The market is expected to be driven by increasing pressure from international agencies to reduce carbon footprint, along with low shale gas prices.
The global gas turbine market size is projected to reach USD 30.08 billion by 2025, according to a new report by Grand View Research, Inc., witnessing a CAGR of 4.8% during the forecast period.
Incentives provided by regional governments to gas-based power generation companies to combat increasing carbon footprints are likely to drive market growth. Gas turbines witnessed a distinctive increase in 2015, hinting a change in policies by power generators to capitalize on low gas prices. Some of the largest gas turbine shipments are estimated to be heading toward Latin America, U.S., and Europe. However, Asia Pacific will likely exhibit the fastest growth rate in the foreseeable future.
Post 2016, steam turbine orders are picking up as well, mimicking the trend in gas turbines, owing to rising CHP installations across the globe. Combined cycle power generation is the most efficient form of technology to generate electricity. This technology segment also accounts for the largest share in the gas turbine market.
Gas power production in Asia Pacific is still at a nascent stage, but with aggressive development programs undertaken by the regional governments to improve gas infrastructure, the region is slated to witness rapid growth. India is also increasing its focus on the use of cleaner resources.
In January 2017, Siemens and Marubeni announced plans to build a 1,200 MW combined cycle power plant in Thailand. In 2015, the company sold approximately 18 models of SGT-800 industrial gas turbines to Thailand. Six of these turbines had a capacity of 53 MW each, while the capacity of the remaining twelve units was 50.5 MW each. The units were intended to be installed in nine combined cycle cogeneration power plants with a total installed electrical capacity of 1100 MW.
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Further key findings from the report suggest:
The global capacity addition for gas turbines in 2016 was estimated to be 62.87 GW and is expected to reach 91.81 GW by the end of the forecast period
There is rising investment in Latin America for CHP-based power generation where gas turbine orders account for the majority share in comparison to steam turbine orders
China’s market size for gas turbine orders was estimated to be 8.07 GW in 2016. This regional market is likely to expand at a CAGR of 5.2%
Asia Pacific excluding China will likely witness stunted growth owing to established infrastructure of thermal-based power generation and Japan’s economic slowdown
Europe will witness an increase in gas turbines as majority of the thermal-based power generations are likely to shut down by the end of the forecast period
Siemens is currently the leader in the gas turbine market. This market operates on aggressive mergers and acquisitions
The service-oriented market for gas turbines is also an excellent contributor to overall revenue.
Grand View Research has segmented the gas turbine market on the basis of capacity, technology, application, and region:
Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2014 – 2025)
Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2014 – 2025)
Visite Out Blog: Gas Turbine Market Growth, Share, Opportunities and Forecast by 2025