Thursday, July 7th, 2022

Gas Turbine Equipment Market Growth, Trends, Huge Business 2022-2030

Description

The global gas turbine equipment market size is expected to grow from USD 21.2 billion in 2020 to USD 31.4 billion by 2027, at a CAGR of 6.8from 2021 to 2027A gas turbine is an engine that generates mechanical energy by spinning turbine blades by heating a mixture of fuel and outside air to a very high temperature. The mechanical energy is then used to power a generator, generating electricity. The primary purpose of these systems is to generate electricity. It is much more expensive to operate a simple cycle turbine power plant to supply electricity to the industry than buying it from outside. As a result, combined cycle power plants are commonly used, as they are more efficient.

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A CHP plant is an example of a combined cycle power plant that can generate electricity and mechanical drive. Because of increased government support for power generation technologies that aim to reduce carbon dioxide (CO2) emissions, the market in the United States is expected to grow significantly. As per the Energy Information Administration, natural gas was the most common source of electricity generation in the United States in 2019, accounting for 38 percent of total power generation.

Suitable economics and supporting policies for establishing gas-based power plants are the major factors driving the shift from coal-based power generation to gas-based power generation. Furthermore, a secure long-term fuel supply in the United States is one of the factors boosting the country’s market growth. Gas turbines contribute significantly to reducing greenhouse gas (GHG) emissions. These are very efficient compared to other combustion-based electricity generation applications and lower carbon emissions.

Global Gas Turbine Equipment Market Dynamics

DriversGas Turbine Technology Reduces Greenhouse Emissions

Coal-fired power plants emit large amounts of toxic gases and contribute significantly to global warming. Coal-fired power plants are one of the most significant sources of emissions. Rising greenhouse gas emissions necessitate the development of cleaner methods of generating electricity, which is expected to increase demand for industrial gas turbines over the next decade.

Natural gas, used as a primary fuel in gas turbines, contains very little sulfur, resulting in almost no sulfur dioxide emissions. Gas turbines that burn natural gas emit very little CO2–0.37 kilograms of CO2 per kWh of electricity generated. This compares to lignite’s 1.01 kg/kWh and anthracite’s 0.8 kg/kWh. As a result of the factors mentioned above, the industrial gas turbine market is expected to grow during the forecast period.

RestraintsVolatility in Natural Gas Prices

Actions that could disrupt the natural gas supply impact natural gas prices. Geopolitical tensions are disruptive factors that raise questions about gas supply and demand. Gas prices may become more volatile as a result of this. Due to shale gas exploitation, gas prices have dropped dramatically in the United States, but it remains relatively high elsewhere in the world. The majority of the countries in the Middle East region have significant natural gas reserves. Due to political and cultural issues, it is a highly unstable region. Furthermore, due to the Covid-19 pandemic, natural gas demand has decreased significantly in recent months. Thus, gas costs also dropped, which negatively impacted market growth.

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Scope of the Report 

The study categorizes the gas turbine equipment market based on capacity, technology, end-use at the regional and global levels.

By Capacity Outlook (Thousand Units, Revenue, USD Million, 20172027)

  • Less than equal to 200 Megawatt (≤200 MW)
  • Greater than 200 Megawatt (>200 MW)

By Technology Outlook (Thousand Units, Revenue, USD Million, 20172027)

  • Open Cycle
  • Combined Cycle

By End-Use Outlook (Thousand Units, Revenue, USD Million, 20172027)

  • Power & Utility
  • Industrial

By Region Outlook (Thousand Units, Revenue, USD Million, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The combined cycle segment is projected to account for the largest market share by technology

The global gas turbine equipment market is divided into open and combined cycles based on technologyIn 2020, the combined cycle technology segment accounted for the largest market share of 75.0in the global gas turbine equipment marketThe conversion to combined cycle technology is being compelled by stricter regulations for coal plants, low gas prices, and the integration of renewable power. Combined Cycle Power Plant (CCPP) complements solar and wind power because they can start and stop quickly and thus are proficient in offsetting the variations in renewable energy power.

Favorable government policies regarding clean fuels for electricity generation and reducing GHG emissions are expected to increase the demand for natural gas-based power plants. In addition, a decline in gas prices and the discovery of shale gas reserves are estimated to propel the market over the projected period.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global gas turbine equipment market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaNorth America is projected to grow at a significant CAGR over the forecast period. The demand is primarily driven by the shale gas reserve and technological development in extraction and mining technology, which consistently lowers the operational costs of gas extraction in the region. Additionally, North America has witnessed large-scale commissioning of gas-based power.

Technological advancements in completion techniques, such as multistage hydraulic fracturing, and drilling techniques, such as horizontal wellbores, have enabled oil & gas companies to produce shale gas commercially. According to trends, the aforementioned technological developments and commercial shale gas production are expected to drive the regional gas turbine market in the forecast period.

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Key Market Players

The gas turbine equipment market is mildly concentrated, with few global players operating in the market, such as General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Ansaldo Energi, Bharat Heavy Electricals Ltd., and MAN Energy Solutions. Every company follows its business strategy to attain the maximum market share.

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