Gas Turbine Industry Overview
The global gas turbine market size was valued at USD 22.17 billion in 2021 and is projected to reach USD 38.80 billion by 2030, registering a CAGR of 6.2% over the forecast period.
A gas turbine is an engine, which heats a mixture of fuel and outside air at a very high temperature to generate mechanical energy through the spinning of the turbine blades. The mechanical energy further drives a generator, which produces electrical energy. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. This market is predicted to expand rapidly during the forecast period, owing to increased government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world.
Gather more insights about the market drivers, restrains and growth of the Global Gas Turbine Market
Gas turbines are primarily used for power generation. Operating a simple cycle turbine power plant for supplying electricity to the industry is much costlier than purchasing it from outside. Thus, mostly, combined cycle power plants are employed, which have better efficiency. CHP plant is an example of a combined cycle power plant, which can be employed for electricity production as well as for obtaining mechanical drive.
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, are the major factors driving the market’s growth.
Gas turbines play an important role in reducing greenhouse gas emissions. As compared to other combustion-based electricity generation applications, gas turbines are very proficient and also result in decreasing carbon emissions. The execution of numerous climate change initiatives along with regulations to cut down GHGs emissions are expected to lead to a surge in the potential for gas turbines during the forecast period.
The U.S. market is anticipated to observe a protruding growth on account of growing government support for power generation technologies that aim to reduce carbon dioxide emissions. The major factors driving the shift from coal-based power generation to gas-based power generation are suitable economics & supporting policies for setting up gas-based power plants in the country. In addition, assured long-term fuel supply availability in the U.S. is also one of the factors supporting the market growth in the country.
Lockdowns in major cities and economies have caused most industries around the world to shut down, effectively halting production. As a result, demand for oil and gas has decreased over the world. Global natural gas consumption was reported to be 3,822.8 billion cubic meters in 2020, according to the bp statistical analysis of world energy 2021, a decrease of roughly 81.1 billion cubic meters from 2019. Furthermore, as a result of the global pandemic, electricity consumption from industrial and commercial end-users has decreased significantly. As a result, demand for gas turbines decreased during the pandemic.
Gas Turbine Market Segmentation
Based on the Technology Insights, the market is segmented into Open Cycle and Combined Cycle.
Based on the Capacity Insights, the market is segmented into ≤200 MW and >200 MW.
Based on the End-Use Insights, the market is segmented into Power & Utility and Industrial.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
The market is consolidated by a few major companies, which account for a dominating industry share. Industry participants practice several strategic initiatives, such as joint ventures, mergers & acquisitions, partnerships, and new product offerings, to enhance their foothold in the market. Some prominent players in the global gas turbine market include,
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