The global gasturbine 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. The
market is expected to be driven by increasing pressure from international
agencies to reduce carbon footprint, along with low shale gas prices.
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.
Full
Research Report On Gas Turbine Market Analysis:
http://www.grandviewresearch.com/industry-analysis/gas-turbine-market
http://www.grandviewresearch.com/industry-analysis/gas-turbine-market
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.
Browse More Reports Of This Category By
Grand View Research At: https://www.grandviewresearch.com/industry/conventional-energy
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)
·
≤200 MW
·
>200 MW
Gas Turbine Technology Outlook
(Volume, MW; Revenue, USD Million, 2014 - 2025)
·
Open Cycle
·
Combined Cycle
Gas Turbine Application Outlook
(Volume, MW; Revenue, USD Million, 2014 - 2025)
·
Power Generation
·
Industrial
·
Aviation
Gas Turbine Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S
·
Europe
o
Germany
o
UK
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
o
Brazil
·
Middle East and Africa
o
Saudi Arabia
Access Full Press Release of this Report: https://www.grandviewresearch.com/press-release/global-gas-turbine-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/