As per a recent gas turbine market analysis by Future Market Insights (FMI), the global market was valued at over US$ 19 Bn in 2021 and is projected to expand at a modest CAGR of 4% over the forecast period. The steady requirement of efficient power generation technology in developed countries and flourishing industrial sector in developing economies remain the major drivers of the gas turbine market.
“A shift from traditional electricity generation methods to gas turbine for power generation will offer developing markets with abundant opportunities and increase the demand of gas turbine.
Emerging gas turbine markets such as China and India provide various untapped and undiscovered prospects for the market to expand.
Get a Sample Copy of the Report @https://www.futuremarketinsights.com/reports/sample/rep-gb-14250
Competitive advantage of gas turbines is high over other distributed generation technologies for backup power and onsite generation because of their better efficiency and stable generation capacity. As a result, the rise of distributed power generation represents a significant gas turbine market opportunity.
The rise in the global awareness of environmental health is also heavily influencing a paradigm shift in the conventional coal-powered plant industry. The stringent government regulations regarding the greenhouse emissions further have further incentivized the use of gas turbine systems.
The volatility of natural gas prices restricts the growth of the industry. The erratic nature of transnational factors establishes an uncertainty about the demand for gas turbines.
Key Takeaways
- Based on sector, the electric power sector utility segment dominated the market with a 76% share in 2021. It is followed by oil and gas sector due the rise in exploration activities.
- The Asia Pacific gas turbine market is predicted to be driven by economic expansion, development and carbon dioxide emission regulations.
- As per design type, the heavy segment accounts for the major part of the market. Aeroderivative gas turbines are lighter, easier to install, and start up faster which makes aeroderivative the fastest-growing segment.
- The 150-300 MW segment is dominating the market share when categorized as per capacity. The 300+ MW market is steadily rising, owing to recent shift in gas turbine market trends.
- The power and utilities segment had the highest revenue share of almost 85% in 2020, and it is expected to rise at the highest CAGR during the forecast period.
- Due to rapid industrialization, Asia Pacific emerged as the largest regional market and accounted for the maximum revenue share of over 31% in 2020.
- Global natural gas consumption was reported to be 3822.8 billion cubic meters in 2020, according to the BP statistical analysis of world energy 2021, a decrease of roughly 81.1 billion cubic meters from 2019. It could be the direct result of lockdowns and the impact of COVID-19 on the gas turbine market.
- Coal-fired power generation dominates the Indian power sector, accounting for 61.3 percent of total installed capacity in June 2021. For decarbonization and meeting the Paris Agreement’s commitments, the country possesses enormous renewable energy and gas-based power generation potential.
Global market study on gas turbine technology explains the advent of gas turbine technology, the focus of gas turbine manufacturers is on the design improvement for facilitating turbines with as low emission capabilities as possible. Another differentiator for gas turbine industry players is the gas turbine price. Increasing reliance on gas power generation over the traditional methods is also likely to upkeep the growing adoption of gas turbines during the forecast period 2032.
Request for Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-14250
Key Segments
By Design Type :
- Heavy-duty
- Aeroderivative
By End User:
- Power Generation
- Oil and Gas
- Other Industrial
By Technology:
- Open Cycle
- Combined Cycle
By Rated Capacity:
- Application Gas
- TurbineNetwork Gas
- TurbineDevice Gas Turbine
- Social Engineering
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
Major Players:
- Mitsubishi Heavy Industries, Ltd.
- Siemens Energy
- AnsaldoEnergia
- United Engine Corporation
- Kawasaki Heavy Industries, Ltd.
Contact
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Related Links
https://bipolarjungle.mn.co/posts/22280188