Report Description
A recent market intelligence report that is published by Data Insights Partner on the global gas turbine market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Gas Turbine Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global gas turbine market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global gas turbine market is offered. In accordance with the report, the global gas turbine market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
A gas turbine, also known as a combustion turbine, is a type of internal combustion engine that runs continuously. All gas turbine engines have the same key parts: An upstream rotating gas compressor, a combustor, and a downstream turbine on the same shaft as the compressor.
On turboprops and turbofans, a fourth component is frequently utilized to boost efficiency, transfer power into mechanical or electric form (on turboshafts and electric generators), or achieve a higher thrust-to-weight ratio (on afterburning engines).
A gas turbine is a device that uses the kinetic energy of gas to generate energy. The gas goes through a thermodynamics process that converts heat energy to useful electricity, resulting in the production of electricity. Gas turbines are excellent for a variety of sectors because of their low operating pressure, increased speed, high power-to-weight ratio, and low maintenance costs. The economics of gas turbine power generation is improving due to their low initial investment, excellent reliability, and ease of handling. Furthermore, the worldwide gas turbine sector is driven by advances in technology combined with a focus on increasing power generation.
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Market Drivers
Coal-fired power facilities have a history of emitting substantial volumes of harmful gases and contributing significantly to global warming. For example, according to the International Energy Agency’s 2018 Global Energy and CO2 Status Report, coal-fired power plants were the largest contributor to emissions in 2018, up 2.9 percent from 2017. Furthermore, the paper claims that coal-generated electricity accounted for 30% of worldwide CO2 emissions in 2018. As a result, the need to create more environmental friendly ways to generate power is likely to drive rising demand for gas turbines in the future decade.
Natural gas, the principal fuel for gas turbines, contains relatively little sulfur, resulting in almost no sulfur dioxide emissions. Gas turbines that use natural gas emit extremely little CO2 (0.37 kilos of CO2 every kWh of energy generated). This compares to lignite’s 1.01 kg/kWh and hard coal’s 0.8 kg/kWh.
Market Restraints
Natural gas prices are influenced by actions that may disrupt the natural gas supply. Tensions in the region are a disruptive element that leads to uncertainty about natural gas supply and demand. Gas prices may become more volatile as a result of this. Natural gas prices have dropped dramatically in the United States as a result of shale gas development, but prices elsewhere in the world remain high. The majority of natural gas reserves in the Middle East are held by Middle Eastern countries. Due to cultural and political difficulties, it is a highly variable region. Furthermore, because of the COVID-19 epidemic, natural gas demand has declined dramatically in recent months. As a result, natural gas prices have plummeted, putting a damper on market growth.
Opportunities
The demand for energy is increasing as the population grows and the per capita use of electricity rises. In the future years, worldwide electricity demand is predicted to rise by one-third of what it is now. Electricity demand from industrial organizations and manufacturing units is also on the rise. The method of generating electricity or power is fast evolving, and these changes are being spurred by rising electricity costs and worries about climate change. The use of coal for energy generation pollutes the air and emits greenhouse gases. As a result of these concerns, gas turbines are increasingly being used as a preferred source of power supply around the world. For converting traditional fossil fuels into electricity, gas turbines have become an indispensable technology. This improves the market for gas turbines even further.
Trends
The current trend seen is that governments in several nations have developed programs to encourage the use of natural gas to generate power. For example, the government offers various incentives for property where plants can be built. In the realm of aviation propulsion, gas turbines are utilized to propel medium and large aircraft at supersonic speeds. The movement in attention towardS gas-based power generation rather than nuclear power generation is expected to open up new opportunities for companies.
Due to fast industrialization and the rising need for power in developing countries, Asia-Pacific dominates the industry in terms of revenue. As a result of the development of the resource sector, Europe is predicted to increase significantly throughout the projection period.
COVID 19 IMPACT ON GAS TURBINE MARKET
The coronavirus (Covid-19) was originally discovered in China’s Hubei province in December 2019 and has since spread to over 150 nations, posing a global health concern. The power industry is one of the most badly affected, and the lockdowns have worsened the pandemic’s negative effects. Due to supply chain interruptions, a lack of human resources, and challenges with project funding, the lockdowns have caused delays in electricity projects. Due to COVID-19, the Myanmar power plant projects that were supposed to be completed this summer have been postponed. Because of the COVID-19 pandemic, three imported liquefied natural gas (LNG) power plants and a gas power project, according to the Deputy Minister for Electricity and Energy (MORE), are still not operational. The power-producing equipment, machinery, and professionals required to install it was unable to reach Myanmar by the initial timeframes due to travel restrictions and commercial aircraft bans.
Due to lockdowns and quarantines linked with the coronavirus pandemic, power plant operators in the United States continue to adjust protocols at their plants, including delaying regular maintenance. Companies like General Electric (GE) and Siemens, who are major makers of industrial gas turbines as well as power plant service providers, are being impacted by the developments.
Segment Covered:
This market intelligence report on the global gas turbine market encompasses market segments based on resolution, end use, application and country.
Gas turbine market by capacity
q 500 kW to 1 MW
q > 1 MW to 30 MW
q >30 MW to 70 MW
q > 70 MW to 200 MW
q > 200 MW
Gas turbine market by product
q Aero-derivative
q Heavy Duty
Gas turbine market by technology
q Open Cycle
q Combined Cycle
Gas turbine market by application
q Power Plants
q Oil & Gas
q Process Plants
q Others
By country/region, the global Gas Turbine Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Wartsila
q Siemens AG
q Man Diesel & Turbo
q General Electric
q Mitsubishi Hitachi Power Systems
q NPO Saturn
q Kawasaki Heavy Industries
q Sulzer
q MTU
q Harbin Electric International Company
q BHEL, Solar Turbines, Capstone Turbine
q Vericor Power Systems
q Ansaldo Energia
q Opra Turbines
q Zorya-Mashproekt and Cryostar.
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as gas turbine market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2021-2029. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
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Few Recent Developments
Mitsubishi Hitachi Power Systems
2021-06-02 Bakken Energy, LLC (Bakken Energy) and Mitsubishi Power Americas, Inc. (Mitsubishi Power) have signed a strategic co-operation agreement to build a world-class clean hydrogen center in North Dakota.
Mitsubishi Hitachi Power Systems
November 27, 2020, Mitsubishi Power, Ltd., a subsidiary of the Mitsubishi Heavy Industries (MHI) Group, has signed a technology licensing agreement with Aubert & Duval, a leading European manufacturer of special alloys and metal powders, on the composition and manufacturing of metal powders used as materials in metal additive manufacturing (AM) (Note).
Kawasaki Heavy Industries
May 31, 2021, For the first time in North America, Kawasaki Heavy Industries, Ltd. has announced the launched of remote track monitoring services using information and communication technology (ICT). One of the North American Class 1 railroads has placed an order for Kawasaki’s services.
Salient Features:
Ø This study offers comprehensive yet detailed analysis of the gas turbine market, size of the market USD 20.38 billion in 2020, and Compound Annual Growth Rate 6.8% for the period of forecast: 2021-2029
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world gas turbine market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for gas turbine market to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for gas turbine market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
Ø Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the gas turbine market
Ø Identification of key factors driving investment opportunities in the gas turbine market
Ø Facilitate decision-making based on strong historic and forecast data
Ø Position yourself to gain the maximum advantage of the industry’s growth potential
Ø Develop strategies based on the latest regulatory events
Ø Identify key partners and business development avenues
Ø Respond to your competitors’ business structure, strategy and prospects
Ø Identify key strengths and weaknesses of important market participants
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