Gas Turbines Market For Power Industry Size to grow by USD 2553.5 million between 2024-2028
According to a research report “ Gas Turbines Market For Power Industry” 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 almost 2.31% during the forecast period. In the power industry, the shift towards decentralized energy systems is evident, with distributed power technologies, including gas turbines, gaining traction. These systems, typically under 50 MW, offer flexibility and cater to various applications such as electricity generation, propulsion, and mechanical power. Gas turbines, in particular, provide efficient and reliable power solutions, capable of operating independently or in conjunction with larger energy networks, catering to the demands of diverse energy consumers.
Browse market data tables, figures, and in-depth TOC on “Gas Turbines Market For Power Industry” 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, the Gas Turbines Market experiences significant growth due to the rising demand for energy-efficient solutions and the replacement of coal-fired power plants with Clean Coal Gas Turbine (CCGT) systems. CCGTs, which incorporate both gas turbines and steam turbines, utilize natural gas as their primary fuel source for electricity generation. The captured waste heat from gas turbines powers the steam turbines, enhancing output without additional fuel consumption. This shift towards CCGTs results in a substantial reduction of carbon emissions by up to 50%, as well as a decrease in NOx and SO2 emissions by 80-90% compared to coal-fired power plants. Key players in this sector, such as General Electric Co. and Siemens AG, continue to innovate and develop advanced CCGT technologies to further minimize environmental impact.
By Technology, CCGT segment is expected to hold the largest market size for the year 2024
In the power industry, gas turbines with heavy-duty frames are indispensable for large-scale power generation facilities. With the global energy consumption on the rise, the demand for electric power is anticipated to increase significantly during the forecast period. Developing nations are expected to spearhead this power generation activity, leading to a robust growth in the global gas turbines market. Environmental concerns are driving the shift towards gas-based power generation, making gas turbines a preferred choice over coal-based alternatives. High-baseload plants requiring turbines exceeding 300 MW will contribute substantially to market expansion.
APAC is forecasted to hold the largest market size by region in 2024
In the power industry, gas turbines hold a significant market share due to their efficiency and versatility. These technologies convert natural gas into mechanical power, generating electricity in the process. With increasing focus on cleaner energy sources and advancements in technology, the gas turbines market is poised for robust growth. Key players are investing in research and development to enhance performance, reduce emissions, and improve overall efficiency.
The Gas Turbines Market For Power Industry 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
In the power industry, gas turbines have emerged as a key solution for meeting electricity demand in various sectors, including the aviation industry. Fossil fuels, such as natural gas and oil, continue to be the primary sources of fuel for these turbines. Hydrogen-fueled gas turbines are also gaining traction due to their potential to reduce NOx emissions and improve efficiency levels. Control systems play a crucial role in ensuring the durability and reliability of gas turbines. These systems monitor fuel consumption, cooling technologies, and power generation equipment to optimize performance and minimize operating costs. The aviation industry's travel restrictions and investment issues have led to increased interest in gas turbines for power generation. Gas compressors, turbines, and combustors are essential components of these systems, with continuous combustion engines and combustion turbines being commonly used. Despite the advantages, challenges such as supply chain disruptions and fuel consumption remain. The power sector continues to explore ways to address these issues while maximizing the benefits of gas turbines for power generation.
Market Research Overview
The Gas Turbines Market in the power industry has witnessed significant growth due to the increasing demand for cheaper and more flexible power capacity. Gas-fired power plants offer lower pressure ratios and higher efficiency, making them an attractive option for utilities and industrial consumers. Flexibility enhancements and system efficiencies are key considerations in the design of modern gas turbines, which can operate at maximum specific power and provide high-capacity operations. The economic cost structure of gas-fired power plants is favorable due to the surge in demand for clean fuels and the availability of shale gas reserves. However, stricter regulations on greenhouse gas emissions and the increasing price of natural gas are challenges for the market. The market includes heavy-duty gas turbines used in combined cycle power plants, as well as aeroderivative segment turbines used in aviation and peaking applications. The technology used in gas turbines varies, with some designs based on the Brayton cycle and others using steam turbines. Experts predict that the market for power generation equipment, including gas turbines, will continue to grow due to the increasing demand for electricity production and the ongoing industrialization, urbanization, and infrastructural development in developed nations. The market also includes oil-fired power plants and hydrogen-fueled gas turbines, as well as projects using advanced cooling technologies and materials and diagnostics for improved durability and reliability.
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