020 | USD 8.35 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Gas Turbine Technology Reduces Greenhouse Emissions Fuels the Market Growth |
| North America to Dominate Backed by Presence Large Number of Turbine Plants |
Market Driving Factors:
Gas Turbine Technology Reduces Greenhouse Emissions Fuels the Market Growth
The market growth can be attributed to several factors, including the increasing demand for electricity, rising adoption of renewable energy, and the need for energy-efficient solutions in various industries.
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.
The increasing demand for clean energy is accelerating the demand for the gas turbine. 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 electricity is increasing due to the growing population and industrialization. Industrial gas turbines are widely used in the power generation sector, and the increasing demand for electricity is driving the growth of the market. Additionally, the rising adoption of renewable energy sources, such as wind and solar, is creating new opportunities for industrial gas turbines. These turbines are used to provide backup power when renewable sources are unavailable.
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.
Despite the growth prospects, there are some factors that can restrain the market growth. One of the major factors is the high initial cost of industrial gas turbines. The cost of industrial gas turbines is higher than other types of turbines, which makes it challenging for some industries to adopt them. Additionally, the complex installation process and maintenance requirements can also pose a challenge for some companies.
COVID-19 Impact:
The outbreak of the coronavirus has affected the global economy adversely, and the power sector was also impacted badly. Due to unavailability of human resources due to lockdown, caused major delay in new projects and disruption is 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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Market Segmentation:
The industrial gas turbine market can be segmented based on capacity, technology, cycle, and sector.
The capacity segment includes 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.
The technology segment comprises heavy duty, light industrial, and aero derivative turbines. The cycle segment is divided into simple cycle and combined cycle turbines. The sector segment includes electric power utility, oil and gas, and manufacturing.
The industrial gas turbine market is expanding due to the growing demand for electricity and increasing energy efficiency in various sectors. The heavy-duty turbines are suitable for large-scale power generation applications, while the light industrial turbines are designed for small-scale industrial processes. The aero derivative turbines are widely used in the aviation industry.
The simple cycle turbines are primarily used in the power generation sector, while the combined cycle turbines are more efficient and suitable for combined heat and power applications. The electric power utility sector dominates the market due to the growing demand for electricity, followed by the oil and gas and manufacturing sectors.
Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
What does the Report Provide?
The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints which 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 collaboration to contribute to the market growth.
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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.
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.
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.
Players Profiled in the Report
- 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.)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Industrial Gas Turbine Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Industrial Gas Turbine Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Capacity
- 1-2 GW
- 2-5 GW
- 5-7.5 GW
- 7.5-10 GW
- 10-15 GW
- 15-20 GW
- 20-30 GW
- 30-40 GW
- 40-100 GW
- 100-150 GW
- 150-300 GW
- 300+ GW
- Market Analysis, Insights and Forecast – By Technology
- Heavy Duty
- Light Industrial
- Aeroderivative
- Market Analysis, Insights and Forecast – By Cycle
- Simple Cycle
- Combined Cycle
- Market Analysis, Insights and Forecast – By Sector
- Electric Power Utility
- Oil & Gas
- Manufacturing
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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