Gas Turbine Market: Current Scenarios and Opportunities

[sara James]

The global Gas Turbine Market size is projected to reach USD 38.80 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany.

Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. This market is predicted to expand rapidly during the forecast period, owing to increased government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world.

>200 MW emerged as one of the most significant segments in this market with a revenue share of more than 65.0% in 2021. It is likely to be the fastest-growing segment during the forecast period. The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world's major countries, are driving demand in this category.

The combined cycle turbines sector accounted for the largest revenue share of approximately 72.0% in 2021 and is anticipated to continue its dominance in the near future. This technology category is expected to increase at a faster rate in the coming years. These turbines use less fuel to produce the same amount of energy and eliminate transmission and distribution losses.

The Power & utility sector accounted for the largest revenue share of approximately 81.0% in 2021. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors. 

Asia Pacific emerged as the largest market share of more than 31.0% of the market in terms of revenue as of 2021. During the forecast period, the area led by China, Japan, Indonesia, Thailand, and India is expected to grow at the quickest rate. The Asia Pacific region's regional need for electricity is being driven by rapid urbanization and the emergence of a middle class.

The rising demand for LNG is primarily driven by the shale gas reserve and technological development in extraction and mining technology which are consistently lowering the operational cost of gas extraction in the region. Further, the North American region has witnessed large-scale commissioning of gas-based power.

Related Press Release@ Gas Turbine Market Report

Gas Turbine Market Report Highlights

• In 2021, Power & Utility emerged as the largest application segment and accounted for 81.0% share, with the increasing investments and new installations are resulting in the rising share of distributed power in the global energy mix hence propelling the gas turbine market.
• >200 MW capacity segment is poised to register a CAGR of 6.7% during the forecast period, owing to growing electricity generation activities across the world.
• In 2021, the combined-cycle application segment accounted for more than 72.0% of the overall market revenue. This share resulted majorly due to the growing demand for open cycle gas turbine technology.
• In 2021, Saudi Arabia is the major end-users of gas turbines in the MEA region. This has led to the wide presence of gas turbine providers in the country which are working towards enhancing their market share in the country. Major OEMs such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd. are providing gas turbines in the country