Global Industrial Gas Turbine Market - Segmented by Capacity, Type, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)
Gas turbines are one of the most widely used technologies in power generation sector, and their usage dates back to 1939. The factors contributing to the growth of industrial gas turbine market include (but are not limited to) the growing demand for energy, fall in natural gas prices, the low environmental impact and increasing flexibility & efficiency of gas turbines. On the flipside, the factors that impede market growth include the growing importance of renewable energy sources, macroeconomic uncertainties, and currency devaluations, among other factors.
Low Capital Cost to Drive the Market
The power sector is increasingly becoming cost competitive, and the capital investments required for the development of power infrastructure is also high. Due to the high investment cost, the investment in the development of large coal-fired power stations is unlikely, in particular, those operating with supercritical or ultra-supercritical technology, as these technologies require significantly higher capital costs per MW than those for combined-cycle power plants. However, with a growing interest in gas-fired power generation, the demand for gas turbines, with their lower upfront costs, is expected to increase.
Asia-Pacific - Region with the Highest Market Share
Asia-Pacific accounts for the highest market share in 2017, on account of industrial expansion and infrastructure development. Also, most of the governments of emerging economies in Asia-Pacific, like India and China, have been supporting the development of oil & gas projects through policy level initiatives and supportive regulatory framework, which is expected to be a big boost for industrial gas turbine market in the region. Also, the manufacturing sector in Asia-Pacific region is expected to grow supported by the supportive government policies and regulations, i.e., Make in India initiative. Also, the development of liquefied natural gas (LNG) related infrastructure and increase in consumption of natural gas is expected to impact the industrial gas turbine market positively.
China - Among the Leading Countries in the Market
In 2015, China was the highest emitter of carbon dioxide, accounting for 27.3% of the global value. As a result, the Chinese government implemented certain policies and initiatives to promote the uptake of cleaner fuels, like natural gas and renewable energy sources. The power demand from China’s manufacturing and chemical sectors is a major factor for the country’s huge power requirement. Also, the country's target is to double the gas-fired power capacity from 56 GW in 2016 to 110 GW by 2020. Owing to the above factors the demand for industrial gas turbine market is expected to increase in China.
Key Developments in the Market
March 2018: Ecuador’s national oil company, Petroecuador, selected Siemens AG for procurement of an 8 MW SGT-300 gas turbine for power generation, to be used in the company’s Shushufindi refinery
The major players include - General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Harbin Electric International Company Limited, Bharat Heavy Electricals Limited, Kawasaki Heavy Industries, Ltd., Ansaldo Energia S.P.A, Solar Turbines, Man Diesel and Turbo SE, MTU Aero Engines Ag/ Vericor Power Systems Llc., and Centrax Industries Ltd, among others.
Reasons to Purchase This Report
Current and future industrial gas turbines market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Low Capital Cost to Drive the Market
The power sector is increasingly becoming cost competitive, and the capital investments required for the development of power infrastructure is also high. Due to the high investment cost, the investment in the development of large coal-fired power stations is unlikely, in particular, those operating with supercritical or ultra-supercritical technology, as these technologies require significantly higher capital costs per MW than those for combined-cycle power plants. However, with a growing interest in gas-fired power generation, the demand for gas turbines, with their lower upfront costs, is expected to increase.
Asia-Pacific - Region with the Highest Market Share
Asia-Pacific accounts for the highest market share in 2017, on account of industrial expansion and infrastructure development. Also, most of the governments of emerging economies in Asia-Pacific, like India and China, have been supporting the development of oil & gas projects through policy level initiatives and supportive regulatory framework, which is expected to be a big boost for industrial gas turbine market in the region. Also, the manufacturing sector in Asia-Pacific region is expected to grow supported by the supportive government policies and regulations, i.e., Make in India initiative. Also, the development of liquefied natural gas (LNG) related infrastructure and increase in consumption of natural gas is expected to impact the industrial gas turbine market positively.
China - Among the Leading Countries in the Market
In 2015, China was the highest emitter of carbon dioxide, accounting for 27.3% of the global value. As a result, the Chinese government implemented certain policies and initiatives to promote the uptake of cleaner fuels, like natural gas and renewable energy sources. The power demand from China’s manufacturing and chemical sectors is a major factor for the country’s huge power requirement. Also, the country's target is to double the gas-fired power capacity from 56 GW in 2016 to 110 GW by 2020. Owing to the above factors the demand for industrial gas turbine market is expected to increase in China.
Key Developments in the Market
March 2018: Ecuador’s national oil company, Petroecuador, selected Siemens AG for procurement of an 8 MW SGT-300 gas turbine for power generation, to be used in the company’s Shushufindi refinery
The major players include - General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Harbin Electric International Company Limited, Bharat Heavy Electricals Limited, Kawasaki Heavy Industries, Ltd., Ansaldo Energia S.P.A, Solar Turbines, Man Diesel and Turbo SE, MTU Aero Engines Ag/ Vericor Power Systems Llc., and Centrax Industries Ltd, among others.
Reasons to Purchase This Report
Current and future industrial gas turbines market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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