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

Market Overview

The gas turbine market is expected to register a CAGR of approximately 3.8% during the forecast period. Global electricity demand is increasing, and it doubled within the last two decades. It is expected to grow at twice the pace of energy demand as a whole, in the next 25 years. Moreover, the advancement in technology leading to the increase in shale gas production, along with the plans of various countries to phase out coal-based power generation and replace them with the gas-fired power plant, is likely to act as a driver for the market. However, the increase in renewable deployment due to the enhanced efficiency of renewable-based power generation is expected to restrain the growth of the market.

• Generally, the turbine with a capacity above 120 MW is used for power generation. Turbines with a capacity of more than 120 MW are likely to dominate the market during the forecast period, with the demand for electricity expected to increase further.
• Moreover, the threat associated with the nuclear power plant is likely to promulgate the government's decision to prefer gas-based power generation over the nuclear power plant, which can provide an opportunity for the market growth during the forecast period.
• Asia-Pacific was the dominant region for the market in 2018, owing to the increasing reliance on gas-based power generation and an increase in oil and gas activities.

Scope of the report

The gas turbine market report includes:

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Key Market Trends

Increasing Demand for Turbine for Power Generation

• After a few years of constant carbon emissions, the emissions rose again in 2018, raising concerns about the use of coal-based power plants across the world. The governments all over the world are now putting in efforts to reduce the share of coal-based power plants, which have the potential to render opportunities for the increase in demand for gas turbines for power generation over the forecast period.
• Final investment decisions for the gas-based power generation in China grew by 70%, and for the first time, more gas-fired power capacity was sanctioned than that of coal.
• Moreover, the gas-based power generation is cheaper to install than the nuclear power plant; on the other hand, the gas-based power generation is a more reliable source as compared to renewables. These benefits clubbed with the urgency to reduce the carbon emission have fostered the increase in demand for gas turbines across the world.
• The EU policymakers consider gas turbines as little more than a bridging technology to achieve the 2030 targets until other technologies mature. It is likely to drive the demand for gas turbines during the forecast period. However, the emission of methane and other harmful gases can create a threat to the growth of the market.

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