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Gas Turbine Market by Product, End-user, Technology, and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 151
  • SKU: IRTNTR43446
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The gas turbine market share is expected to increase by USD 2.54 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 1.88%.

This gas turbine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers gas turbine market segmentation by technology (CCGT and OCGT), product (heavy-duty gas turbine and aero-derivative gas turbine), end-user (power generation, mobility, oil and gas, and others), and geography (APAC, North America, Europe, MEA, and South America). The gas turbine market report also offers information on several market vendors, including Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG among others.

What will the Gas Turbine Market Size be During the Forecast Period?

Gas Turbine Market Size

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Gas Turbine Market: Key Drivers, Trends, and Challenges

The enhanced efficiency and robustness of gas turbines are notably driving the gas turbine market growth, although factors such as investments in alternate energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gas turbine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Gas Turbine Market Driver

One of the key factors driving the gas turbine market growth is the enhanced efficiency and robustness of gas turbines. The demand for gas turbines is expected to increase, owing to their increased efficiency, the implementation of strict carbon emission control regulations, and the reduction in the cost of power generation when gas turbines are used. Several leading manufacturers, such as General Electric and Siemens, are investing heavily in the development of high-efficiency gas turbines. The 9HA/7HA series CCGT developed by General Electrics Power and Water division and SGT5-8000H developed by Siemens are some of the examples of gas turbines with high-efficiency levels in a combined-cycle configuration. Both gas turbines come from the H class of gas turbines. Manufacturers are constantly looking for gas turbines with better efficiencies, which will fuel the growth of the global gas turbine market during the forecast period.

Key Gas Turbine Market Trend

The prominent market trend in the gas turbine market is the growth of the distributed power generation base. The world is witnessing a transformation in power generation as it is moving away from centralized systems toward integrated networks with increasing reliance on distributed power generation systems. Distributed power technologies are less than 100 MW in size, with the standard being less than 50 MW, which is the limit that distribution systems can accommodate at distribution voltages. Currently, distributed power technologies are more widely available, smaller, more efficient, and more cost-effective compared with what they were a decade ago. Gas turbines are an essential part of the distributed power technologies, along with diesel and gas reciprocating diesel engines, solar panels, fuel cells, and small wind turbines. Thus, the growth of distributed power systems will correspond to an increase in the demand for gas turbines.

Key Gas Turbine Market Challenge

The major challenges impeding the gas turbine market growth are the inherent challenges of handling natural gas. While gas-fired power plants are more efficient than coal-fired power plants, the risk of gas leaks into the atmosphere exists. Natural gas consists of methane, which is odorless and 82 times more potent than carbon dioxide, in terms of global warming. Methane leaks typically go undetected. The natural gas storage leaking incidents are a major concern for environmentalists who monitor global warming. This may hurt natural gas-fired power plants. Hence, the governments of various countries are expected to come up with stringent gas storage regulations for natural gas-powered gas turbine power plants, which will hinder the growth of the global gas turbine market during the forecast period.

This gas turbine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global gas turbine market as a part of the global heavy electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the gas turbine market during the forecast period.

Who are the Major Gas Turbine Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Ansaldo Energia Spa
  • Bharat Heavy Electricals Ltd.
  • Capstone Green Energy Corp.
  • Caterpillar Inc.
  • General Electric Co.
  • IHI Corp.
  • Kawasaki Heavy Industries Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • OPRA Turbines
  • Siemens AG

 

This statistical study of the gas turbine market encompasses successful business strategies deployed by the key vendors. The gas turbine market is fragmented and the vendors are deploying growth strategies such as strategic mergers, acquisitions, joint-venture, and partnership programs to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The gas turbine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Gas Turbine Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the gas turbine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Gas Turbine Market?

Gas Turbine Market Market segmentation by region

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39% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the gas turbine market in APAC. 

The tremendous growth of the electricity-consuming sectors in the region, rising urban population and improving standards of living will facilitate the gas turbine market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Technology Segments in the Gas Turbine Market?

Gas Turbine Market Segmentation

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The gas turbine market share growth by the CCGT segment will be significant during the forecast period. CCGT can make use of any type of fuel such as coal, gas, nuclear, or solar energy as the heat is supplied externally to the working fluid. This feature is the major driving factor for the segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the gas turbine market size and actionable market insights on post COVID-19 impact on each segment.

