Market Size of Gas Turbines in Thermal Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Turbines in Thermal Power Market Analysis
The gas turbine in thermal power market is expected to grow at a CAGR of more than 3% during the forecast period. The global electricity demand has been increasing, doubling itself within the last two decades and 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 clubbed 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 energy deployment due to the enhanced efficiency of renewable-based power generation coupled with supportive government policies and initiatives is expected to restrain the growth of the market.
- Generally, the turbine with a capacity above 120 MW is used for power generation. And with the demand for electricity expected to increase further, the turbines with a capacity of more than 120 MW is likely to dominate the market during the forecast period.
- 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, in turn, is expected provide an opportunity for the market growth in the coming years.
- 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 & gas activities.
