NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
gas turbines for power industry market size is estimated to grow by
USD 2.55 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 2.31% during the forecast period. Growth of
distributed power generation base is driving market
growth, with a trend towards technological innovations in
gas turbines. However, volatility in natural gas price
poses a challenge. Key market players include Ansaldo Energia
Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp.,
Caterpillar Inc., Centrax Ltd., Cryostar, Doosan Corp., General
Electric Co., Harbin Electric Co. Ltd., IHI Corp., JSC The Ural
Turbine Works, Kawasaki Heavy Industries Ltd., MAN Energy Solutions
SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich
JSC, OPRA Turbines BV, Pumori Energy Ltd., Siemens AG, and Vericor
Power Systems.
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Gas Turbines For
Power Industry Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
2.31%
|
Market growth
2024-2028
|
USD 2553.5
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
2.23
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 33%
|
Key
countries
|
US, China, Germany,
Japan, and India
|
Key companies
profiled
|
Ansaldo Energia Spa,
Bharat Heavy Electricals Ltd., Capstone Green Energy Corp.,
Caterpillar Inc., Centrax Ltd., Cryostar, Doosan Corp., General
Electric Co., Harbin Electric Co. Ltd., IHI Corp., JSC The Ural
Turbine Works, Kawasaki Heavy Industries Ltd., MAN Energy Solutions
SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich
JSC, OPRA Turbines BV, Pumori Energy Ltd., Siemens AG, and Vericor
Power Systems
|
Market Driver
The global gas turbines market for the power industry is driven
by stringent carbon emission regulations and the need for lower
power generating costs. Major manufacturers, such as General
Electric Co. And Siemens AG, are investing heavily in the
development of high-efficiency gas turbines to meet these demands.
The 9HA/7HA-series CCGT developed by General Electric Power and
Water division and Siemens' SGT5-8000H have more than 60%
efficiency levels in a combined cycle configuration, making them
H-class gas turbines. Manufacturers like GE aim for even higher
efficiency levels, targeting 65% in the future. They are focusing
on advanced coatings for turbine blades to increase metal
reliability at high temperatures and improve efficiency. Fuel
flexibility is another key focus area, as fuel compositions vary
across regions. For instance, crude oil is prominent in the
Middle East, while natural gas is
popular in the US. Durability is crucial, as operational failures
and consequent downtime for maintenance and service cause
significant financial losses. Modern gas turbines offer increased
durability, with a typical F-class turbine operating for 24,000
hours before a scheduled inspection, expected to increase to 25,000
hours with H-class turbines. Technological innovations in gas
turbines will positively impact market growth during the forecast
period.
The Gas Turbines for Power Industry market is witnessing
significant trends in durability and minimizing downtime. Advanced
designs and control systems are key focus areas for manufacturers
to meet increasing electricity demand and infrastructure
development. Industrialization, smart building, and city projects
drive the need for heavy-duty and light industrial gas turbines.
Emission norms and natural gas prices impact the market, with
geopolitical tension and shale gas influencing capacity and
technology. Sectors like power utilities, manufacturing, aviation,
and distributed power generation benefit from technological
advancements. Mechanical energy from turbine blades generates
electrical energy, with simple cycle and combined cycle turbines,
CHP plants, and gas-based power becoming popular. The energy
industry embraces CO2 reduction and power generation trends,
including simple cycle and combined cycle turbines, and the shift
from coal-based power to gas-based power continues.
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Market Challenges
- The global gas turbines market for the power industry is
experiencing significant growth due to the increasing shift towards
cleaner modes of power generation. However, the market's expansion
is being hindered by the volatility of natural gas prices.
Utilities aim to maintain a balanced feedstock portfolio to protect
power prices from price fluctuations. However, the rising trend of
natural gas-driven power plants increases the reliance on natural
gas. With historically unstable natural gas prices, over-reliance
on this fuel source could expose consumers to high prices.
The U.S. Benchmark Henry Hub natural gas price averaged
USD2.57 per million British thermal
units (MMBtu) in 2023, while India's domestic natural gas price was
USD 8.47 per million metric British
thermal unit (mmBtu) in the same year. Natural gas price
volatility, caused by production and consumption imbalances, may
discourage the use of natural gas in gas-based power plants,
negatively impacting the growth of the global gas turbines market
for the power industry during the forecast period.
- In the power industry, gas turbines face challenges from
various fronts. Climate change and lockdowns push for more
renewable energy sources like wind and solar. Population growth and
urbanization increase power demand, particularly in offshore
locations. Oil and gas prices impact utility segment profitability.
