Gas Turbines For Power Industry Market Size to grow by USD 2553.5 million between 2024-2028
According to a research report “ Gas Turbines For Power Industry Market” by Product (Heavy-duty gas turbine, Aeroderivative gas turbine) Technology (CCGT, OCGT) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2553.5 million, at a CAGR of 2.31% during the forecast period. In the power industry, there is a shift towards decentralized energy systems, with distributed power technologies becoming increasingly prevalent. These systems, which range from 1-100 MW in size and typically operate below 50 MW, are well-suited for distribution grids due to their flexibility. Distributed power technologies serve diverse applications, including electric power generation, propulsion, and mechanical power. They can function independently or integrate into larger systems, catering to the energy requirements of various-sized consumers..
Browse market data tables, figures, and in-depth TOC on “Gas Turbines For Power Industry Market” by Product (Heavy-duty gas turbine, Aeroderivative gas turbine) Technology (CCGT, OCGT) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Product, the Heavy-duty gas turbine segment is projected to dominate the market size in 2024
In the power industry, heavy-duty gas turbines play a pivotal role in large-scale power generation facilities, driving the segment's anticipated growth during the forecast period. With rising global power consumption, the demand for electric power is expected to increase significantly. According to Technavio, power generation activity is projected to expand worldwide, particularly in developing nations, leading to increased demand for gas turbines. Environmental concerns are fueling the shift towards gas-based power generation, as opposed to coal-based, thereby boosting the market for gas turbines globally. High-baseload power plants requiring gas turbines exceeding 300 MW are anticipated to contribute substantially to the expansion of the global gas turbines market for the power industry during the forecast period.
By Technology, CCGT segment is expected to hold the largest market size for the year 2024
In the power industry, Combined Cycle Gas Turbines (CCGTs) have gained significant traction due to the increasing demand for energy-efficient solutions and the replacement of coal-fired power plants. CCGTs represent a advanced technology that integrates both gas turbines and steam turbines. Natural gas serves as the primary fuel for the gas turbines, generating electricity while also producing waste heat. This waste heat is then harnessed to power the steam turbine, enhancing overall output without the need for additional fuel. CCGTs offer substantial environmental benefits, including a reduction in carbon emissions by up to 50% compared to coal-fired power plants, as well as a decrease in NOx and SO2 emissions by 80-90%. Leading manufacturers, such as General Electric Co. and Siemens AG, continue to innovate in this space, introducing new series of CCGTs that deliver on these environmental improvements.
APAC is forecasted to hold the largest market size by region in 2024
In the power industry, gas turbines have emerged as a preferred solution for generating electricity due to their high efficiency and low emissions. The global gas turbines market for power generation is projected to grow significantly, driven by increasing demand for cleaner energy sources and advancements in technology. Key players in this market include Siemens, GE, and Mitsubishi Heavy Industries, who continually innovate to enhance the performance and reliability of their gas turbine offerings.
The Gas Turbines For Power Industry Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Experts predict a significant growth in the Gas Turbines for Power Industry Market, driven by the shift from coal-based power to gas-based power and technological advancements in power generation equipment. Machinery used in power plant projects, including turbo fans, turbines, gas compressors, and combustors, are in high demand. However, travel restrictions and international border closures due to the ongoing pandemic have disrupted the supply chain, leading to investment issues. The power generation sector is transitioning towards combined cycle and simple cycle turbines, CHP plants, and distributed power to reduce greenhouse gas (GHG) emissions. The energy industry is focusing on electrical energy generation and mechanical energy conversion using turbine blades. CO2 emissions from gas-based power plants are still a concern, but advancements in turbine technology are making gas turbines more efficient and environmentally friendly. Despite these challenges, the future of the Gas Turbines for Power Industry Market looks promising, with continued investment in power plant projects and the need for reliable and efficient power generation solutions. The market is expected to grow, driven by the demand for cleaner and more sustainable energy sources.
Market Research Overview
The Gas Turbines for Power Industry market is witnessing significant growth in the Aviation and Manufacturing sectors, particularly in the Power Utilities sector. The market comprises both combined cycle and simple cycle gas turbines, with aeroderivative models gaining popularity in light industrial applications. Heavy-duty gas turbines dominate the market due to their high capacity and efficiency levels. The shale gas revolution and geopolitical tensions have influenced natural gas prices, making gas-based power increasingly competitive with coal-based power. Emission norms and the push towards smart cities projects and smart buildings are driving the demand for advanced control systems, designs, and materials and diagnostics. Technological advancements in CCS, hydrogen-fueled gas turbines, and cooling technologies are addressing environmental concerns and enhancing efficiency levels. Siemens Energy and Aksa Power are key players in the market, with joint ventures and partnerships shaping the utility segment. The power generation equipment market is influenced by factors such as downtime, durability, and reliability. Fuel consumption, combustion systems, and materials are critical components of gas turbines. The power plant projects' supply chain, workforce, and investment issues are also crucial factors. The oil & gas industry's offshore locations, urbanization, population growth, and renewable energy integration are shaping the power generation landscape. Lockdowns, climate change, and GHG emissions are driving the need for distributed power and energy industry technological advancements. The market's future outlook includes the integration of turbofans, gas compressors, combustors, and steam turbines, as well as the evolution of CHP plants and combined cycle turbines. The power generation sector's future lies in balancing the needs of oil and gas, coal, and renewable energy sources while addressing the challenges of distribution losses, transmission, and the transition to a low-carbon economy.
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