Gas Turbine Market Size By Product (Heavy Duty, Aeroderivative), By Capacity (≤ 70 MW, 70-300 MW, ≥ 300MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Industrial, Marine, Aviation), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Russia, Italy, Germany, France, China, India, Japan, South Korea, Saudi Arabia, UAE, Egypt, Algeria, Brazil, Argentina), Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: March 2017 | 160 Pages | Report ID: GMI1181 Report Format: PDF
Gas Turbine Market size for 2015 was valued over USD 13 billion and is set to exceed 120GW by 2024.
Global Gas Turbine Market, By Application, 2013 - 2024 (MW)
Growing industrialization coupled with rising electricity demand will drive the global gas turbine market size over the forecast timeline. Government and private entities are investing aggressively to develop new power generation facility to mitigate the demand supply mismatch. In 2015, natural gas has fueled over 25 percent of the total U.S. electricity generation. EIA is projecting that the country’s present natural gas generation would exceed by 30 percent by the end of 2025.
Increasing investments towards replacement of ageing coal fired plants with modern gas-fired power generating stations to limit the GHG emissions will upswing the global gas turbine market during the forecast period. In 2014, European Union has introduced 2003/87/EC directive aiming to reduce the emissions to 20% by 2020. In 2016, Government of China has also developed new action plan for reducing emission level to 18% by 2020.
Advent of shale gas revolution has led to the increase in E&P across remote onshore and offshore basins which in turn will further augment business outlook. Upliftment of western sanctions from many countries including Iran will embellish the industry size by 2024.
Gas Turbine Market, By Product
Global gas turbine market from heavy duty accounted for over 80% of the global volume in 2015 owing to its wide acceptance across high capacity generating stations. Large capacity power plants hold the low generation cost which will positively impact the industry landscape. In 2017, China’s Gas Turbine Research Center of Tsinghua University and Shanghai Electric and Dongfang Electric had jointly developed CGT-60F, an F-class heavy-duty gas turbine which can tolerate up to 1,400 0C.
Aeroderivative gas turbine market share is anticipated to witness significant growth over 9% during forecast timeframe owing to its rising demand across medium scale capacity applications. Growing adaption across various industries, Oil & Gas and marine sector will positively impact the industry outlook.
Gas Turbine Market, By Capacity
Global gas turbine market size for 2015 from ≤ 70 MW was valued over USD 5 billion. Increasing demand for the reliable power solution for smoothening the extraction process across the remote O&G rigs will positively impact industry size.
Gas turbine market volume for 70-300 MW is anticipated to witness a substantial growth of over 9% by 2024. Growing penetration of small scale captive power generating facilities for reliable and affordable electricity supply will positively influence the business landscape. Above 300 MW capacity is set to exceed USD 8 billion by 2024. Growing applications across large capacity gas fired power generating stations will positively impact the business growth.
Gas Turbine Market, By Technology
Open cycle gas turbine market volume for 2015 was over 20 GW and anticipated to witness moderate growth over the forecast period. Lower fuel consumption for generating desired energy output is considered as a vital factor influencing its applications.
Combined cycle gas turbine market share is set to witness a significant growth of over 9% by 2024. Improved design leading to small startup time and high efficiency will impact positively impact the industry growth.
Gas Turbine Market, By Application
Global gas turbine market from power generation accounted for over 40% of the global share in 2015. Growing adaption of clean fuel technology to limit the GHG emission will propel the business growth. Development of gas based microgrids across numerous countries including the U.S. will further augment the industry outlook.
O&G gas turbine market is set to witness significant growth of over 6% by 2024. In 2017, GE unveiled new LM9000 aeroderivative gas turbine specifically designed for O&G with the aim to reduce NOx emission by 40%.
Industrial applications for 2015 was valued over 13 GW. Growing demand for the cost effective and reliable technologies to meet the local emission standards will embellish the industry size over forecast time.
Gas Turbine Market, By Region
U.S. gas turbine market size for 2015 was over 8 GW and is predicted to witness substantial gain by 2024. Increasing exploration and production of shale petroleum products will effectively influence the growth.
For Europe, UK gas turbine market is predicted to exceed 1 GW by 2024. Growing investments across the development of numerous maritime projects including marine propulsions will positively impact the business growth.
China gas turbine market share is anticipated to witness extensive growth of over 10% from 2016 to 2024. Development of large scale gas fired power generation stations will add to the industry revenue. In 2017, Siemens fetched the SGT5-8000H gas turbine order from Castle Peak Power Company (CAPCO) for its 550MW combined cycle unit. It is the company’s first power plant component order from China in past 20 years.
UAE gas turbine market size was calculated over USD 1 billion in 2015. It is anticipated to witness significant growth due to increasing O&G drilling across both onshore and offshore platforms. In 2016, Abu Dhabi Marine Operating Company (ADMA-OPCO) had deployed Siemens industrial Trent 60 gas turbine generator package across its Zirku Island offshore oil field.
Competitive Market Share
Global industry players include General Electric, Siemens AG, Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals, Kawasaki Heavy Industries, Ansaldo Energia, Solar Turbines Incorporated, Vericor Power Systems, Man Diesel & Turbo, Opra Turbines., Capstone Turbine, Harbin Electric International Company, Cryostar, NPO Saturn, and Zorya-Mashproekt, Rolls Royce
Price play critical role in influencing the position of a company. Players are opting inorganic strategies to raise their presence across the emerging countries. In 2015, Ansaldo Energia had completed the acquisition of intellectual property rights of Alstom’s GT26 and GT36 heavy duty gas turbines.
Gas Turbine Industry Background
Mechanical combustion engine which generates energy by making use of natural gas. The energy generated is being utilized to drive a generator for producing electricity. Large scale gas fired power generating stations are significantly replacing conventional coal fired power plants due to stringent SOx and NOx emission norms. Growing demand for the reliable electricity across remote areas will positively boost the industry growth.
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