Global Gas Turbine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Gas Turbine Market is Segmented by Capacity (Less than 30 MW, 31-120 MW, Above 120 MW), Type (Combined Cycle, Open Cycle), End-user Industry (Power, Oil and Gas, Other End-user Industries), and Geography (North America, Europe, Asia-Pacific, South America, Middle-East and Africa)

Market Snapshot

Gas Turbine Market Summary
Study Period: 2019-2026
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 4 %
Gas Turbine Market Major Players

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Market Overview

The global gas turbine market is expected to grow at a CAGR of 4% during the forecast period of 2021-2026. The Covid-19 pandemic has shown a huge impact on power generation, with decreasing in power demand of around 5% globally. However, as compared to other combustion-based power generation technologies, the gas turbine market is expected to grow in post-pandemic due to lower operating costs, lower emissions, and high-power density. Increasing demand for electricity across the globe and advancement in the technologies leading to an increase in shale gas production and various countries opting for generation of power through gas-fired plants is likely to drive the global gas turbine market. Increasing renewable energy deployments, especially in countries like the United States, China, Brazil, and India, is expected to hinder the growth of the gas turbine market.

  • In power generation plants, turbines with a capacity of 120 MW are generally used. With the increasing demand for electricity, gas-fired powered plants turbines with a capacity above 120 MW will dominate the market in the forecast period.
  • Rise in demand for natural gas-fired plants and global initiatives across the countries for the reduction in emission of carbon dioxide, based on the technology, the combined cycle segment would dominate the market by 2030, due to its overall electrical efficiency typically ranging from 50-60% compared to open cycle around 33%.
  • As of 2021, the Asia-Pacific region is dominating the global gas turbine market with an increasing number of gas-fired power plants and rapid development in oil and gas and industrial activities across the region.

Scope of the report

The Global Gas Turbine Market includes

Capacity
Less than 30 MW
31-120 MW
Above 120 MW
Types
Combined Cycle
Open Cycle
End-User Industry
Power
Oil and Gas
Other End-user Industries
Geography
Asia-Pacific
North America
Europe
South America
Middle-East and Africa

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Key Market Trends

Increasing demand in the power generation through natural gas-fired power plants

  • In the year 2020, the electricity generated by natural gas amounted to 6268.1TWh. On the note of environmental impact, many countries such as the United States, China, Germany, India are opting for power generation through natural gas-fired power plants.
  • Setting up nuclear-based power plants requires a lot of investments and includes operational risks associated with safety concerns. Power generation through natural gas-fired will be the safest option. This will in turn, culminate in the increase in the demand for gas turbines in the global market.
  • As of 2020, Global carbon dioxide emissions accounted for 32284.1 million tonnes, which is rapidly increasing day-to-day. Countries like Japan, Russia, Myanmar, Germany are imposing taxes on power plants in order to reduce emissions. This will improve the adoption of gas-fired power plants across the world.
  • Increasing trend of distributed power generation and replacement of phased out nuclear & coal plants are expected to provide opportunities for the expansion of the global gas turbine market during the forecast period.
Gas Turbine Market: Power Generation through Gas, in TWh, Global, 2011-2018

Asia-Pacific region to Dominate the Market

  • Rapid industrialization in the countries like India, China, Japan, Myanmar, and increasing urbanization are driving an ever-growing power demand in this region, which is culminating in the development of numerous power generation projects.
  • Indian power sector is dominated by coal-based generation, accounting for 61.3% of the total installed capacity in June 2021. The country has the huge potential of renewable energy and gas-based power generation for decarbonization and to meet the targets as per the Paris Agreement.
  • In 2021, JERA, a joint venture between TEPCO FP and Chubu Electric Power Company has submitted a plan to Government of Japan to add two gas-fired units at the Chita Thermal Power Station, the addition includes two new combined cycle units that will be powered by liquefied natural gas.
  • As of October 2020, according to China Electricity Council, the country has gas-fired power generation capacity of 97 GW, out of 2,100 GW total installed generating capacity. Nevertheless, gas-fired power capacity could see faster growth compared to recent years, likely adding 40 to 50 GW of new capacity by 2025.
  • Moreover, Countries like Australia, Japan, Malaysia, with a growing social consensus against nuclear power, will prospect the utilization of gas turbines during the forecast period.
Gas Turbine Market: Growth Rate by Region 2020 - 2025

Competitive Landscape

The Global Gas Turbine Market is Moderately fragmented. The key players in the market include Siemens AG, Mitsubishi Heavy Industries Ltd, General Electric Company, Kawasaki Heavy Industries Ltd, and Wartsila Oyj Abp among others.

Major Players

  1. Siemens AG

  2. Mitsubishi Heavy Industries Ltd

  3. General Electric Company

  4. Kawasaki Heavy Industries Ltd

  5. Wartsila Oyj Abp

Gas Turbine Market Concentration

Recent Developments

  • In the year 2020, the electricity generated in China by natural gas amounted to 247 TWh. The Chinese gas turbine market is anticipated to grow, owing to the clean energy outlook, coupled with the ongoing expansion of large capacity gas-fired power plants across the nation.
  • In June 2020, Shanghai Electric Group and Ansaldo Energia has signed a contract with North West Power Generation Company Ltd for the design, procurement and construction of an 880 MW combined cycle power plant to be built in Bangladesh.

Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2026

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Supply-Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Consumers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitute Products and Services

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of Covid-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 Capacity

      1. 5.1.1 Less than 30 MW

      2. 5.1.2 31-120 MW

      3. 5.1.3 Above 120 MW

    2. 5.2 Types

      1. 5.2.1 Combined Cycle

      2. 5.2.2 Open Cycle

    3. 5.3 End-User Industry

      1. 5.3.1 Power

      2. 5.3.2 Oil and Gas

      3. 5.3.3 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

      2. 5.4.2 North America

      3. 5.4.3 Europe

      4. 5.4.4 South America

      5. 5.4.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Siemens AG

      2. 6.3.2 Mitsubishi Heavy Industries Ltd

      3. 6.3.3 General Electric Company

      4. 6.3.4 Kawasaki Heavy Industries Ltd

      5. 6.3.5 Wartsila Oyj Abp

      6. 6.3.6 IHI Corporation

      7. 6.3.7 Solar Turbines Incorporated

      8. 6.3.8 Bharat Heavy Electricals Limited

      9. 6.3.9 Ansaldo Energia SpA

    4. *List Not Exhaustive
    5. 6.4 *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Frequently Asked Questions

The Global Gas Turbine Market market is studied from 2019 - 2026.

The Global Gas Turbine Market is growing at a CAGR of 4% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Siemens AG, Mitsubishi Heavy Industries Ltd, General Electric Company, Kawasaki Heavy Industries Ltd, Wartsila Oyj Abp are the major companies operating in Global Gas Turbine Market.

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