Industrial Gas Turbine Market Size By Product (Heavy Duty, Aeroderivative), By Capacity (≤ 70 MW, 70-300 MW, ≥300 MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Other Manufacturing), 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 | 250 Pages | Report ID: GMI272 Report Format: PDF
Industrial Gas Turbine Market size was valued over USD 10 billion in 2015 and is predicted to grow over 6% by 2024.
U.S. Industrial Gas Turbine Market, by Capacity, 2013 - 2024 (GW)
Increasing electricity demand coupled with growing emphasis towards the cogeneration and other gas fired technology will augment the global industrial gas turbine market size over the forecast timeline. In the past few year government and private financial institutions have made significant investments towards the development of new gas fired generation facilities which in turn has complemented the industry outlook. In 2017, the Xcel Energy got the final approval from the U.S. regulators towards the development of 786 MW gas fired power station which is going to replace its 680 MW coal fired plant
Stringent norms and standards pertaining greenhouse gas emission will raise the demand for sustainable technology which in turn will influence the global market. In 2016, China has introduced new action plans towards the reduction of emission level to 18% by 2020. The U.S. federal government is also targeting to reduce the emission level to 28% by 2025 from 2005 level.
Rising investments towards the replacement of conventional aging systems with the modern upgraded one will further enhance the global industrial gas turbine market size by 2024. High power rating, compact size, and improved power to weight ratio act as vital factor fueling the industry demand. The recent shale revolution leading to increase in E&P investments across onshore and offshore remote basins will further complement business outlook.
Industrial Gas Turbine Market, By Capacity
Global industrial gas turbine industry share from ≤ 70 MW is anticipated to witness substantial growth of over 8% by 2024. Growing application across midscale industries coupled with increasing demand in the mobility segments will positively impact the industry size.
Global industrial gas turbine market size for 2015 from 70-300 MW was valued over 9 GW and it is set to witness a significant growth by 2024. Increasing penetration of captive power generating stations with the aim to provide reliable electricity supply will stimulate the business growth. The industry size ≥300 MW is anticipated to expand over 7% during the forecast period. Rising investments towards the deployment of high capacity gas fired stations to cater the growing electricity demand will complement the business outlook.
Industrial Gas Turbine Market, By Product
Heavy duty industrial gas turbine market for 2015 was valued over USD 9 billion. Increasing adaptability across large capacity power generating stations will stimulate the industry size over the forecast timeframe. In 2017, Entergy Louisiana nominated Mitsubishi Hitachi Power Systems for the supply of two M501GAC digitally enabled turbines for its 980 MW St. Charles power plant.
Global aeroderivative industrial gas turbine industry share is anticipated to grow over 10% from 2016 to 2024 due to its wide applications across marine and aviation industries. In 2016, US navy had selected General Electric for supply of twenty LM2500 aeroderivative systems under its Austal USA LCS program. Rising adaptability across remote offshore oil platforms will further strengthen its business size.
Industrial Gas Turbine Market, By Technology
Open cycle industrial gas turbine market share accounted for over 35% of the total volume in 2015 and it is anticipated expand significantly by 2024. High energy yielding capability through lesser fuel consumption will embellish the industry outlook.
Combined cycle industrial gas turbine industry revenue is predicted to exceed USD 12 billion over the forecast timeframe. Low startup time owing to improved design leading to high efficiency will fuel the business growth.
Industrial Gas Turbine Market, By Application
Industrial gas turbine market for 2015 from power generation accounted for over 55% of global share. Growing focus towards the replacement of conventional coal and steam fired power stations with sustainable natural gas fired generating stations will boost the industry growth. In 2015, natural gas has fueled 25% of total electricity in the U.S. and regulators are targeting to exceed it to 30% by 2025.
O&G applications is set to expand over 8% by 2024 due to growing deep and ultradeep drilling across remote offshore sea beds. Manufacturing applications is set to exceed USD 5 billion by 2024 on account of growing investments towards industrialization by developing countries including India and Brazil.
Industrial Gas Turbine Market, By Region
The U.S. industrial gas turbine market was calculated over USD 1 billion in 2015 and is set to witness extensive growth over the forecast timeframe. Favorable government initiatives to promote the applications of sustainable technologies is attracting enormous private funding across cogeneration industry which in turn augment the business size.
For Europe, UK industrial gas turbine industry is predicted to witness significant growth of over 6% by 2024. Growing investments towards the replacement of aging conventional coal fired stations with modern gas fired power plants will drive the industry share. In 2015, Government of UK announced to shut down all the coal power station within a decade to meet its climate change commitment.
China market share is set to rise over 11% from 2016 to 2024. Rising investments towards the development of large capacity power stations to cater the growing electricity demand will foster the industry size.
UAE market was calculated over 4.5 GW in 2015. Increasing onshore and offshore oil and gas drilling activities will fuel the business over the forecast timeframe.
Competitive Market Share
Key player includes Kawasaki Heavy Industries, General Electric, Man Diesel & Turbo, Siemens, Harbin Electric, Solar Turbines Incorporated, Mitsubishi Hitachi Power Systems, Ansaldo Energia, Vericor Power Systems, Bharat Heavy Electricals Limited, Opra Turbines, Capstone Turbine, Limited, NPO Saturn, Zorya-Mashproekt, and Cryostar.
Pricing plays critical role for enhancing the industry presence across various developed countries. Global companies are aggressively following numerous inorganic strategies to enhance their global foot prints.
Industrial Gas Turbine Industry Background
Industrial gas turbines are internal combustion engine which generates hot gases by flaming air and fuel mixture. These turbines possess extensive application across electricity generating stations. Technological advancements are leading to raise their demand across O&G and other heavy manufacturing industries. Increasing concern towards the harmful after effects of greenhouse gas emission will stimulate industry size from 2016 to 2024.
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