Combined cycle turbines, a popular choice, require reliable
transmission and distribution systems to minimize losses. Coal
plants face closure due to environmental concerns. Workforce and
supply chain issues hinder power plant projects. Joint ventures
between companies like Aksa Power
and Siemens Energy innovate with combustor, gas compressor,
turbine, and turbo fan technology. Cooling technologies, materials,
and diagnostics ensure machinery reliability. Operating costs, fuel
consumption, and efficiency levels are key concerns. NOx emissions
require CCS and hydrogen-fueled gas solutions. Investment issues,
international borders, and travel restrictions add complexity.
Experts explore steam turbines, efficiency levels, and materials to
optimize power generation equipment.
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challenges - Request a sample report!
Segment Overview
This gas turbines for power industry market report extensively
covers market segmentation by
- Product
- 1.1 Heavy-duty gas turbine
- 1.2 Aeroderivative gas turbine
- Technology
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Heavy-duty gas turbine- The power industry
is witnessing a surge in demand for heavy-duty gas turbines due to
their extensive use in large-scale power generation facilities.
With increasing power consumption worldwide, the need for electric
power is anticipated to grow significantly during the forecast
period. According to Technavio, power generation activity is
expected to increase globally, particularly in developing nations.
Environmental concerns are driving the shift towards gas-based
power generation, boosting the demand for gas turbines.
High-baseload plants requiring turbines with over 300 MW capacity
are expected to contribute significantly to the growth of the
global gas turbines market for the power industry. Vendors like
General Electric Co. Are securing long-term agreements with
customers for the construction of new heavy-duty gas turbines to
expand their market presence. For instance, in March 2022, General Electric received an order
from Harbin Electric for three GE 9HA.01 gas turbines. This
increase in orders for heavy-duty gas turbines can accelerate
market growth during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global power electronics market is rapidly expanding, driven
by increased adoption in automotive, consumer electronics, and
renewable energy sectors. Key trends include the shift towards
electric vehicles and renewable energy sources, spurring demand for
efficient power conversion and control devices.
The global wind turbine monitoring systems market is growing as
wind energy becomes a prominent source of renewable power. These
systems ensure optimal turbine performance and reduce maintenance
costs by providing real-time data on operational parameters and
performance metrics.
The global clean energy technologies market is flourishing with
advancements in solar, wind, and energy storage solutions.
Government incentives and environmental concerns are accelerating
adoption, fostering innovation in efficient energy generation,
distribution, and storage technologies.
Research Analysis
The Gas Turbines for Power Industry Market is a significant
segment of the energy industry, focusing on the generation of
mechanical energy from gas turbines to produce electrical energy.
Turbines, including simple cycle and combined cycle, convert the
energy from gas combustion into mechanical motion, which drives a
generator to produce electricity. Technological advancements in
turbine blades, combustors, gas compressors, and turbo fans have
led to increased efficiency and reduced emissions, making gas-based
power a competitive alternative to coal-based power. Distributed
power and CHP plants are also gaining popularity due to their
ability to generate electricity and heat locally. However,
investment issues, international borders, and travel restrictions
can impact power plant projects. The workforce and supply chain are
crucial components of the market, requiring expertise in machinery
and power generation equipment. The market's growth is influenced
by factors such as CO2 emissions, GHG regulations, and the demand
for cleaner energy sources.
Market Research Overview
The Gas Turbines for Power Industry Market is witnessing
significant growth due to the increasing demand for mechanical
energy and electrical energy in the energy industry. Technological
advancements in turbine blades, generators, and cooling
technologies are driving the market. The shift towards distributed
power and the reduction of CO2 emissions due to climate change and
emission norms are also key factors. The market comprises simple
cycle turbines and combined cycle turbines, used in gas-based and
coal-based power plants, as well as CHP plants. The power
generation sector, including oil and gas, utility, and industrial
segments, is investing in joint ventures and power plant projects
to meet rising electricity demand and infrastructural development.
The market is facing challenges such as investment issues,
international borders, and travel restrictions, as well as
machinery and power generation equipment supply chain disruptions.
Experts predict that the market will continue to grow due to
population growth, urbanization, and the increasing use of offshore
locations for power generation. The market also includes components
such as combustors, gas compressors, turbo fans, and control
systems, as well as materials and diagnostics for reliability,
durability, and downtime reduction. The future of the market lies
in the adoption of hydrogen-fueled gas, CCS, and efficiency level
improvements, as well as the development of smart building and
smart cities projects. Factors such as fuel consumption, operating
costs, NOx emissions, and natural gas prices also impact the
market. Geopolitical tensions, shale gas, and capacity expansion
are also significant factors. The market includes heavy-duty, light
industrial, aeroderivative, and cycle types.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Heavy-duty Gas Turbine
- Aeroderivative Gas Turbine
- Technology
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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