Gas Turbine Market Size By Capacity (< 50 KW, 50 KW to 500 KW, > 500 KW to 1 MW, > 1 MW to 30 MW, > 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application (Power Plants, Oil & Gas, Process plants, Aviation, Marine), Industry Analysis Report, Regional Analysis, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024

Industry Trends

Gas Turbine Market size was valued over USD 8 billion in 2017 with annual installations to exceed 34 GW by 2024.
 

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In the current industry scenario, the gas turbine market has substantially been influenced subject to consumer and regulatory inclination toward energy optimization. The wider social objective of extending electricity access to the unreached coupled with viable financial plans to help acquire pollution control technologies has further led to the development of renewable power generation plants. Stringent regulatory mandates to curtail emissions along with positive outlook toward clean energy will augment the industry dynamics.
 

Rapid technological advancements including in the field of combustion materials, cooling and aerodynamics along with aligned focus pertaining to decentralized generation technologies will stimulate the market growth. Increasing investments pertaining to the replacement of existing electricity generating technologies with enhanced gas-fired power generating stations to limit emissions will positively impact the industry landscape. In 2016, Government of China has proposed an action plan to restraint emission levels up to 18% by the year 2020. In addition, supply & demand balance has continuously been a prime concern for private utilities and entities which has further led to rising funding toward the expansion of renewable power generation plants.
 

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Gas Turbine Market, By Capacity

50 KW - 500 KW units are anticipated to exceed an annual deployment of over 1.5 GW by 2024. Prevailing enhancements subject to the expansion of efficient re-generative turbines to withstand low heat requirements across the industrial, commercial and isolated grid networks will increase the product penetration. Furthermore, extensive R&D investment reforms and increasing inclination toward combined cycle generations plants will drive the industry growth.
 

Light weight, low electricity costs, improved efficiency, reduced emissions, potential to use waste fuels, lesser number of moving parts are among the underline parameters which will foster the > 500 KW to 1 MW gas turbine industry size. Prevailing adoption of on-site generation technologies across stationary power generation applications will increase the product penetration. Furthermore, ongoing technological advancements subject to the flexibility & efficiency enhancements across both recuperated & un-recuperated systems will sway the industry dynamics.
 

Gas Turbine Market, By Product

Heavy duty gas turbine market in consideration to economical cost structure coupled with high capacity operations have gained substantial penetration and is set to onlook growth of over USD 5 billion by 2024. Rising demand for these turbines across heat recovery and utility aided power generating plants coupled with increasing rate of technological advancements will further complement the business landscape. Although, small scale electric networks comprising of micro-grids coupled with distributed generation technologies encourage the deployment of low capacity turbines. However, prevailing product enhancements along with favourable industry inclination to drive utility aided establishments will pose potential demand for these gas turbines.
 

Aero-derivative gas turbine market will onlook growth on account of extensive investments pertaining to the development of sustainable electricity generation plants. Utility generation, mobile power, grid stability, district heating and marine propulsion are few of the prime applications augmenting the demand for these units. In addition, higher rotation speed, low water consumption, light weight, operational versatility and environmental proximity are few indispensable parameters bolstering the adoption of these products.
 

Gas Turbine Market, By Technology

Comparatively light weight, compact size, quick start, lower warm up time and operational versatility are few imperative factors stimulating the open cycle gas turbine market. These units find its wide use across mechanical and direct drive applications. In addition, large deployment across aircrafts where reducing weight is a prime focus accompanied by electricity generating applications elongated to offshore platforms will strengthen the product demand.
 

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Gas Turbine Market, By Application

In the recent years, aviation industry has gained substantial penetration with large number of tourists and migrants excavating across the world. These units are used on a large scale to power aircraft engines coupled with upholding an efficient power to weight ratio to withstand a flight. Rapid technological advancements to cater a wide customer base through improving the efficiency and reliability will foster the market share.
 

Rising demand for energy along with favourable consumer and regulatory outlook toward the renewable energy infrastructure will thrust the gas turbine market growth across power generation. Efficient utilization of generated energy along with stringent energy conservation regulations have positively impacted the product adoption. Furthermore, expanding on-site generation technology along with the extensive investments pertaining to the integration and expansion of CHP plants has instituted a favourable business scenario for the market.
 

Gas Turbine Market, By Region

Middle East & Africa market is anticipated to onlook significant upsurge on account of an increase in oil and gas activities across both onshore & offshore regional platforms. In addition, frequent power outages across the region along with gas price stabilization will foster the overall industry potential.
 

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Asia Pacific market subject to the expansion of large gas fired energy generating plants is set to exceed USD 2.3 billion by 2024. Easy availability of raw material and affordable labor cost are few of the underline parameters enhancing the product penetration. Rapidly increasing industrialisation and urbanization along with the shifting trend toward the clean energy sources across the nation will favour the product adoption.
 

Competitive Market Share

Eminent participants operating across the gas turbine market includes Mitsubishi Hitachi Power Systems, Wartsila, Zorya-Mashproekt, Kawasaki Heavy Industries, NPO Saturn, Harbin Electric International Company, Capstone Turbine, BHEL, Solar Turbines, General Electric, Ansaldo Energia, Vericor Power Systems, Man Diesel & Turbo, Siemens AG, Opra Turbines, and Cryostar.
 

Leading industry players have shifted their focus toward substantial research and development activities to support their business platform. These companies have made significant strides in improving their portfolio & industrial performance through expanding and building their industry infrastructure foundations. Furthermore, inorganic growth ventures along with extensive investments in adjacencies have been essential for the company stragies.
 

Gas Turbine Industry Background

A gas turbine also referred to as continuous combustion engine or a combustion turbine runs on the Brayton cycle in which the air is used as the working fluid. In the product, gases undergo four thermodynamic processes comprising of isobaric combustion, isentropic expansion, heat rejection and isentropic compression.