Market Size of Asia-Pacific Gas Turbine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Gas Turbine Market Analysis
Asia-Pacific gas turbine market is projected to register a CAGR of over 3.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the market is witnessing significant growth driven by the increasing demand for natural gas-fired power plants, demand for liquefied natural gas (LNG) supplied through both pipelines and ships, increasing demand for electricity, and targets to carbon dioxide emission reductions in major countries.
- On the other hand, the increasing shift toward renewable energies, such as solar and wind for power generation, is expected to restrain the growth of the market in the coming years.
- Nevertheless, advancements in technology are crucial to reducing turbine costs and emissions, especially of combined cycle gas turbines, which will be the dominant gas-based technology for intermediate and base-load power generation in the near future. This, in turn, is expected to create significant opportunities in the gas turbine manufacturers in the coming years.
- China is expected to dominate the market in the forecast period, owing to the increasing demand for clean and efficient power and gas-fired power capacity could see faster growth in the 14th Five-Year Plan, likely adding 40 to 50 GW of new capacity by 2025.
