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Gas Turbine Market:
Gas Turbine Market:
Growth opportunities in the Gas Turbine market look promising over the next six years. This is mainly due to the rising government support for power generation technologies and the various advantages offered by gas turbines, such as decreased operation costs, higher power density, and has lower emission.
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Gas Turbine Industry Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Gas Turbine Industry Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Key Drivers
One of the major factors that is contributing to the growth of the global gas turbine market size includes the increasing government support for power generation technologies which aims to reduce carbon dioxide emission. The U.S. Department of Energy has recently launched the clean energy research, development, demonstration, & deployment (RDD&D) to have progress in the U.S. climate and energy goals. According to the Energy Information Administration, natural gas is considered an important source of electricity generation in the U.S., which accounts for 38% share in the U.S. power generation. Moreover, the significant shift from coal-based power generation towards gas-based power generation is further increasing the market growth over the coming years.
One of the major factors that is contributing to the growth of the global gas turbine market size includes the increasing government support for power generation technologies which aims to reduce carbon dioxide emission. The U.S. Department of Energy has recently launched the clean energy research, development, demonstration, & deployment (RDD&D) to have progress in the U.S. climate and energy goals. According to the Energy Information Administration, natural gas is considered an important source of electricity generation in the U.S., which accounts for 38% share in the U.S. power generation. Moreover, the significant shift from coal-based power generation towards gas-based power generation is further increasing the market growth over the coming years.
The gas turbine offers advantages such as decreases operational costs, increases power density, and reduces lower emission. They are having higher efficiency as compared to other combustion-based power generation technologies. As per The International Energy Agency's Global Energy and CO2 Status Report of 2018, the coal-fired power generating plants surges the carbon emission in 2018, which has surged by 2.9% from 2017. According to the gas turbine market forecast, the increasing rate of population along with the growing emphasis on infrastructural development has surged the demand for electricity. This will further surge the gas turbine market growth over the coming years.
The gas turbine offers advantages such as decreases operational costs, increases power density, and reduces lower emission. They are having higher efficiency as compared to other combustion-based power generation technologies. As per The International Energy Agency's Global Energy and CO2 Status Report of 2018, the coal-fired power generating plants surges the carbon emission in 2018, which has surged by 2.9% from 2017. According to the gas turbine market forecast, the increasing rate of population along with the growing emphasis on infrastructural development has surged the demand for electricity. This will further surge the gas turbine market growth over the coming years.
Regional Drivers
Regional Drivers
Based on the region, Asia-Pacific is projected to witness a higher CAGR over the forecast period. China is the biggest contributor to this regional market growth over the coming years. In 2018, Siemens and State Power Investment Corporation (SPIC) of China entered a partnership with the Chinese government for the manufacturing of heavy-duty gas turbines independently. Therefore, the surging demand for gas turbines in China is contributing to the market growth. India's power sector is dominated by coal-based generation. According to the IBEF, the government of India is planning to achieve 227 GW capacity in renewable energy by 2020. In addition to this, the country's government has identified the potential of renewable energy and gas-based generation for decarbonizing the economy and with an aim to meet targets according to the Paris Agreement. Thus, the increasing share of gas based generation is surging the demand for gas turbines in India.
Based on the region, Asia-Pacific is projected to witness a higher CAGR over the forecast period. China is the biggest contributor to this regional market growth over the coming years. In 2018, Siemens and State Power Investment Corporation (SPIC) of China entered a partnership with the Chinese government for the manufacturing of heavy-duty gas turbines independently. Therefore, the surging demand for gas turbines in China is contributing to the market growth. India's power sector is dominated by coal-based generation. According to the IBEF, the government of India is planning to achieve 227 GW capacity in renewable energy by 2020. In addition to this, the country's government has identified the potential of renewable energy and gas-based generation for decarbonizing the economy and with an aim to meet targets according to the Paris Agreement. Thus, the increasing share of gas based generation is surging the demand for gas turbines in India.
Gas Turbine Market’s Leading Manufacturers:
Gas Turbine Market’s Leading Manufacturers:
· GENERAL ELECTRIC
· Siemens Energy
· Mitsubishi Power, Ltd.
· Kawasaki Heavy Industries, Ltd.
· Bharat Heavy Electricals Limited
· Ansaldo Energia
· Solar Turbines Incorporated
· OPRA Turbines
· MAN Energy Solutions
· Centrax Gas Turbines
Gas Turbine Market Segmentation:
Segmentation by Technology:
· Open cycle
· Combined Cycle
Segmentation by End-use:
· Power & Utility
· Industrial
Segmentation by Capacity:
· 50 to <100 MW
· 100 to <150 MW
· 150 to <250 MW
· 250 to <500 MW
· Others
Segmentation by Region:
· North America
o United States of America
o Canada
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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