Gas Turbine Market Size is Projected to Reach USD 22930 Mill
BANGALORE, India, Aug. 22, 2020 /PRNewswire/ -- The major factors responsible for the growth of Gas Turbine Market size are the growing demand for electricity, the availability of efficient power generation technologies, increased demand for natural gas-fired power plants, and the effects of the shale gas revolution and reduced carbon dioxide emissions.
In 2019, the global Gas Turbine market size was USD 17140 Million and it is expected to reach USD 22930 Million by the end of 2026, with a CAGR of 4.2% during 2021-2026.
Gas Turbines play a significant part in reducing carbon emissions. They exhibit lower emissions as compared to other combustion-based power generation. Their potential is expected to increase in the coming years with the implementation of various climate change initiatives as well as regulations to cut GHG emissions.
TRENDS INFLUENCING THE GAS TURBINE MARKET SIZE
The rapid technological developments in the oil & gas industry will lead to increasing recovery per well and increased shale gas output. Increasing the production of natural gas would bring downward pressure on the prices of natural gas, leading to an increased share of the electricity produced by natural gas. This, in turn, would fuel the growth of gas turbine market size during the forecast period.
The growing emphasis on CCGT power technology coupled with increasing applicability of gas-powered systems through extraction & drilling tecues, would further drive the growth of gas turbine market size.
Other factors that can fuel the gas turbine market growth are stringent emission norms by governments of various countries and boom in shale gas production.
Demand for gas turbines can be directly linked to the growth of gas-fired power plant production. Yet much of the world's natural gas production and supply are concentrated in a few countries, creating price differences. Furthermore, delays in supply are prevalent due to international disputes and pipeline infrastructural problems.
Consequently, factors such as price gaps in international natural gas trade and ongoing concerns about the secure supply of natural gas can limit the growth of gas turbines market size.
GAS TURBINE MARKET SHARE
Based on type, the heavy-duty services segment is expected to hold the largest Gas Turbine Market share (about 79%) in 2016 and is expected to witness growth during the forecast period. The market for heavy-duty gas turbines is expected to see significant growth due to the economic cost structure, high capacity operations, and lower pressure ratios to deliver the maximum specific power.
Growing product demand across utility-aided and heat recovery power generation plants would push the market landscape further due to lower turbine dimensions & costs along with full-cycle capacity.
Based on Application, the power generation segment is expected to hold the largest Gas Turbine Market share with a revenue of about 7.61 Billion USD in 2016. This trend is expected to grow during the forecast period.
Based on the region, The Middle East region has the largest Gas Turbine Market revenue share of approximately 32 percent in 2016. Growing demand from this region can be due to an increasing preference toward gas-fired combined cycle plants in the regional oil and gas industry.
Asia-Pacific region is expected to witness the highest growth rate during the forecast period. In developing countries like China and India, factors such as the rise in demand for electricity and subsequent investments in the production of new large gas-fired combined cycle power generation are expected to increase the gas turbines market size.
The capacity of North America's gas turbine industry is expected to reach a substantial figure during the forecast period. Simple raw material accessibility and continuous integration of advanced technological turbines are major parameters that accelerate product penetration. The emphasis on CCGT power technology coupled with increasing applicability of gas-powered systems through extraction & drilling techniques, would further drive demand for the drug.
The size of North America's gas turbine market is predicted to reach a substantial figure by 2026. Easy accessibility of the raw material and continuous integration of advanced turbines are major parameters that accelerate product penetration.
Regional and Country-level Analysis:
- North America
- United States
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- Nordic Countries
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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GAS TURBINE MARKET SEGMENTATION
Segment by Type
- Heavy Duty Services
- Aero-Derivative Services
Segment by Application
- Power Generation
- Oil & Gas
The Major Companies Include:
- General Electric
- Mitsubishi Hitachi Power Systems
- Wood Group
- Kawasaki Heavy Industries
- Solar Turbines
- Ansaldo Energia
- MTU Aero Engines
- MAN Diesel & Turbo
- MJB International
- Proenergy Services
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● Industrial Gas Turbines Market Report
In 2019, the global Industrial Gas Turbines market size was USD 12980 Million and it is expected to reach USD 13160 Million by the end of 2026, with a CAGR of 0.2% during 2021-2026.
The top manufacturers of the Industrial Gas Turbines market are GE, Siemens, MHPS, Ansaldo, and Kawasaki. Amongst these, GE was the largest manufacturer with market revenue of about 49% in 2017.
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View Full Report:
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