Gas Turbines Market

Global Gas Turbines Market Size (2024-2029)

The Global Gas Turbines Market is predicted to extend from US$ 21.02 billion in 2023 and is projected to reach a valuation of US$ 27.77 billion by 2029, progressing with a CAGR of 5.73%, during the forecast period 2024-2029.

This expansion can be attributed to the rising call for electricity, the availability of efficient power generation technology, the growing call for natural gas power plants, the impact of the shale gas revolution, and reduced carbon dioxide emissions. The gas turbine market has seen steady progress over the past two decades due to the changing dynamics of the market. Because of mounting pressure from regulators and growing environmental concerns, natural gas continues to gain worldwide popularity among energy producers as the efficient fuel of choice. Gas turbines have several advantages, such as a high power/weight ratio, low operating pressures, and smaller than most piston engines of the same power. Turbines play a significant role in decreasing carbon releases. Compared to other combustion power generation applications, they have lower emissions. With rampant urbanization, especially in the world's developing economies, the call for energy use per capita is also escalating, leading to options such as natural gas as a source of energy outside the economy. In addition, these initiatives provide a platform to design an appropriate framework for sustainable energy use during the foreseen period and in the years to come.

Market Trends

As power producers continue to invest in new technologies alongside changing regulatory and industrial requirements, gas turbine market participants must keep abreast of these developments. Today, the players involved in the current landscape of the gas turbine market are mainly focused on improving the reliability of their products and minimizing carbon emissions. Worldwide call for electricity in the coming years is supposed to increase by almost a third of the current call. Major gas-producing regions, such as the Middle East, the United States, and Russia, are undergoing a major overhaul of their power generation infrastructure to actively pursue gas power generation. These changes would stimulate the global gas turbine market, as well as the need to reduce carbon emissions.

Market Drivers

The global gas turbine market is predicted to experience substantial expansion during the foreseen period due to the need for a reliable supply of electricity at low operating cost and fuel, coupled with increased investments in the replacement of mature conventional infrastructure. The Asia-Pacific region is the main market for gas turbines. Rapid industrialization, urbanization, and economic expansion in countries like India and China would boost the gas turbine business. Like aeronautical-derived technology, advancements in technology are predicted to open doors to new possibilities for players operating in today's gas turbine market landscape. At present, gas turbines are designed primarily for gas-fired electricity generation, so efficiency levels have reached new levels. Market players are highly focused on removing some major barriers to power generation, such as network fluctuations caused by multiple power sources.

Market Restraints

The call for gas turbines can be directly related to the development of gas power plants. However, the production and supply of most of the world's natural gas are concentrated in a few countries, creating price disparities. Additionally, supply disruptions are common due to geopolitical tensions and related pipelines and infrastructure issues. Therefore, factors such as price disparity in the international natural gas trade and continuing concerns about the stability of natural gas supply are limiting the global gas turbine market.

Market Opportunities

The growing worldwide interest in liquefied natural gas is predicted to pave the way for lucrative opportunities for gas turbine market players, especially in developing regions such as India, China, and Indonesia. Over the past decades, technological advancements have played an imperative role in the gas turbine market revolution and the trend is predicted to continue during the outlook period. The aviation industry was at the forefront of innovations as aeronautical derivatives technology came into play, a major milestone in the field of power generation and an imperative development in the combined production of heat and electricity (CHP). These advancements continue to play an important role in balancing the integration of different energy sources, including wind and solar energy.

Market Challenges

Complex operations and high maintenance costs can slow the expansion of the global gas turbine market.

GAS TURBINES MARKET REPORT COVERAGE:

Market Segmentation:

Global Gas Turbines Market Analysis By Technology

• Open Cycle
• Combined Cycle

The open cycle segment is projected to develop rapidly driven by factors such as shorter warm-up time, light-weight, compact size, operational versatility, quick start-up, and less dependence on cooling water

Global Gas Turbines Market Analysis By Application

• Power Generation
• Industrial
• Aviation

Power generation is determined to become the largest business segment during the conjecture period due to rising power call coupled with positive regulation for the integration of sustainable power infrastructure.

Market Regional Analysis:

• North America - U.S., Canada.

• Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• Middle East & Africa - KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

Asia-Pacific is currently the largest gas turbine market, followed by the European and North American markets. Japan accounted for a majority share of the Asia-Pacific market in 2019, while China is predicted to experience expansion at the highest CAGR from 2020 to 2025. In developing countries such as China and India, factors such as expansion in electricity call driven by levels of urbanization, industrialization, and infrastructure development, and subsequent investments in the development of new large gas combined cycle power plants drive the call for gas turbines. The Middle East and Africa market is projected to post moderate expansion in terms of revenue over the forecast period, due to increased exploration activities in several countries such as South Africa, the UAE, and Saudi Arabia.

Competitive Landscape

Over the past decade, gas turbine manufacturers have highly invested notable resources in research and development to accelerate various processes in the new product cycle, in which new designs are released. In addition, market players are also focused on improving the efficiency and performance of their products to gain an advantage in today's market ecosystem. Today, market players are also interested in escalating their manufacturing prowess to meet the growing call for gas turbines around the world. In their attempt to achieve this goal, market players forge strategic alliances and partnerships with other players in today's market landscape.

Market Key Players:

The key players in the global Gas Turbine Market are

1. General Electric (U.S.)
2. Siemens (Germany)
3. Mitsubishi Heavy Industries Ltd. (Japan)
4. Alstom S.A (France)
5. Kawasaki Heavy Industries, Ltd. (Japan)
6. Bharat Heavy Electricals Limited. (India)
7. Ansaldo Energia, (Italy)
8. Rolls-Royce Holdings plc. (U.K)
9. Harbin Electric Company Limited. (China)
10. MAN Diesel & Turbo. (Germany)
11. Vericor Power Systems. (Georgia)
12. Solar Turbines Incorporated. (U.S.A).

Market Recent Developments:

• Siemens AG launches the most powerful HL-class gas turbine. It started shifting its largest, most robust, and most effective heavy-duty gas turbine from the nations of Germany and the United Kingdom.