Gas turbine market outlook: Power generation applications to augment the industry growth over 2016-2024
Global Gas Turbine Market is expected to chart a stable growth graph over the coming seven years, owing to rapid industrialization and rising demand for power generation. Replacements of old coal fired plants with the recent gas-fired technology will be another factor driving the market size. Strict regulatory targets toward limiting greenhouse gas emissions will favor the demand for gas-fired power generation stations, in turn propelling the industry outlook. According to Global Market Insights, Inc., “Gas Turbine Market size is estimated to surpass USD 23 billion by 2024.”
Global gas turbine market size is poised to exceed 120 GW by 2024, as reported by Global Market Insights, Inc. The renewable energy sector, which is a full-fledged market in itself relies on specialized turbines to generate power. The end users of these gas turbines are the oil & gas, aviation, marine, and power generation industries. Power generation is the leading application of gas turbine industry, which is set to exceed 57 GW by 2024, having had over 40% of the total share in 2015.
Global Gas Turbine Market, By Application, 2013 – 2024 (MW)
Rising demand for low-cost, clean, and reliable technologies will boost the industrial applications in this industry. O&G turbine market is also witnessing a significant boost with an y-o-y growth of over 6% between 2016-2024.
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Gas turbine industry based on product type is bifurcated into heavy duty and aeroderivative. The rising demand of aeroderivative gas turbines for medium range capacity (70-300 MW) will showcase a significant boost in the industry trends. Aeroderivative gas turbine market size is estimated to witness a cumulative annual growth rate of over 9% over the period of 2016-2024. In addition, open cycle gas turbine market is expected to witness moderate growth over 2016-2024, owing to its rising preference for high energy and low fuel consumption output.
Increase in onshore and offshore oil & gas drilling activities in UAE will stimulate the gas turbine industry outlook. Saudi Arabia market accounted for revenue over USD 1 billion in 2015, and is estimated to foresee significant growth rate over the coming seven years.
U.K. gas turbine market is estimated to generate demand of over 1 Gigawatt by 2024, owing to increasing replacement in existing coal fired stations.
Initiatives on several electrification programs such as China Township Electrification Program will stimulate the China gas turbine industry share in the coming years. China market is projected to grow at an annual rate of more than 10% over the period of 2016-2024.
U.S. gas turbine market size was 8 GW in 2015 and is projected to register a CAGR above 8% over the period 2016-2024. The regional growth is influenced by the increasing exploration and petroleum extraction activities.
Rapid industrialization and urbanization in India have made it a land of immense potential and opportunities. India gas turbine market is anticipated to register an annual growth rate of 12% over 2016-2024, owing to the rise of numerous private sector investments to improve power generation competence.
Prominent leaders in this industry include Bharat Heavy Electricals, Mitsubishi Heavy Industries, Ltd., Solar Turbines, Harbin Electric, General Electric, Zorya-Mashproekt Corporation, Cryostar, Capstone Turbine Manufacturing company, MAN Diesel & Turbo, Kawasaki Heavy Industries, and Siemens.
Author Name :Ojaswita Kutepatil