NEWARK, DE / ACCESSWIRE / December 5, 2022 / The global gas turbine market is worth US$ 19.7 Bn as of now and is expected to reach US$ 29.15 Bn as of the year 2032 at a CAGR of 4% between 2022 and 2032.
Gas turbine is one of the combustion turbines that could be categorized as continuous ICE. The components include an upstream rotating gas compressor, a combustor, and downstream turbine, that too, with compressor on the same shaft. There exists one additional component termed as ‘turbo fans', which are used for converting power into mechanical or electrical form.
Demand for electricity is increasing at an alarming rate in the gas turbine market. The governments are emphasizing on reducing fossil fuels' consumption due to the hazards caused by increasing emissions on their part across the globe.
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The aerospace vertical is expected to offer lucrative opportunity for gas turbine market in the forecast period. Also, in several countries, smart cities, smart buildings projects are being initiated, which calls for substantiation in demand for electricity. As such, many new projects are coming up, which are installing the turbines due to them being less harmful and more efficient. Heavy-duty technology dominates the gas turbine market. This could be reasoned with the number of manufacturing plants growing at an exponential rate in the near future.
At the same time, the fact that disruptions regarding supply of the natural gas could adversely affect the prices of natural gas could not be ignored. This volatility could create problems for key market participants regarding planning their budgets. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Gas Turbine Market'. The analysts and consultants have worked upon macros and micros to execute. This includes primary, secondary, and tertiary modes of research.
Key Takeaways from Gas Turbine Market
- North America holds the largest market share due to the US being home to several gas-driven turbine plants that basically operate through natural gas with increase in shale gas exploration activities. The US Energy Information Administration (EIA) has stated that over 25% of country's power is obtained from natural gas. The year 2019 saw boilers up to 14 GW getting converted for burning natural gas with 15 GW getting replaced with natural gas combined cycle.
- Europe is working on lessening emissions of carbon. Several regions are deciding upon phasing out coal plants from power generation mix. Natural gas is being asked for as it proves to be a proper alternative to coal.
- The Asia-Pacific is expected to grow at the fastest pace in the gas turbine market with South Korea, Australia, India, and China pressing for using gas turbines.
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Competitive Landscape
- GE, in March 2021, announced delivering the first two HA gas turbines to the UAE. They are witnessing installation as well as commissioning work at 1.8 GW Hamriyah Independent Power Plant. GE would be supplying three 9HA.01 gas-driven turbines in all.
- Mitsubishi Power, in May 2021, did announce that it came up with a novel turbine that operates on gas business based out of Dubai. This cycle unit would be emphasizing on selling J-Series Air-cooled gas-driven turbine. It's capable of operating on mixture of 30% hydrogen and 70% natural gas.
- Consortium between Shanghai Electric Group and Ansaldo Energia, in June 2020, inked a contract with Bangladeshi Power Development Board company called ‘North-West Power Generation Company Ltd." The purpose is that of building an 880 MW combined cycle power plant in Bangladesh.
"The fact that gas turbines curtail the emission of greenhouse gases is expected to accelerate the gas turbine market in the near future", says an analyst from Future Market Insights.
What does the Report cope with?
- The research study is based on design type (heavy-duty and aeroderivative), by end-user (power generation, oil and gas, and other industrial), by technology (open cycle and combined cycle), and by rated capacity (application gas, turbine network gas, turbine device gas turbine, and social engineering).
- With technological advancements witnessed by energy vertical, the global gas turbine market is expected to grow on a grand note between 2022 and 2032.
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Key Segments
By Design Type:
- Heavy-duty
- Aeroderivative
By End User:
- Power Generation
- Oil and Gas
- Other Industrial
By Technology:
- Open Cycle
- Combined Cycle
By Rated Capacity:
- Application Gas
- TurbineNetwork Gas
- TurbineDevice Gas Turbine
- Social Engineering
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Gas Turbine
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
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SOURCE: Future Market Insights, Inc.