Europe Gas Turbine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The European gas turbine market is expected to register a CAGR of more than 2.97% during the forecast period 2020-2025. The gas turbine is an instrument that utilizes the energy stored in gas either in the form of the kinetic energy of the flowing gas stream or the potential energy of a gas under pressure to produce rotary movement. The CO2 emissions from the European power industry reduced by 4%, about 1,018 million metric ton of CO2. Owing to coal plant closures and an increase in carbon price support, over 50% of the shift happened was observed in the United Kingdom. Countries, such as Italy, the Netherlands, Germany, and Greece witnessed significant switch over from coal to gas. Such developments in gas-based power infrastructure are expected to drive the demand for gas turbines in Europe during the forecast period. However, increasing shift toward renewable energy is expected to restrain the growth of the gas turbine market.

• The biggest shift in the European electricity system was the significant change from coal generation to gas generation. This has considerably reduced coal generation by almost 12% by 2018, thus, increasing the natural gas generation by around 20%. As a result, the CO2 emissions from the European power industry reduced by 4%, about 1,018 million metric ton of CO2.
• Technological advancements in the gas turbine industry coupled with upcoming gas-fired power plants are expected to create an ample opportunities for the market in the near future.
• Europe is projected to witness significant growth in the global industrial gas turbine market, with majority of the demand coming from Germany, Italy, the United Kingdom, etc.