Gas Turbine Market size to exceed $10bn by 2026
Published Date: March 16, 2020 Authors: Ankit Gupta, Aditya Singh Bais
Gas Turbine Market size is expected to surpass USD 10 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Gas turbine industry is anticipated to witness significant growth on account of increasing investments toward re-generative turbine technologies along with favorable government norms including subsidies, incentives and tax rebates. Ongoing technological developments coupled with growing adoption of distributed energy generation units across the power and process plants will fuel the industry growth. Refurbishment & replacement of conventional technologies owing to increased energy demand, energy conservation policies and power optimization will further augment the business scenario.
Ongoing technological enhancements across re-generative turbine systems will thrust the business outlook
Combined cycle gas turbine market will witness growth on account of advanced heat recovery steam generation coupled with high thermal efficiency & operational performance. For instance, in 2018, GE introduced ‘6F.01 turbine’ to achieve 81% fuel efficiency with a total power generating capacity of 210 MW. Ongoing investment toward research & development to enhance the turbine heat recovery ability in line with increase in fuel versatility will further strengthen the industry landscape. Cost efficient, higher turbo-machinery efficiency and better cooling blades are the prominent factors complementing the product landscape. In addition, growing applicability of regenerative turbines across oil & gas sector and process plants will stimulate the gas turbine industry.
Browse key industry insights spread across 620 pages with 1044 market data tables & 38 figures & charts from the report, “Gas Turbine Market Outlook 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, 2020 – 2026” in detail along with the table of contents:
Growing inclination toward adoption of on-site power generation systems will propel the product deployment
Improved efficiency, reduced number of mechanical links, potential usability of flue gas and lower electricity generated cost are the major factors which will boost the business potential. In addition, growing applicability of these units across heavy power manufacturing units, exploration and drilling and mining industries will propel the product demand. Adoption of on-site energy generation systems across static power consuming sectors will drive the oil & gas industry. Rising electricity demand across petrochemical industries, refineries and process plants will enhance the deployment of regenerative turbine units.
Europe gas turbine market statistics is set to witness considerable growth on account of favorable government norms toward sustainable power generation systems
European market is projected to surpass an annual installation of 10 GW by 2026. Growing inclination toward CCGT plant technology coupled with increasing installation of integrated co-generative establishments across marine and process plant industry will further complement the product demand. Minimum power generation cost, high efficiency and operational versatility are prominent features which will further stimulate the product demand. In addition, increasing customer focus toward energy optimization and conservation along with favorable government norms toward renewable energy generation technology will instigate the technological adoption.
Ongoing R&D investments toward product efficiency, durability, and versatility along with growing mergers and acquisition by eminent manufacturing players will stimulate the industry scenario. Major players operating across gas turbine market are Siemens AG, Wartsila, General Electric, Man Diesel & Turbo, NPO Saturn, Mitsubishi Hitachi Power Systems, Ansaldo Energia, BHEL, Capstone Turbine, Solar Turbines, Kawasaki Heavy Industries, Vericor Power Systems, Harbin Electric International Company, Opra Turbines, Cryostar and Zorya-Mashproekt.