DUBAI, UAE, Feb. 7, 2024 /PRNewswire/ — According to a recent report published by Kings Research, the global Gas Turbine Market was worth USD 15.67 billion in 2022 and is foreseen to attain a valuation of USD 22.87 billion by 2030, expanding at a 4.84% CAGR from 2023 to 2030. The market growth is driven by several factors, including the rising deployment of cogeneration plants and the prevalent need for heat, particularly in regions facing severe weather conditions. Additionally, stringent government regulations aimed at curbing carbon dioxide emissions and substantial investments in the exploration and trading of natural gas are contributing to the market’s growth potential.
The development and adoption of gas turbines are being spurred by the increasing demand for cleaner energy sources and the imperative to reduce greenhouse gas emissions. Gas turbines are viewed as a more environmentally friendly option, aligning with global targets for emission reduction and stricter environmental regulations.
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Trending Now: BHEL and GE Sign Pact for Enhanced Rights Over Gas Turbine Models
In July 2023, BHEL (Bharat Heavy Electricals Limited) and General Electric Technology GmbH Switzerland inked a technical assistance & license agreement for gas turbines. As per the agreement, BHEL gained enhanced rights for existing, upgraded, and new gas turbine models. This partnership was also expected to boost BHEL’s manufacturing capabilities and help accelerate India’s energy transition.
Major players in the gas turbine market prioritize essential business strategies, including forming partnerships, engaging in mergers and acquisitions, innovating products, and establishing joint ventures. These strategies are instrumental in expanding their product portfolios and increasing market shares in various regions.
For instance, in June 2023, EthosEnergy introduced the Life Cycle Assessment (LCA) solution designed for gas turbine rotors. This innovative solution offers complete visibility into environmental impacts and facilitates the quantifiable reduction of CO2 emissions. Developed in collaboration with Politecnico di Torino and Politecnico di Milano, the EcoView CO2 estimator provides a comprehensive environmental perspective on each rotor’s life cycle phases.
Major participants profiled in the global gas turbine market include:
- Baker Hughes Company
- Doosan Corporation
- General Electric
- Kawasaki Heavy Industries, Ltd.
- Rolls-Royce plc
- Siemens Energy
- IHI Corporation
- MITSUBISHI HEAVY INDUSTRIES, LTD.
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Increasing Establishment of Manufacturing Plants to Boost Demand for Heavy-duty Gas Turbines
Based on design type, the gas turbine market is segmented into heavy-duty and aero-derivative.
The heavy-duty segment is dominating the global industry due to the increase in manufacturing plants and the integration of large-scale economic zones. There has been a global rise in the establishment of captive-generating power stations, driven by the escalating electricity consumption in the industrial sector.
Rising Emphasis on Sustainable Energy Resources to Propel Gas Turbine Market Progress
Based on rating capacity, the gas turbine market is segmented into less than 40 MW, 40–120 MW, 120-300 MW, and above 300 MW.
The above 300 MW segment held a substantial market share in 2022 and is likely to observe considerable development in the upcoming period. This growth can be attributed to the transition from coal to gas-powered plants in countries such as the U.S., China, and India. The expansion of the power generation industry and the increased emphasis on sustainable energy resources are driving the demand for gas turbines, particularly those with a capacity exceeding 300 MW.
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Growing Demand to Reduce Greenhouse Gas Emissions to Drive Gas Turbine Market Growth
The primary driving factor for the gas turbine market is the growing product demand across multiple industries, including power generation, oil and gas, and manufacturing. Gas turbine technology is sought after for its capacity to reduce greenhouse gas emissions, especially in power generation, which makes it a cleaner alternative to traditional energy sources. The industry is witnessing a shift from coal-based power plants to gas-based ones, driven by environmental concerns and pollution reduction, further boosting the demand for gas turbines in the power generation sector.
Additionally, gas turbines find extensive use in various industrial applications, such as manufacturing and oil & gas operations, where the need for reliable and efficient power generation is crucial. Continuous technological advancements in gas turbine technology, which are leading to improved efficiency, reliability, and flexibility, are also significant drivers of market growth, enhancing the uptake of gas turbines in a wide range of applications.
Notable Technological Breakthroughs in North America to Boost Gas Turbine Market Progress
The North America gas turbine industry is anticipated to experience significant growth over the review period due to continuous technological advancements and the exploitation of shale gas deposits. These advancements have been pivotal in reducing operating costs for gas extraction in the region. Additionally, there has been widespread deployment of gas-fired power plants. The product demand is bolstered by technological breakthroughs in completion methods, such as multi-stage hydraulic fracturing, and drilling techniques viz., horizontal wells, which have enabled oil & gas companies to commercially produce shale gas.
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Key Points from TOC:
1 Introduction of The Global Gas Turbine Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Gas Turbine Market Outlook
4.1 Market Evolution
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Gas Turbine Market, By Design Type
7 Global Gas Turbine Market, By Rating Capacity
8 Global Gas Turbine Market, By Distribution Channel
9 Global Gas Turbine Market, By Geography
10 North America
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Gas Turbine Market Competitive Landscape
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
16.1 Baker Hughes Company
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Type Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Doosan Corporation
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Type Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Type Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 General Electric
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Type Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
Browse Complete TOC: https://www.kingsresearch.com/toc/gas-turbine-market-350
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