Global Gas Turbine Market

Global Gas Turbine Market Size, Share, Growth Analysis, By Technology(Open cycle and combined cycle), By Capacity(≤200 MW and >200 MW), By End-User(Power & utility and industrial) - Industry Forecast 2024-2031


Report ID: SQMIG55B2003 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 84 | Figures: 76

Global Gas Turbine Market News

  • In April 2022, Edra Energy's 2.2 GW combined cycle power plant in Alor Gajah, Malacca, Malaysia, began operating, making it the country's biggest gas-based power plant. The new plant is made up of three generating blocks, each with a GE 9HA.02 gas turbine, an STF-D650 steam turbine, a W88 generator, and a Heat Recovery Steam Generator capable of generating over 745 MW (HRSG).
  • In February 2022, the Mexican Comisión Federal de Electricidad (CFE) granted a contract to a consortium formed by the Spanish businesses Técnicas Reunidas and TSK for the design and construction of combined cycle facilities in Valladolid and Mérida. These facilities are expected to have a combined capacity of 1,000 MW and 500 MW.
  • In June 2021, Quanta and OPRA Turbines signed a contract. This collaboration enables Quanta to become an OPRA Turbines reseller in the North Sea offshore oil and gas industry.
  • In May 2021, Mitsubishi Power announced the installation of a new turbine for the gas business in Dubai. This new gas-driven turbine combined cycle unit will sell a J-Series Air-cooled gas-driven turbine that can run on a mixture of 70% natural gas and 30% hydrogen.
  • In March 2021, GE announced the delivery of the first two HA gas turbines to the United Arab Emirates. These turbines are now being installed and tested at the 1.8 GW Hamriyah Independent Power Plant. They will be the most energy-efficient power plants in the Middle East utility industry. GE will deliver three 9HA.01 gas-powered turbines.
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Gas Turbine Market size was valued at USD 22.17 billion in 2019 and is poised to grow from USD 23.98 billion in 2023 to USD 38.8 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

The global gas turbine market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Kawasaki Heavy Industries, Ltd.', 'Siemens Energy', 'Capstone Green Energy Corporation', ' General Electric ', ' Mitsubishi Heavy Industries ', ' Ansaldo Energia ', ' Bharat Heavy Electricals Limited ', ' Doosan Heavy Industries & Construction ', ' Toshiba Energy Systems & Solutions Corporation ', ' MAN Energy Solutions ', ' Wärtsilä Corporation ', ' Caterpillar Inc. ', ' Rolls-Royce Holdings plc ', ' Alstom SA ', ' ABB Group ', ' Solar Turbines Inc. ', ' Honeywell International Inc. ', ' Kawasaki Gas Turbine Asia Sdn Bhd ', ' Vericor Power Systems ', ' Elliott Group. '

The enhanced efficiency of gas turbines, the introduction of tough carbon emission rules, and the reduction in the cost of power generation utilizing these turbines are all predicted to drive up demand for them. Several major manufacturers, including General Electric and Siemens, are making significant investments in the development of high-efficiency gas turbines. The General Electric Power and Water division's 9HA/7HA CCGT series and Siemens' SGT5-8000H are two examples of gas turbines with excellent efficiency levels in a combined-cycle arrangement.

Growing aviation industry and rising electricity consumption is a key trend that drives market growth. Global electricity consumption is increasing, and governments are focusing their efforts on limiting the use of fossil fuels, which are contributing to increased global emissions. Several countries are using such turbines to replace coal-fired steam facilities and combined-cycle power plants. Natural gas is the primary fuel for these turbines. Electricity generated by gas generates fewer greenhouse gases. The aviation industry is rapidly expanding around the world, creating an excellent opportunity for this sector. Emerging markets are focusing their efforts on improving the aviation industry. Rising aviation investment is expected to create an opportunity for this market. Furthermore, as a result of rising urbanization and infrastructure development, worldwide electricity demand is increasing. Industrialization is spreading throughout the developing world. Many countries have launched smart building and smart city initiatives, which have raised power demand. To satisfy increased energy demand, both the public and private sectors are increasing power plant capacity, either by constructing new plants or expanding existing ones. Because they are both efficient and environmentally beneficial, these turbines are frequently employed in such projects. Governments have also set stringent pollution rules, encouraging large-scale conversions to gas-powered turbines. As a result, this factor is projected to propel market growth in the next years.

As of 2021, Asia Pacific has the greatest Gas Turbine Market share of more than 31.0% in the gas turbine market in terms of revenue. The region led by China, Japan, Indonesia, Thailand, and India is expected to grow at the fastest rate during the forecast period. Rapid urbanization and the growth of the middle class are driving the Asia Pacific region's regional need for power. The presence of developing economies like India and China, as well as low-cost raw materials and labor, are enticing international corporations to extend their operations in this region.

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Global Gas Turbine Market

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