Industrial Gas Turbine Market
PUBLISHED: 2023 ID: SMRC23359
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Industrial Gas Turbine Market

Industrial Gas Turbine Market Forecasts to 2030 - Global Analysis By Capacity (300+ MW, 150-300 MW, 100-150 MW, 40-100 MW, 30-40 MW, 20-30 MW, 15-20 MW, 10-15 MW, 7.5-10 MW, 5-7.5 MW, 2-5 MW and 1-2 MW), Cycle (Combined Cycle, Simple Cycle and Other Cycles), Sector, Technology and By Geography

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4.3 (74 reviews)
Published: 2023 ID: SMRC23359

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $10.5 BN

Projected Year Value (2030)

US $17.7 BN

CAGR (2023 - 2030)

7.8%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Industrial Gas Turbine Market is accounted for $10.5 billion in 2023 and is expected to reach $17.7 billion by 2030 growing at a CAGR of 7.8% during the forecast period. An industrial gas turbine is a type of combustion engine that produces mechanical energy from fuels such as natural gas or liquid fuels. This mechanical energy is used to power an integrated generator, which generates electricity. Traditional gas-fired and oil-fired steam power plants have been phased out in exchange for more efficient combined-cycle power plants that use gas turbines to burn gas or oil.

According to the International Energy Agency (IEA), the global electricity demand soared by 6% in 2021 as compared to the previous year. Owing to the higher energy usage, advanced control and monitoring systems are extensively integrated within existing energy channels for enhancing efficiency and performance.

Market Dynamics:

Driver:

Broader scope in emerging economies

The rise of industrial centers and rising FDI in all major manufacturing sectors across emerging nations such as China, India, Brazil, and Southeast Asian countries are expected to generate attractive growth possibilities for this market over the forecast period. Various international developers that are interested in establishing enterprises through FDI incentive schemes are focusing on emerging economies. This will indirectly strengthen the country's economy and accelerate industrialization. To attract investments and promote expansion, countries such as the United States and many Asian countries have modified and reformed their manufacturing rules and procedures.

Restraint:

Natural gas price volatility

Natural gas prices are affected by actions that potentially disrupt the natural gas supply. Geopolitical tensions are a disruptive element that creates uncertainty about gas availability and demand. This may result in increased volatility in gas prices. Gas prices in the United States have dropped dramatically as a result of shale gas extraction, but prices elsewhere in the world remain relatively high. The majority of the countries in the Middle East region have large natural gas reserves. Because of political and cultural difficulties, it is a highly volatile region.

Opportunity:

Increased focus on self-generated power generation

Product installation will be aided by the constant growth of manufacturing units to fulfill the rising demand for produced goods. The growing desire for self-regulating power generation systems will promote the adoption of gas turbines. Governments throughout the world are pursuing ambitious strategies for integrating renewable energy sources into the energy mix. Several funds and investments in renewable energy have been announced, supporting the demand for more power generation.

Threat:

A shift toward renewable energy

According to the June 2017 BP Statistical Review of World Energy, total worldwide natural gas reserves are 186.6 trillion cubic meters, enough to last for 55 years based on present consumption rates. If the United States starts to export natural gas to international markets, the reserve-to-production ratio will decrease dramatically. Despite the fact that coal output and consumption are substantially higher in Asia Pacific's fast-growing nations, the worldwide supply of natural gas is only enough to endure for half the period. Solar and wind power plants provide clean energy. Renewable energy investment is projected to have an impact on coal-fired power facilities. As a result, the market for industrial gas turbines faces difficulty due to limited natural gas sources.

Covid-19 Impact:

COVID-19's global impact has been unprecedented and unexpected, with the industrial gas turbine industry experiencing a negative demand shock across all areas as a result of the pandemic. The power sector is one of the most severely hit, and the lockdowns have only exacerbated the pandemic's negative impact. The lack of human resources as a result of the shutdown has caused delays in power development. The shutdown created supply chain difficulties as well as project funding issues.

The 150–300 MW segment is expected to be the largest during the forecast period

The 150–300 MW segment dominated the global industrial gas turbine market share and is expected to hold the largest share over the forecast period. These high-capacity turbines are primarily used in the power generation industry and aid in the reduction of GHG emissions. However, as the trend in power generation continues to lower GHG emissions, mostly for environmental reasons, the 150–300 MW has steadily obtained a significant market share in the sector.

