Gas Turbine Market Detailed Analysis of Current Industry Figures with Growth Opportunities and Forecasts Growth by 2027

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The global gas turbine market size is likely to reach USD 12.03 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% during the forecast period 2020 to 2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.

Introduction

Gas turbine is a mechanical device which couples energy from gas or working fluid by using its potential energy or kinetic energy. Gas turbines run on brayton cycle that essentially comprise of a heater, compressor, turbine and cooler. The working fluid experiences thermodynamic process where the system changes heat/mechanical energy into rotating energy that in turn generates electricity as output. Gas turbines are contains 3 crucial sections mounted on the same shaft namely the combustion chamber/combustor, compressor, and turbine. The compressor can be either centrifugal flow or axial flow. Axial flow compressors are general in power generation as they have advanced flow rates and competences.

Gas turbines are chiefly employed for direct mechanical drive for production units, feed pumps and power generation. Combined cycle power plants are favored as they are more effectual. A combined heat and power plant is an illustration of combined cycle power plant that can be engaged for production of electricity also to attain mechanical drive.

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Growth Factors

Encouraging government regulations plus positive consumer viewpoint toward sustainable energy infrastructure would upsurge the gas turbine market share. Operative utilization of produced energy through the power grid in line with rising energy optimization has confidently inclined the product implementation.

Expansions in clean energy projects are generating robust growth latent for steam and gas turbines. Further, due to growing demand for electric power via clean energy sources, several countries in have undertook many attempts to cut GHG emissions. All these factors are projected to positively complement market landscape. Encouraging government rules along with constructive consumer stance toward sustainable energy arrangement is further propelling gas turbine market revenue across the globe. Operative utilization of produced energy through the power grid along with mounting energy optimization has certainly inclined the product implementation.

For example, Department of Energy (DOE) declared establishment of 81 GW of combined heat and power plants surpassing 3,500 sites throughout the U.S. in in 2018. Furthermore, growing incentive allocation and financial subsidies toward the incorporation & extension of CHP plants are projected to further drive the growth of gas turbines industry in this region.

Report Highlights

  • Aero-derivative gas turbine market is anticipated to see surge due to greater turbo-machinery proficiency, enhanced cooling blades and heightened turbine inlet temperature. Further, constant investments for advancement of sustainable energy generation plants.
  • Rising regenerative turbine integration through district heating services will further support market demand
  • Ongoing technological improvements associated with effectiveness, flexibility and reliability across both un-recuperated and recuperated systems are expected to drive market demand

Key Market Players and Strategies

Constant acquisition and mergers plus rising R&D spending toward product efficiency, durability, and versatility by major industrial participants are further projected influence the industry growth. Reasonably compact size and operational flexibility coupled with rapid start & lower warm up time are some of the protruding features improving the open cycle combustion turbine market statistics. Offshore And Onshore sectors find a diverse applicability of turbines across direct and mechanical drive. For instance, in 2018, GE introduced 'cross-fleet gas turbine' that increases performance and reliability of OEM fleets. Mounting installation in aircraft sector due its great competence& light weight plus cumulative electricity demand throughout offshore establishments will confidently influence the product demand.

Some of the noteworthy players in the Gas Turbine market include:

  • Wartsila
  • BHEL
  • Mitsubishi Hitachi Power Systems
  • Harbin Electric International Company
  • Siemens AG
  • Man Diesel & Turbo
  • General Electric
  • NPO Saturn
  • Kawasaki Heavy Industries
  • Solar Turbines
  • Capstone Turbine
  • Vericor Power Systems
  • Cryosta
  • AnsaldoEnergia
  • Opra Turbines
  • Zorya-Mashproekt

Market Segmentation

By Capacity Type

  • > 500 kW to 1 MW
  • > 1 MW to 30 MW
  • < 50 kW
  • 50 kW to 500 kW
  • > 70 MW to 200 MW
  • >30 MW to 70 MW
  • > 200 MW

By Product Type

  • Heavy Duty
  • Aero-Derivative

By Technology Type

  • Combined Cycle
  • Open Cycle

By Application Type

  • Process Plants
  • Power Plants
  • Oil & Gas
  • Aviation
  • Marine
  • Others

Regional Segmentation

  • North America (United States, Canada)
  • Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
  • Latin America (Brazil and Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Regional Snapshots

North America and Europe together occupies majority of the share of power stations being decommissioned. This is due to maximum power plants are in their second phase of life cycle. In 2015, in Europe, air pollution equipment of many plants that have not been improved was ordered to be closed. Many legislative initiatives and matured capacities formed a possible replacement market. Gas turbine industry size in North America is estimated to surpass an annual installation of 10 GW by 2027. Easy availability of raw material and constant integration of advanced technological turbines are some of the great drivers fuelling growth of the market. Increasing attention toward CCGT power technology together accelerating applicability of gas-powered systems through drilling and extraction techniques is further projected to support demand in the market.

South and Central America are also expected to appear as profitable market for clean energy. Since 1990, Brazil has been vigorously inspiring cogeneration, which has caused in over 1,200 MW of on-site gas-fired volume. Chile, Brazil, Peru, and Uruguay are some of the noticeable markets in this region.

Why should you invest in this report?

If you are aiming to enter the global gas turbine market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for gas turbine are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Data points covered under gas turbine market research study:

  • The historic and forecast market estimation from years 2016 to 2027
  • Market estimation and research analysis for the global market by distribution channel
  • Market estimation and research analysis for the global market by region
  • Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
  • Competitive scenery and business strategies by key players
  • SWOT Analysis
  • PORTER's five force research analysis
  • PEST Analysis
  • DR impact analysis
  • Heat map analysis
  • Investment feasibility analysis

Key Questions Answered by the Report:

  • What will be the size of the global gas turbine market in 2027?
  • What is the expected CAGR for the gas turbine market between 2020 and 2027?
  • Which are the top players active in this global market?
  • What are the key drivers of this global market?
  • How will the market situation change in the coming years?
  • Which region held the highest market share in this global market?
  • What are the common business tactics adopted by players?
  • What is the growth outlook of the global gas turbine market?

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