Gas Turbine Market : Trends and Analysis, 2021-2030.
The global gas turbine market was valued at $18.5 billion in 2020, and is projected to reach $25.4 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030. Gas turbine is a mechanical device, which harnesses energy from working fluid or gas by utilizing its kinetic energy or potential energy.
These turbines run on
brayton cycle, which is equipped with a heater, compressor, turbine, and
cooler. The working fluid undergoes thermodynamic process where the system
converts mechanical/heat energy into rotating energy, which, in turn, produces
the electricity as output.
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In addition, assured long-term fuel supply across
various oil producing companies across the globe is one of the key factors
supporting the growth of the gas turbine market. Gas turbines play an important
role in reducing greenhouse gas (GHG) emissions. As compared to other
combustion-based electricity generation applications, these are proficient and
also result in decreasing carbon emissions. The execution of various climate
change initiatives along with implementation of regulations to cut down GHG
emissions are expected to boost the demand for gas turbines during the forecast
period.
However, volatile price of natural gas is expected
to hamper the growth of the gas turbine
market during the forecast period. On the contrary, increase in trend of
distributed power generation and replacement of phased out nuclear & coal
plants are expected to provide remunerative opportunities for the expansion of
the gas turbine market during the forecast period.
Gas Turbine Market:
·
By Region
ü Asia-Pacific accounted for a major gas turbine market
share in 2020, owing to surge in demand for energy alternative having low
environmental impact.
ü
Owing to
technological advancements in the energy sector and decrease in cost of shale
gas production, natural gas production increased by 10.4% during 2010–2020,
globally.
ü
Rapid industrialization and increase in
urbanization are driving an enormous and ever-growing power demand in the
region, which necessitates the development of numerous power generation
projects.
ü
This, in turn, is
driving the demand for gas turbines in China.
ü
In addition, according to the India Brand
Equity Foundation (IBEF), India’s power sector is dominated by coal-based
generation, accounting for 61.3% of the total installed capacity in June
2021.
·
By Technology:
ü
The combined cycle
technology accounted for a major share in the gas turbine market in 2020, as it
requires lower fuel to produce the required energy output and reduces
transmission & distribution losses.
ü Combined cycle
turbines are known to be highly efficient and facilitate system efficiencies in
the range of 60.0–80.0%.
ü
In addition, surge
in demand for this technology is being compelled by stricter regulations for
coal plants, low gas prices, and the integration of renewable power.
ü
Combined cycle power
plant (CCPP) complements solar and wind power, as it can start and stop
quickly, and thus is proficient in offsetting the variations in renewable
energy power.
ü
Furthermore,
favorable government policies regarding the usage of clean fuels for
electricity generation and the reduction of GHG emissions are expected to
increase the demand for natural gas-based power plants.
ü
In addition, decline in gas prices and the
discovery of shale gas reserves are expected to propel the gas turbine market
growth during the projected period.
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COVID-19 impact analysis:
ü
Lockdown impositions
in major cities and economies have resulted in most of the industries around
the world, thereby halting their production. This has further resulted in
reduction of oil & gas demand around the world.
ü For instance, as per the bp statistical review of world
energy 2021, global natural gas consumption was reported to be 3822.8 billion
cubic meters in 2020, which was a decline by around 81.1billion cubic meters as
compared to 2019.
ü In addition, power demand from industrial and commercial
end users has seen a significant dip in recent times, owing to the global
pandemic.
ü Thus, the demand for gas turbine is declined during the
pandemic outbreak.
ü This trend is likely to continue for few more coming
years until all industrial activities across the globe resume to normal that
are halted amid government-imposed lockdown measures.
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Key Benefits for Stakeholders:
- The global
gas turbine market analysis covers in-depth information of major industry
participants.
- Porter’s five
forces analysis helps to analyze potential of buyers & suppliers and
the competitive scenario of the industry for strategy building.
- Major
countries have been mapped according to their individual revenue
contribution to the regional market.
- The report
provides in-depth analysis of the global gas turbine market forecast for
the period 2021–2030.
- The report
outlines the current gas turbine market trends and future estimations of
the global gas turbine market from 2020 to 2030 to understand the
prevailing opportunities and potential investment pockets.
- Key drivers,
restraints, &opportunities and their detailed impact analysis are
explained in the global gas turbine market study.
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