The heavy duty segment is expected to have the highest CAGR during the forecast period

Heavy duty segment commanded the highest CAGR during the projection period due to the increasing number of manufacturing units, together with the integration of large-scale industrial zones throughout developing nations, which resulted in an adequate commercial platform. Additionally, the integration of captive-producing power plants to service the electrical demand of industrial enterprises would boost the heavy-duty category.

Region with largest share:

Due to a rise in energy demand and natural gas usage in the region, the Asia-Pacific region is expected to have the largest proportion throughout the anticipated period. In the region, there has been significant growth in the usage of gas for power generation and transportation, with the aim of reducing greenhouse gas emissions. Furthermore, the region's market expansion may be attributed to various factors, including rapid industrialization, increased energy demand, and rising demand for clean energy technology.

Region with highest CAGR:

The Asia-Pacific region is projected to have lucrative growth throughout the extrapolated period as it heavily relies on coal for power generation. Coal combustion contributes significantly to air pollution. Government measures to minimize carbon emissions have led to the use of gas turbines in nations such as Japan, China, Australia, South Korea, India, and others. Moreover, China's gas demand increased from essentially 336.6 BCM in 2020 to around 378.7 BCM in 2021, with much of the demand coming from the industrial and transportation sectors.



Key players in the market

Some of the key players in Industrial Gas Turbine market include Ansaldo Energia SpA , Baker Hughes Company, Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Industries Ltd, Cummins Inc, Doosan Heavy Industries & Construction Co Ltd, Dresser-Rand Group Inc, General Electric Company, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd, Man Diesel and Turbo SE, MAN Energy Solutions, Mitsubishi Heavy Industries Ltd, Mitsubishi Hitachi Power Systems Ltd., MTU Aero Engines AG/Vericor Power Systems LLC, Nanjing Turbine & Electric Machinery (Group) Co., Ltd, Niigata Power Systems Co Ltd, OPRA Turbines BV, Siemens AG, Siemens Energy, Solar Turbines, Turboden S.p.A., UEC-Saturn and Wärtsilä Corporation.

Key Developments:

In October 2022, GE Gas Power and NTPC signed a Memorandum of Understanding (MoU) for the viability of demonstrating hydrogen co-firing mixed with natural gas in GE's 9E gas turbines. Under this collaboration, they will explore the ways to reduce CO2 emissions from the Kawa gas power plant and future deployment at scale across NTPC's installed units in India.

In September 2022, Mitsubishi Power, a power solutions company of Mitsubishi Heavy Industries, Ltd. (MHI), has reached 8,000 total Actual Operating Hours (AOH) for the M701JAC gas turbine. One of Thailand's largest Independent Power Producers (IPPs), Gulf Energy Development Public Company Limited, and Mitsui & Co., Ltd. formed a joint venture, and Gulf Energy Development Public Company Limited installed the subject gas turbine unit for a gas turbine combined cycle power generation system used in that venture.

Capacities Covered:
• 300+ MW
• 150-300 MW
• 100-150 MW
• 40-100 MW
• 30-40 MW
• 20-30 MW
• 15-20 MW
• 10-15 MW
• 7.5-10 MW
• 5-7.5 MW
• 2-5 MW
• 1-2 MW

Cycles Covered:
• Combined Cycle
• Simple Cycle
• Other Cycles

Sectors Covered:
• Manufacturing
• Oil & Gas
• Power Utilities
• Other Sectors

Technologies Covered:
• Aeroderivative
• Light Industrial
• Heavy Duty
• Other Technologies

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Industrial Gas Turbine Market, By Capacity
5.1 Introduction
5.2 300+ MW
5.3 150-300 MW
5.4 100-150 MW
5.5 40-100 MW
5.6 30-40 MW
5.7 20-30 MW
5.8 15-20 MW
5.9 10-15 MW
5.10 7.5-10 MW
5.11 5-7.5 MW
5.12 2-5 MW
5.13 1-2 MW

6 Global Industrial Gas Turbine Market, By Cycle
6.1 Introduction
6.2 Combined Cycle
6.3 Simple Cycle
6.4 Other Cycles

7 Global Industrial Gas Turbine Market, By Sector
7.1 Introduction
7.2 Manufacturing
7.3 Oil & Gas
7.4 Power Utilities
7.5 Other Sectors

