Industrial Gas Turbine Market Size By Product (Aeroderivative, Heavy Duty), 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, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024

Published Date: Nov 2018  |  Report ID: GMI272  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 334   |   Base Year: 2017




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Industrial Gas Turbine (GT) Market size in 2017 was valued over USD 5 billion and is projected to exceed an annual installation of 20 ’000 MW by 2024.
 

U.S. Industrial Gas Turbine Market Size, By Capacity (USD Million)

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Increasing environment concerns along with strict regulatory mandates to curb GHG emissions have aligned industrial focus toward energy conservation which will positively influence the global market. Over the decade, gas turbines have emerged as an essential component for power & heat delivering technologies. Pivotal for this development has been the ongoing amendments across key power markets in line with rapid technological advancements in the field of combustion, aerodynamics, materials and cooling.
 

Increasing fund flow toward the replacement of traditional power generation systems with the upgraded units will further escalate the market growth. Improved power to weight ratio, compact size, and high-power rating act as essential factors driving the industry dynamics. The recent shale evolution has led to increase in exploration and production investments across offsore and onshore remote basins which in turn will complement the business outlook.
 

Industrial Gas Turbine Market Report Coverage
Report Coverage Details
Base Year: 2017
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Pages: 334 Tables, Charts & Figures: 536
Geographies covered (18): U.S., Canada, Mexico, UK, Russia, Italy, Germany, France, China, India, Japan, South Korea, Saudi Arabia, UAE, Egypt, Algeria, Brazil, Argentina
Segments covered: Product, Capacity, Technology, Application and Region
Companies covered (15): Zorya-Mashproekt, MAN Energy Solutions, Ansaldo Energia Spa, Capstone Turbine Corporation, UEC Saturn, Mitsubishi Hitachi Power Systems, Ltd., Siemens AG, Kawasaki Heavy Industries Ltd., Bharat Heavy Electricals Limited, Opra Turbines B.V., Wärtsilä, Vericor Power Systems, Solar Turbines Incorporated, Centrax Gas Turbines, General Electric,

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Industrial Gas Turbine Market, By Product

Aero-derivative units have gained significant penetration across the industrial gas turbine market owing to the availability of highly flexible and mobile technologies. The products find a diverse application portfolio including marine propulsion, utility generation and district heating. Moreover, technological enhancements have inclined manufacturer focus towards cost competitiveness and the production of high capacity turbines when compared to traditional aero derivative units.
 

Increasing number of manufacturing plants coupled with the integration of large-scale economic zones across developing economies have instituted a commendable business platform. Growth in the integration of captive generating stations to suffice the electricity demand across industrial establishments will augment the heavy-duty industrial gas turbine market. Comparatively less space occupancy, lighter weight configuration favoured by low over time operational costs will further stimulate the product demand.
 

Industrial Gas Turbine Market, By Capacity

Global Industrial Gas Turbine Market, By Capacity (USD Million)
Global Industrial Gas Turbine Market, By Capacity (USD Million)

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≤ 70 MW industrial gas turbine market subject to their wide applications across power generating stations, mechanical drive along with oil & gas and other industrial process is set gain an appreciable upliftment across the forecast timeline. Manufacturers have aligned their focus towards the manufacture of cost effective and efficient turbines with an aim to enable installers to extract worthy returns and accumulate long term savings. Henceforth, favourable consumer and industry proximity supported by favourable regulatory reforms will complement the business landscape.
 

Extensive applications across small scale generating plants and process industry will augment the 70 MW to 300 MW industrial gas turbine market. Rapid growth of co-generating units to sustain heat & energy consumption across small industrial, commercial and isolated grid networks will stimulate the technological integration. Furthermore, ongoing enhancements with respect to the growth of efficient re-generative gas turbines to endure low heat requirements across these deployments will further enhance the product penetration.
 

Industrial Gas Turbine Market, By Technology

Compact size, light weight, lower warm up time, operational versatility, less dependency on cooling water and quick start are key parameters driving the open cycle industrial gas turbine market size. These units find wide applicability for mechanical drives & power generation across land-based industries. In addition, offshore power generation plants along with huge manufacturing industries have consistently infused sustainable demand for the technology.
 

Environmental proximity, lower operational cost, effective waste heat utilization, and operational efficiency are few indispensable parameters validating the combined cycle industrial gas turbine market share. Ongoing development of CHP systems coupled with increasing focus towards the integration of co-generation technologies will further complement the industry dynamics. Moreover, growing demand for energy in line with steadiness in gas prices has further infused a favourable business scenario.
 

Industrial Gas Turbine Market, By Application

Positive regulatory outlook coupled with strict energy efficiency norms have obligated the manufacturing industry to install efficient power generating technologies. In addition, regulatory mandates to curb GHG emissions in line with stalling of gas prices in the current business scenario will stimulate the technological integration. Increasing demand for manufactured goods has led to the development of processing and manufacturing units globally, which in turn have also propelled the overall market growth.
 

Power generation in 2017 accounted for over 40% of the global market share. Growing focus toward the refurbishment of traditional steam and coal fired power stations with natural gas or other renewable energy power generating stations will boost the business potential. Gas turbine units nowadays are universally used across peak load, base load as well as standby power generating plants. Reinforcement of regulatory & industrial protocols along with rapid technological enhancements to serve a large consumer portfolio through maintaining the reliability & efficiency will foster the industry landscape.
 

Industrial Gas Turbine Market, By Region
 

Asia Pacific Industrial Gas Turbine Market By Country, 2024 (MW)
Asia Pacific Industrial Gas Turbine Market By Country, 2024 (MW)

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North America market is projected to witness growth on account of increased focus on Combined Cycle Gas Turbine (CCGT) power plant capacity additions. Power generation through CCGT is supported by the presence of huge gas reserves, higher efficiency and lower construction time. According to the Annual Energy Outlook report by the U.S. EIA in 2012, the gas-fired capacity additions were projected to account for over 60% of the total capacity additions during the period of 2011 to 2035.
 

The Asia Pacific gas turbine market will witness growth on account of operational flexibility offered by gas fired plants in comparison to coal-fired plants. Modernization of infrastructure by investing in gas fired distributed energy will enhance the market potential. As per the Government of China - 12th Five-Year Plan, the country has set up a target of deploying 1,000 gas-fired distributed energy projects with 50GW capacity by 2020.
 

Competitive Market Share

Prominent market participants comprise of Zorya-Mashproekt, MAN Energy, Ansaldo Energia, Capstone Turbine, UEC Saturn, MHPS, Siemens, Kawasaki, BHEL, Opra Turbines, Wärtsilä, Vericor, Solar Turbines, Centrax and General Electric.
 


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