Gas Turbine Industry Overview
The global gas turbine market size was valued at USD 22.17 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.
A gas turbine is an engine, which heats a mixture of fuel and outside air at a very high temperature to generate mechanical energy through the spinning of the turbine blades. The mechanical energy further drives a generator, which produces electrical energy. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. This market is predicted to expand rapidly during the forecast period, owing to increased government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world.
Gather more insights about the market drivers, restrains and growth of the Global Gas Turbine Market
Gas turbines are primarily used for power generation. Operating a simple cycle turbine power plant for supplying electricity to the industry is much costlier than purchasing it from outside. Thus, mostly, combined cycle power plants are employed, which have better efficiency. CHP plant is an example of a combined cycle power plant, which can be employed for electricity production as well as for obtaining mechanical drive.
The paradigm shift from coal-based power generation to gas-based power generation in developed and developing countries such as the United States, Japan, China, and India, as well as supportive government policies for the construction of gas-based power plants, are the major factors driving the market's growth.
The U.S. market is anticipated to observe a protruding growth on account of growing government support for power generation technologies that aim to reduce carbon dioxide emissions. The major factors driving the shift from coal-based power generation to gas-based power generation are suitable economics & supporting policies for setting up gas-based power plants in the country. In addition, assured long-term fuel supply availability in the U.S. is also one of the factors supporting the market growth in the country.
Gas turbines play an important role in reducing greenhouse gas emissions. As compared to other combustion-based electricity generation applications, gas turbines are very proficient and also result in decreasing carbon emissions. The execution of numerous climate change initiatives along with regulations to cut down GHGs emissions are expected to lead to a surge in the potential for gas turbines during the forecast period.
Lockdowns in major cities and economies have caused most industries around the world to shut down, effectively halting production. As a result, demand for oil and gas has decreased over the world. Global natural gas consumption was reported to be 3,822.8 billion cubic meters in 2020, according to the bp statistical analysis of world energy 2021, a decrease of roughly 81.1 billion cubic meters from 2019. Furthermore, as a result of the global pandemic, electricity consumption from industrial and commercial end-users has decreased significantly. As a result, demand for gas turbines decreased during the pandemic.
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- Carbon Dioxide Market – The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing utilization of Carbon Dioxide (CO2) for Enhanced Oil Recovery (EOR) and its surging usage in food & beverages and medical industries are anticipated to fuel the growth of the global market during the forecast period.
- Gas Turbine Services Market – The global gas turbine services market size was valued at USD 26.0 billion in 2019 and is projected to register a CAGR of 9.8% over the forecast period.
Gas Turbine Market Segmentation
Grand View Research has segmented the gas turbine market based on technology, capacity, end-use, and region :
Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- Open Cycle
- Combined Cycle
Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- ≤200 MW
- >200 MW
Gas Turbine End-Use Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- Power & Utility
Gas Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- June 2020: The consortium between Ansaldo Energia and Shanghai Electric Group signed a contract with the Bangladesh Power Development Board company named North-West Power Generation Company Ltd.
- February 2021: Siemens and EPC Contractor TSK agreed to collaborate to supply F-class as a turbine to a new combined cycle power plant in Jacqueville, named Cote d'Ivoire. The power plant will have a capacity of 390 MW, and it is expected to start the operation in 2022.
Key Companies profiled:
Some prominent players in the global gas turbine market include
- General Electric
- Siemens Energy
- Mitsubishi Power, Ltd.
- Kawasaki Heavy Industries, Ltd.
- Ansaldo Energia
- Solar Turbines Incorporated
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