Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global gas turbine market size was valued at USD 19.74 billion in 2022. The market is projected to reach a valuation of USD 20.79 billion in 2023 and by 2030 the market size will hit USD 27.57 billion, growing at a CAGR of 4.11% during the forecast period. Fortune Business Insights™ shares this information in its report titled “Global Gas Turbine Market, 2023-2030. A gas turbine consists of a combustor, an upstream rotating gas compressor, and a downstream turbine on the same shaft as a compressor. The demand for electricity and growth in the aviation industry is set to drive the market growth. Rising investments in the aviation industry is set to create market opportunities.
The global gas turbine market research reports offer a comprehensive and insightful analysis of gas turbine industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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Key Industry Development:
March 2023: GE has built latest high-efficiency gas turbine will cover less natural gas. It will be implemented in the 435-megawatt Tallawarra power station in Sydney, Australia.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 4.11% |
| 2030 Value Projection | USD 27.57 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 19.74 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 220 |
| Segments covered | Gas Turbine Market Size, Share & COVID-19 Impact Analysis, By Capacity (1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, 15-20 MW, 20-30 MW, 30-40 MW, 40-100 MW, 100-150 MW, 150-300 MW, and 300+ MW) By Technology (Heavy Duty, Light Industrial, and Aeroderivative), By Cycle (Simple Cycle, and Combined Cycle), By Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, and Others) Regional |
| Growth Drivers | Increasing Focus On Nuclear And Coal Driven Turbines To Drive Market Growth |
| Various Companies Have Been Adopting Several Organic And Inorganic Developments |
Gas Turbine Market Drivers and Restraints:
Increasing Focus On Nuclear And Coal Driven Turbines To Drive Market Growth
Increasing focus on nuclear and coal driven turbines is anticipated to drive the global gas turbine market growth. Coal-based power plants emit harmful gases which contributes to high levels of heating. Governments in various countries aim to reduce greenhouse gases and replace nuclear and coal-driven turbines with gas-driven turbines. These turbines usually emit lower toxic gases than coal power plants.
However, fluctuations in the gas prices are expected to hamper the market growth.
COVID-19 Impact:
The COVID-19 Pandemic Affected The Power Sector Due To Lockdowns
The COVID-19 pandemic affected the power sector due to lockdowns imposed by several countries. Due to lockdown, unavailability of the workforce, the supply chains were immensely disrupted and several power plant projects faced investment issues. There were delays in the execution of power plant projects. In May 2020, two of the five emergency power plant projects were halted in the Myanmar. The projects were initially planned for completion in 2020, got hold because of the COVID-19 pandemic. Three imported liquefied natural gas power projects and a gas power project were also disrupted.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segmentation Analysis:
150-300 MW To Lead Due To A Wide Usage in the Power Generation Industry
On the basis of capacity, the market is divided into 1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, 15-20 MW, 20-30 MW, 30-40 MW, 40-100 MW, 100-150 MW, 150-300 MW, and 300+ MW. The 150-300 MW segment dominated the market in the year 2020 as they are used in the power generation industry.
Heavy-Duty Segment Held Dominant Share Due To Increasing Number Of Manufacturing Plants
On the basis of service, the market is classified into heavy duty, light industrial, and aeroderivative. Heavy-duty segment held the largest market share in 2020 due to increasing number of manufacturing plants integrated with the large-scale economic zones across developing nations.
Combined Cycle Held Dominant Share Due To Various Usage
On the basis of application, the market is classified into simple cycle and combined cycle. The combined cycle held the largest market share in the year 2020 due to effective waste heat utilization, environmental proximity, and operational efficiency.
Power Utilities Held to Dominate With High Usage
On the basis of sector, the market is classified into power utilities, oil & gas, manufacturing, aviation, and others. The power utility segement is set to dominate the global market due to rise in the focus on towards the replacement of conventional steam and coal-fired turbines with gas-driven turbines in various power generating stations.
Regional Insights:
North America to Lead With Increasing Number of Gas-Driven Plants
North America is set to lead the global gas turbine market share due to number of gas-driven turbine plants, which are operating mainly on natural gas as shale gas exploration activities.
Asia Pacific is set to have the highest CAGR during the forecast period due to rapid rate of industrialization and urbanization. The region has increasing demand for clean energy.
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Competitive Landscape:
Various Companies Have Been Adopting Several Organic And Inorganic Developments
The market has several large-scale players with majority companies having a wider geographical presence. Various companies have been organic and inorganic developments to solidify their market position across the globe. In March 2021, General Electric delivered the first two HA gas turbines to the UAE, which will likely be the most effective power plant in the Middle East utility sector. General Electric will source in total three 9HA.01 gas-driven turbines.
A List of Key Manufacturers Operating in the Global Market:
- GE (U.S.)
- Siemens (Germany)
- Mitsubishi Power (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.)
Gas Turbine Market Segmentation:
By Capacity:
- 1-2 MW
- 2-5 MW
- 5-7.5 MW
- 7.5-10 MW
- 10-15 MW
- 15-20 MW
- 20-30 MW
- 30-40 MW
- 40-100 MW
- 100-150 MW
- 150-300 MW
- 300+ MW
By Technology:
- Heavy Duty
- Light Industrial
- Aeroderivative
By Cycle:
- Simple Cycle
- Combined Cycle
By Sector:
- Power Utilities
- Oil & Gas
- Manufacturing
- Aviation
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Gas Turbine Market
5. Global Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Capacity
5.2.1. 1-2 MW
5.2.2. 2-5 MW
5.2.3. 5-7.5 MW
5.2.4. 7.5-10 MW
5.2.5. 10-15 MW
5.2.6. 15-20 MW
5.2.7. 20-30 MW
5.2.8. 30-40 MW
5.2.9. 40-100 MW
5.2.10. 100-150 MW
5.2.11. 150-300 MW
5.2.12. 300+ MW
5.3. Market Analysis, Insights and Forecast – By Technology
5.3.1. Heavy Duty
5.3.2. Light Industrial
5.3.3. Aeroderivative
5.4. Market Analysis, Insights and Forecast – By Cycle
5.4.1. Simple Cycle
5.4.2. Combined Cycle
5.5. Market Analysis, Insights and Forecast – By Sector
5.5.1. Power Utilities
5.5.2. Oil & Gas
5.5.3. Manufacturing
5.5.4. Aviation
5.5.5. Others
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Latin America
5.6.5. Middle East & Africa
Continued….
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