 

Gas Turbine Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 1.88%

Market growth 2021-2025

$ 2.54 billion

Market structure

Fragmented

YoY growth (%)

1.58

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 39%

Key consumer countries

US, China, Japan, India, and Germany

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Gas Turbine Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive gas turbine market growth during the next five years
  • Precise estimation of the gas turbine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the gas turbine industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of gas turbine market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Heavy electrical equipment

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Heavy-duty gas turbine - Market size and forecast 2020-2025
      • Exhibit 17: Heavy-duty gas turbine - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Heavy-duty gas turbine - Year-over-year growth 2020-2025 (%)
    • 5.4 Aeroderivative gas turbine - Market size and forecast 2020-2025
      • Exhibit 19: Aeroderivative gas turbine - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Aeroderivative gas turbine - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Product
      • Exhibit 21: Market opportunity by Product

    6 Market Segmentation by Technology

    • 6.1 Market segments
      • Exhibit 22: Technology - Market share 2020-2025 (%)
    • 6.2 Comparison by Technology
      • Exhibit 23: Comparison by Technology
    • 6.3 CCGT - Market size and forecast 2020-2025
      • Exhibit 24: CCGT - Market size and forecast 2020-2025 ($ million)
      • Exhibit 25: CCGT - Year-over-year growth 2020-2025 (%)
    • 6.4 OCGT - Market size and forecast 2020-2025
      • Exhibit 26: OCGT - Market size and forecast 2020-2025 ($ million)
      • Exhibit 27: OCGT - Year-over-year growth 2020-2025 (%)
    • 6.5 Market opportunity by Technology
      • Exhibit 28: Market opportunity by Technology

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 29: End-user - Market share 2020-2025 (%)
    • 7.2 Comparison by End-user
      • Exhibit 30: Comparison by End-user
    • 7.3 Power generation - Market size and forecast 2020-2025
      • Exhibit 31: Power generation - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: Power generation - Year-over-year growth 2020-2025 (%)
    • 7.4 Mobility - Market size and forecast 2020-2025
      • Exhibit 33: Mobility - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: Mobility - Year-over-year growth 2020-2025 (%)
    • 7.5 Oil and gas - Market size and forecast 2020-2025
      • Exhibit 35: Oil and gas - Market size and forecast 2020-2025 ($ million)
      • Exhibit 36: Oil and gas - Year-over-year growth 2020-2025 (%)
    • 7.6 Others - Market size and forecast 2020-2025
      • Exhibit 37: Others - Market size and forecast 2020-2025 ($ million)
      • Exhibit 38: Others - Year-over-year growth 2020-2025 (%)
    • 7.7 Market opportunity by End-user
      • Exhibit 39: Market opportunity by End-user

    8 Customer landscape

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 41: Market share by geography 2020-2025 (%)
    • 9.2 Geographic comparison
      • Exhibit 42: Geographic comparison
    • 9.3 APAC - Market size and forecast 2020-2025
      • Exhibit 43: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 44: APAC - Year-over-year growth 2020-2025 (%)
    • 9.4 North America - Market size and forecast 2020-2025
      • Exhibit 45: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 46: North America - Year-over-year growth 2020-2025 (%)
    • 9.5 Europe - Market size and forecast 2020-2025
      • Exhibit 47: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 48: Europe - Year-over-year growth 2020-2025 (%)
    • 9.6 MEA - Market size and forecast 2020-2025
      • 9.7 South America - Market size and forecast 2020-2025
        • Exhibit 51: South America - Market size and forecast 2020-2025 ($ million)
        • Exhibit 52: South America - Year-over-year growth 2020-2025 (%)
      • 9.8 Key leading countries
        • Exhibit 53: Key leading countries
      • 9.9 Market opportunity by geography
        • Exhibit 54: Market opportunity by geography ($ million)

      10 Drivers, Challenges, and Trends

      • 10.1 Market drivers
        • 10.2 Market challenges
          • Exhibit 55: Impact of drivers and challenges
        • 10.3 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • Exhibit 56: Vendor landscape
          • 11.2 Landscape disruption
            • Exhibit 57: Landscape disruption
            • Exhibit 58: Industry risks

