Gas Turbine Market size is set to grow by USD 2.65 bn from 2024-2028, enhanced efficiency and robustness of gas turbines to boost the market growth, Technavio

NEW YORK, May 20, 2024 /PRNewswire/ -- The global gas turbine market  size is estimated to grow by USD 2.65 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  1.86%  during the forecast period. 

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Segment Overview 

This gas turbine market report extensively covers market segmentation by

1. Product 
• 1.1 Heavy-duty gas turbine
• 1.2 Aeroderivative gas turbine
2. Technology 
• 2.1 CCGT
• 2.2 OCGT
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Heavy-duty gas turbine-  The global gas turbine market is segmented by product, with a focus on heavy-duty frames used in large-scale power generation. This sector is poised for robust growth due to increasing power consumption worldwide and the shift towards cleaner energy sources. Power generation activities are anticipated to expand significantly, particularly in developing nations. Environmental concerns are driving the adoption of gas-based power generation over coal-based, reducing GHG emissions. High-baseload plants, requiring turbines with rating capacities exceeding 300 MW, will significantly contribute to market growth. Natural gas, a key fuel source, is becoming increasingly accessible due to shale gas reserves. However, challenges such as high temperatures, labour safety laws, and lack of expertise pose obstacles. Regulations and technology insights are crucial in addressing these challenges. Gas turbine efficiency and fuel flexibility are essential considerations in the context of power generation. The market encompasses various applications, including glass & cement manufacture, heavy industries, and CHP plants. Renewable energy sources and distributed power generation are also gaining traction. Combined cycle technology, Brayton cycle, and carbon emissions are significant technology-related factors. Nuclear power plants and sugar mills are other sectors utilizing gas turbines. The market is influenced by urbanization, clean energy sources, and the transition from coal-based power generation to gas-based.

3.1 APAC- In the geographic landscape of APAC, the gas turbine market is experiencing significant growth due to the region's rapid industrialization and urbanization. With countries like China, India, and Southeast Asian nations leading the charge, the increasing demand for electricity to fuel industrial and urban development necessitates efficient power generation solutions. Gas turbines, with their reliability and flexibility, are a preferred choice. Global power generation in APAC is marked by a shift towards cleaner energy sources, including natural gas, which emits fewer GHG emissions compared to coal-based power generation. Heavy industries such as glass & cement manufacture, sugar mills, and CHP plants benefit from gas turbine technology's high temperatures and fuel flexibility. However, challenges like labour safety laws, lack of expertise, and regulations require technology insights to optimize gas turbine efficiency and rating capacity. Combined cycle technology, Brayton cycle, and distributed power generation are key areas of focus in gas-based power generation. Renewable energy sources and clean energy sources are also gaining traction, with nuclear power plants and shale gas reserves playing a role in the energy mix. Despite these advancements, fossil fuels continue to dominate, necessitating continued innovation in gas turbine technology to meet the region's electricity consumption demands while adhering to regulations and minimizing carbon emissions.

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Key Market Trends Fueling Growth

The gas turbine market is significantly influenced by the high fuel costs, particularly for natural gas in power generation. Fuel flexibility, enabled by technologies like the Brayton cycle, is driving innovation in the sector. Aeroderivative gas turbines, traditionally fueled by natural gas, now utilize alternative fuels such as biofuel and synthetic gas due to affordability. Other industries, including cement and heavy industries, also rely on gas turbines for high-temperature processes. Regulations and labor safety laws add to the complexity of the market. Renewable energy sources, distributed power generation, and CHP plants are emerging clean energy alternatives to fossil fuel-based power generation. Technological advancements, including combined cycle technology and combined cycle turbines, are enhancing gas turbine efficiency. Shale gas reserves and urbanization further shape the market landscape. 

Market Challenges

•         The global gas turbine market faces challenges due to increasing regulations on natural gas storage, as methane leaks from these facilities contribute significantly to global warming. These leaks, which often go undetected, are a major concern for environmentalists. Natural gas, a key component in gas turbine power generation, emits greenhouse gases (GHGs) during extraction, storage, and combustion. Other industries, such as glass and cement manufacture, heavy industries, and power generation, also contribute substantially to GHG emissions. Technological advancements, including the Brayton cycle and combined cycle technology, aim to improve gas turbine efficiency and reduce emissions. However, the implementation of stricter regulations and the lack of expertise in handling natural gas may hinder market growth. Additionally, the shift towards renewable energy sources and urbanization trends are expected to impact the market dynamics.

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Research Analysis

The Gas Turbine Market encompasses the production, sale, and installation of gas turbines utilized in Combined Cycle Power Plants (CHP), a clean energy source that harnesses the heat generated by the turbines to produce electricity. Combined Cycle Technology, a key component of this market, enhances the efficiency of Gas Turbines, making them a preferred choice for meeting the increasing Electricity Demand and reducing Greenhouse Gas (GHG) emissions. The Oil & Gas Industry, with its vast Fossil Fuel reserves, plays a significant role in fueling this market. However, the market faces challenges such as Labour Safety Laws, Lack of Expertise, and Regulations. The market also caters to various sectors, including Specialty Chemical Production, Sugar Mills, and Urbanization. The Rating Capacity of Gas Turbines varies, making them suitable for diverse applications. The market's growth is influenced by factors like Fuel Flexibility, Global Power Generation trends, and the exploitation of Shale Gas Reserves. Renewable Energy sources are also gaining traction, impacting the market dynamics.

Market Research Overview

The Gas Turbine Market encompasses various types of turbines that use gas as a fuel to generate power. These turbines are widely used in power generation, oil and gas industries, and aviation sectors. The market is driven by factors such as increasing energy demand, technological advancements, and growing focus on reducing carbon emissions. Gas turbines offer high efficiency, flexibility, and quick response time, making them a preferred choice for various applications. The market is segmented based on technology, size, application, and region. The future outlook of the market is promising, with significant growth opportunities in emerging economies and the ongoing shift towards cleaner energy sources. The market is also witnessing intense competition, with numerous players offering innovative solutions to cater to the evolving needs of the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Heavy-duty Gas Turbine
• Aeroderivative Gas Turbine
• Technology
• CCGT
• OCGT
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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