8 Global Industrial Gas Turbine Market, By Technology
8.1 Introduction
8.2 Aeroderivative
8.3 Light Industrial
8.4 Heavy Duty
8.5 Other Technologies

9 Global Industrial Gas Turbine Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 Ansaldo Energia SpA
11.2 Baker Hughes Company
11.3 Bharat Heavy Electricals Limited
11.4 Capstone Green Energy Corporation
11.5 Centrax Industries Ltd
11.6 Cummins Inc
11.7 Doosan Heavy Industries & Construction Co Ltd
11.8 Dresser-Rand Group Inc
11.9 General Electric Company
11.10 Harbin Electric International Company Limited
11.11 Kawasaki Heavy Industries Ltd
11.12 Man Diesel and Turbo SE
11.13 MAN Energy Solutions
11.14 Mitsubishi Heavy Industries Ltd
11.15 Mitsubishi Hitachi Power Systems Ltd.
11.16 MTU Aero Engines AG/Vericor Power Systems LLC
11.17 Nanjing Turbine & Electric Machinery (Group) Co., Ltd
11.18 Niigata Power Systems Co Ltd
11.19 OPRA Turbines BV
11.20 Siemens AG
11.21 Siemens Energy
11.22 Solar Turbines
11.23 Turboden S.p.A.
11.24 UEC-Saturn
11.25 Wärtsilä Corporation

List of Tables
1 Global Industrial Gas Turbine Market Outlook, By Region (2021-2030) ($MN)
2 Global Industrial Gas Turbine Market Outlook, By Capacity (2021-2030) ($MN)
3 Global Industrial Gas Turbine Market Outlook, By 300+ MW (2021-2030) ($MN)
4 Global Industrial Gas Turbine Market Outlook, By 150-300 MW (2021-2030) ($MN)
5 Global Industrial Gas Turbine Market Outlook, By 100-150 MW (2021-2030) ($MN)
6 Global Industrial Gas Turbine Market Outlook, By 40-100 MW (2021-2030) ($MN)
7 Global Industrial Gas Turbine Market Outlook, By 30-40 MW (2021-2030) ($MN)
8 Global Industrial Gas Turbine Market Outlook, By 20-30 MW (2021-2030) ($MN)
9 Global Industrial Gas Turbine Market Outlook, By 15-20 MW (2021-2030) ($MN)
10 Global Industrial Gas Turbine Market Outlook, By 10-15 MW (2021-2030) ($MN)
11 Global Industrial Gas Turbine Market Outlook, By 7.5-10 MW (2021-2030) ($MN)
12 Global Industrial Gas Turbine Market Outlook, By 5-7.5 MW (2021-2030) ($MN)
13 Global Industrial Gas Turbine Market Outlook, By 2-5 MW (2021-2030) ($MN)
14 Global Industrial Gas Turbine Market Outlook, By 1-2 MW (2021-2030) ($MN)
15 Global Industrial Gas Turbine Market Outlook, By Cycle (2021-2030) ($MN)
16 Global Industrial Gas Turbine Market Outlook, By Combined Cycle (2021-2030) ($MN)
17 Global Industrial Gas Turbine Market Outlook, By Simple Cycle (2021-2030) ($MN)
18 Global Industrial Gas Turbine Market Outlook, By Other Cycles (2021-2030) ($MN)
19 Global Industrial Gas Turbine Market Outlook, By Sector (2021-2030) ($MN)
20 Global Industrial Gas Turbine Market Outlook, By Manufacturing (2021-2030) ($MN)
21 Global Industrial Gas Turbine Market Outlook, By Oil & Gas (2021-2030) ($MN)
22 Global Industrial Gas Turbine Market Outlook, By Power Utilities (2021-2030) ($MN)
23 Global Industrial Gas Turbine Market Outlook, By Other Sectors (2021-2030) ($MN)
24 Global Industrial Gas Turbine Market Outlook, By Technology (2021-2030) ($MN)
25 Global Industrial Gas Turbine Market Outlook, By Aeroderivative (2021-2030) ($MN)
26 Global Industrial Gas Turbine Market Outlook, By Light Industrial (2021-2030) ($MN)
27 Global Industrial Gas Turbine Market Outlook, By Heavy Duty (2021-2030) ($MN)
28 Global Industrial Gas Turbine Market Outlook, By Other Technologies (2021-2030) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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