Global Gas Turbine Market (2022 to 2027) - Growth, Trends, COVID-19 Impact, and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Gas Turbine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The gas turbine market is expected to register a CAGR of approximately 3.8% during the forecast period. Global electricity demand is increasing, and it doubled within the last two decades. It is expected to grow at twice the pace of energy demand as a whole, in the next 25 years.

Companies Mentioned

• General Electric Company
• Siemens AG
• Mitsubishi Heavy Industries Ltd
• Harbin Electric International Company Limited
• Bharat Heavy Electricals Limited
• Kawasaki Heavy Industries Ltd
• Ansaldo Energia SpA
• Solar Turbines
• Man Diesel and Turbo SE
• MTU Aero Engines Ag / Vericor Power Systems LLC

Key Market Trends

Increasing Demand for Turbine for Power Generation

• After a few years of constant carbon emissions, the emissions rose again in 2018, raising concerns about the use of coal-based power plants across the world. The governments all over the world are now putting in efforts to reduce the share of coal-based power plants, which have the potential to render opportunities for the increase in demand for gas turbines for power generation over the forecast period.
• Final investment decisions for the gas-based power generation in China grew by 70%, and for the first time, more gas-fired power capacity was sanctioned than that of coal.
• Moreover, the gas-based power generation is cheaper to install than the nuclear power plant; on the other hand, the gas-based power generation is a more reliable source as compared to renewables. These benefits clubbed with the urgency to reduce the carbon emission have fostered the increase in demand for gas turbines across the world.
• The EU policymakers consider gas turbines as little more than a bridging technology to achieve the 2030 targets until other technologies mature. It is likely to drive the demand for gas turbines during the forecast period. However, the emission of methane and other harmful gases can create a threat to the growth of the market.

Asia-Pacific to Dominate the Market

• The Asia-Pacific region dominated the gas turbine market with gas-based power generation increasing by 3.04% in 2018 compared to that in 2017, and gas consumption over the same period increased by 7.41% in Asia-Pacific. The Asia-Pacific market is driven by several factors, such as the rising demand for energy, low environmental impact, and increasing flexibility and efficiency.
• Due to technological advancement and the decreasing cost of shale gas production, natural gas production increased by 18.75% during 2011-2018, globally. Rapid industrialization and urbanization are driving an enormous and ever-growing power demand in the region, which necessitates the development of numerous power generation projects. This, in turn, is driving the demand for gas turbines in China.
• India's power sector is dominated by coal-based generation, accounting for 54.7% of the total installed capacity in December 2018. The country identified the potential of renewable energy and gas-based generation for decarbonizing the economy and meeting the targets as per the Paris Agreement. With the increasing share of gas-based generation, the demand for gas turbines is expected to increase.
• Countries, like Japan, with a growing social consensus against nuclear power, are prospective markets in this regard, especially as the country is also one of the world's largest power consumers.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Market Dynamics

4.4.1 Drivers

4.4.2 Restraints

4.5 Supply-Chain Analysis

4.6 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Capacity

5.1.1 Less than 30 MW

5.1.2 31-120 MW

5.1.3 Above 120 MW

5.2 Types

5.2.1 Combined Cycle

5.2.2 Open Cycle

5.3 End-User Industry

5.3.1 Power

5.3.2 Oil and Gas

5.3.3 Others

5.4 Geography

5.4.1 Asia-Pacific

5.4.2 North America

5.4.3 Europe

5.4.4 South America

5.4.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/fgmjy4