          12 Vendor Analysis

          • 12.1 Vendors covered
            • Exhibit 59: Vendors covered
          • 12.2 Market positioning of vendors
            • Exhibit 60: Market positioning of vendors
          • 12.3 Ansaldo Energia Spa
            • Exhibit 61: Ansaldo Energia Spa - Overview
            • Exhibit 62: Ansaldo Energia Spa - Business segments
            • Exhibit 63: Ansaldo Energia- Key news
            • Exhibit 64: Ansaldo Energia Spa - Key offerings
            • Exhibit 65: Ansaldo Energia Spa - Segment focus
          • 12.4 Bharat Heavy Electricals Ltd.
            • Exhibit 66: Bharat Heavy Electricals Ltd. - Overview
            • Exhibit 67: Bharat Heavy Electricals Ltd. - Business segments
            • Exhibit 68: Bharat Heavy Electricals Ltd. - Key offerings
            • Exhibit 69: Bharat Heavy Electricals Ltd. - Segment focus
          • 12.5 Capstone Green Energy Corp.
            • Exhibit 70: Capstone Green Energy Corp. - Overview
            • Exhibit 71: Capstone Green Energy Corp. - Business segments
            • Exhibit 72: Capstone Green Energy Corp. - Key offerings
            • Exhibit 73: Capstone Green Energy Corp. - Segment focus
          • 12.6 Caterpillar Inc.
            • Exhibit 74: Caterpillar Inc. - Overview
            • Exhibit 75: Caterpillar Inc. - Business segments
            • Exhibit 76: Caterpillar Inc. - Key offerings
            • Exhibit 77: Caterpillar Inc. - Segment focus
          • 12.7 General Electric Co.
            • Exhibit 78: General Electric Co. - Overview
            • Exhibit 79: General Electric Co. - Business segments
            • Exhibit 80: General Electric Co. - Key offerings
            • Exhibit 81: General Electric Co. - Segment focus
          • 12.8 IHI Corp.
            • Exhibit 82: IHI Corp. - Overview
            • Exhibit 83: IHI Corp. - Business segments
            • Exhibit 84: IHI Corp. - Key offerings
            • Exhibit 85: IHI Corp. - Segment focus
          • 12.9 Kawasaki Heavy Industries Ltd.
            • Exhibit 86: Kawasaki Heavy Industries Ltd. - Overview
            • Exhibit 87: Kawasaki Heavy Industries Ltd. - Business segments
            • Exhibit 88: Kawasaki Heavy Industries Ltd. - Key offerings
            • Exhibit 89: Kawasaki Heavy Industries Ltd. - Segment focus
          • 12.10 Mitsubishi Heavy Industries Ltd.
            • Exhibit 90: Mitsubishi Heavy Industries Ltd. - Overview
            • Exhibit 91: Mitsubishi Heavy Industries Ltd. - Business segments
            • Exhibit 92: Mitsubishi Heavy Industries Ltd. - Key offerings
            • Exhibit 93: Mitsubishi Heavy Industries Ltd. - Segment focus
          • 12.11 OPRA Turbines
            • Exhibit 94: OPRA Turbines - Overview
            • Exhibit 95: OPRA Turbines - Product and service
            • Exhibit 96: OPRA Turbines - Key offerings
          • 12.12 Siemens AG
            • Exhibit 97: Siemens AG - Overview
            • Exhibit 98: Siemens AG - Business segments
            • Exhibit 99: Siemens AG - Key offerings
            • Exhibit 100: Siemens AG - Segment focus

          13 Appendix

          • 13.1 Scope of the report
            • 13.2 Currency conversion rates for US$
              • Exhibit 101: Currency conversion rates for US$
            • 13.3 Research methodology
              • Exhibit 102: Research Methodology
              • Exhibit 103: Validation techniques employed for market sizing
              • Exhibit 104: Information sources
            • 13.4 List of abbreviations
              • Exhibit 105: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            Gas Turbine Market market growth will increase by $2.54 bn during 2021-2025.
            The gas turbine market market is expected to grow at a CAGR of 1.88% during 2021-2025.
            Technavio has segmented the gas turbine market market by technology (CCGT and OCGT) ,product (heavy-duty gas turbine, aeroderivative gas turbine, Oil and gas, and Others) , and end-user (power generation, mobility, oil and gas, others, and South America).
            Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, Siemens AG are a few of the key vendors in the gas turbine market market.
            APAC will register the highest growth rate of 39% among the other regions. Therefore, the gas turbine market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the gas turbine market market growth are:
            • Enhanced efficiency and robustness of gas turbines
            • Development of GTCC and IGCC technologies
            The gas turbine market market vendors should focus on grabbing business opportunities from the ccgt segment as it accounted for the largest market share in the base year.
            • What are the key global market and the regional market share?
            • What are the revenue-generating key market segments?
            • What are the key factors driving and challenging this market’s growth?
            • Who are the key market vendors and their growth strategies?
            • What are the latest trends influencing the growth of this market?
            • What are the variables influencing the market growth in the primary regions?
            • What are the factors influencing the growth of the parent market?
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            • Data on revenue-generating market segments
            • Details on the market shares of various regions
            • Five-force market analysis

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