The global Gas Turbine Market size was valued at USD 18.86 billion in 2015 and is anticipated to reach USD 30.08 billion by 2025. Gas turbines are internal combustion (IC) engines in which the warm gases produced on account of burning of an air-fuel mixture which then spins the blade of a turbine and creates power. This is a whole cycle of exchanging waste heat into steam by heat recovery systems. The utilization of gas turbines was initialized in 1939. Gas turbines are extensively used for power producing technologies. It can use a range of fuels, including natural gas and oil synthetic fuels. Combustion happens endlessly in gas turbines, as contrasting to reciprocating IC engines, in which combustion occurs sporadically.
This market is expected to be driven by a number of factors owing to, large number of incomplete projects and advancements in the power generation sector along with the increasing demand for mobility services coupled with industrial products. Gas is the cleanest fossil fuel, and is being used extensively to assist intermittent production from renewable sources. Moreover, this industry faces some drawbacks, such as growing ecological concerns and the policy restrictions on fossil-fuel using power plants coupled with growing renewable energies. These reasons are expected to pose a challenge for the industry over the forecast period.
On the basis of main application of the market can be segregated into six sectors, which include oil & gas industry, mobility, power generation, food processing, pulp and paper and petrochemicals and aircraft propulsion systems. Aircraft propulsions systems are expected to generate maximum revenue over the forecast period. On the basis of region this market can be segregated into Asia Pacific, North America, Europe and Rest of the World. North America is expected to have the largest share of revenue over the forecast period owing to its large consumer base. It is followed by Europe. Asia Pacific is expected to grow rapidly over the forecast period owing to emerging economies in this region. Emerging economies such as India and china are expected to fuel growth of the industry China is expected to decrease its reliance on coal, and is increasing its focus on renewable installed capacity and gas, making it as a key market for gas turbines over the forecast period.
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Gas power production in China is still at an in troduction stage, but with development in the gas infrastructure it is expected to grow rapidly. India is also growing its focus on use of cleaner resources. Price sensitivity in this area is expected to hinder the growth over the forecast period. On the basis of power plant installed capacity this market can be segregated into 351-750 MW, 1 -120 MW, 121-350 MW and above 750 MW. On the basis of configuration this market can also be segregated into turbofan, turboprop, and turbojet and turbo shaft. On the basis of operations this market can be segregated into gas cycle, co-generation cycle and combined cycle. Gas cycle section is expected to have the largest share in terms of revenue over the forecast period owing to its very low operating cost and high efficiency.
Some of the key players in the market are Allison Engine Company, MTU Aero Engines, Snecma, Solar Turbines, Zorya-Mashproekt, Turbomeca, Siemens Energy Sectorm, International Aero Engines, Price Induction, Ruston, Avio, NYE Thermodynamics Corporation, Centrax Gas Turbines, Wood Group, Ansaldo Energia and Snecma and others. The market relevance is increasing day by day since the trend in energy consumption is increasing which indicates great market opportunity for gas turbines companies in this market. The major companies are expected to dominate the market over the forecast period owing to their continuous efforts intended to design and focus on new product development as per the increasing consumer demand.
In the past few years, there have been a number of mergers and acquisitions where smaller enterprise is being taken over by multinational corporations and have been focusing research and development activities and thus increasing their core competencies. Most companies have direct sales and they try to net work their sales representatives and distributors for balancing their sales. Companies in this market are trying their best to comply with regulations that have been demanded by their equipment consumers. Their end user varies from range of industry. This type of turbine is highly efficient in terms of emission regulations laid by the government. This market is expected to become highly competitive over the forecast period owing to the fact that this market is about to become totally innovation driven. Each company are focusing on developing efficient products by incorporating new technology.
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Market Segment:
Capacity Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 - 2025)
• ≤200 MW
• >200 MW
Technology Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 - 2025)
• Open Cycle
• Combined Cycle
Application Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 - 2025)
• Power Generation
• Industrial
• Aviation
Regional Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 - 2025)
• North America
• U.S
• Europe
• Germany
• UK
• France
• Asia Pacific
• China
• India
• Japan
• Middle East and Africa
• Saudi Arabia
• Central & South America
• Brazil
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/energy
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