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Gas Turbines Market for Power Industry by Technology and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR44562
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The gas turbines market for power industry share is expected to increase by USD 2.21 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 2.1%.

This gas turbines market for power industry 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 turbines market for power industry segmentations by Technology (combined-cycle gas turbines and open-cycle gas turbines) and Geography (APAC, North America, Europe, MEA, and South America). The gas turbines market for power industry 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 Turbines Market For Power Industry Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Gas Turbines Market for Power Industry Size for the Forecast Period and Other Important Statistics

 

Gas Turbines Market For Power Industry: Key Drivers, Trends, and Challenges

Based on our research output, there has been a NEGATIVE impact on the market growth during and post COVID-19 era. The increase in ccgt power plants is notably driving the gas turbines market for power industry growth, although factors such as volatility in natural gas price may impede 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 turbines market for power industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Gas Turbines Market For Power Industry Driver

The increase in CCGT power plants is one of the key factors driving the global gas turbines market growth. The demand for combined-cycle gas turbines for power plants is on the rise due to increased efficiency and better output. The abundance of natural gas and its low cost has also enabled companies and utilities to build new natural gas-based thermal power plants. This has helped increase the number of CCGT plants globally. In the long term, CCGT will also help meet the carbon emission targets. Moreover, the CPP proposes state-by-state emission levels for existing power plants, with the cumulative goal of reducing nationwide carbon emissions by 30% by 2030, from the 2005 levels. The Environmental Protection Agency (EPA) has issued four building blocks as part of its CPP, including an objective of reaching 70% capacity factor in the existing combined-cycle plants, which is higher than the current range of 45% to 50%. Such initiatives on the part of the government will see a significant increase in the combined-cycle installed capacity during the forecast period.

Key Gas Turbines Market For Power Industry Trend

The technological innovations in gas turbines will fuel the global gas turbines market for power industry. Major manufacturers, such as General Electric (GE) and Siemens, are investing heavily in the development of high-efficiency gas turbines. Both turbines are categorized as H-class gas turbines. The constant pursuit of higher efficiency by major manufacturers, focusing on capturing the untapped potential of this market, will support market growth. Moreover, the flexibility of fuel is another area of focus for gas turbine manufacturers. This is because the composition of fuel in the energy mix varies considerably across regions. Durability is another key focus for gas turbine manufacturers, as an operational failure of gas turbines and consequent downtime for maintenance and service cause high financial losses, especially in capital-intensive plants. However, increase in efficiency and durability will not only decrease the operational cost of gas turbines but also offer operational benefits, thus adding to the demand for gas turbines.

Key Gas Turbines Market For Power Industry Challenge

The volatility in natural gas price is a major challenge for the global gas turbines market for power industry. One of the main challenges hindering the growth of the global gas turbines market is volatility of natural gas prices. In order to safeguard the power prices from price fluctuations, utilities always seek to maintain a balanced feedstock portfolio. However, in the present scenario, with a rapid shift toward gas turbine and natural gas-driven power plants in pursuit of cleaner modes of power generation, the reliance on natural gas is continuously increasing. Moreover, with low natural gas prices, the prospects of over-reliance on natural gas for power generation look less harmful. However, going by the historic trend of natural gas prices, the over-reliance on natural gas will expose consumers to high natural gas prices, prompted by its growing demand and recovery of crude oil prices. Utilities will have to take the first effect of such an increase in natural gas prices, followed by consumers who will be overburdened with power prices. Such factors will hinder the market growth during the forecast period.

This gas turbine market for power industry 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 turbines market for power industry 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 turbines market for power industry during the forecast period.

Who are the Major Gas Turbines Market For Power Industry 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 for the power industry encompasses successful business strategies deployed by the key vendors. The gas turbine market for the power industry is fragmented and the vendors are deploying growth strategies such as high efficiency of gas turbines to compete in the market.

Product Insights and News

· Ansaldo Energia Spa - The company offers gas turbines for power industry with E, F and H class technology, ranging from 80MW to 538MW designed to meet the requirements of advanced gas turbines while keeping in a user-friendly background and easy maintenance.

· Bharat Heavy Electricals Ltd. - The company offers gas turbines for power industry that have the capability to fire a wide range of gaseous fuels with low exhaust emission level and ideally suited for integrated gasification combined cycle plant, under the brand names of MS1002D, MS5001PA, MS6001B, MS6001FA, MS9001E and many more.

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 turbines market for power industry 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 Turbines Market For Power Industry Value Chain Analysis

Our report provides extensive information on the value chain analysis for the gas turbines market for power industry, 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 value chain of global electrical equipment market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by (manufacturers/service providers) to ensure a sustainable market presence.

 

Which are the Key Regions for Gas Turbines Market For Power Industry?

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53% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for gas turbine market for the power industry in APAC. Market growth in this region will be faster than the growth of the market in regions.

The increase in CCGT power plants will facilitate the gas turbine market for power industry 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

COVID Impact and Recovery Analysis

The outbreak of COVID-19 caused the economic recession and massively disrupted industrial operations in the region due to the implementation of lockdown measures. Due to this, energy consumption in the region declined dramatically due to the temporary shutdown of various industrial operations. For instance, India’s energy demand dropped by 26% in 10 days after imposing the lockdown. Before the imposition of lockdown, daily energy consumption across the country attained a high magnitude of around 3,500 GWh. Then, its consumption started to fall and reached nearly 2,500 GWh on April 01, 2020. However, in 2021, the initiation of large-scale vaccination drives?has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to increase the demand for construction toys, which, in turn, will drive the market during the forecast period.

What are the Revenue-generating Technology Segments in the Gas Turbines Market For Power Industry?

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The gas turbine market for power industry share growth by the combined-cycle gas turbine segment will be significant during the forecast period. The CCGTs are mainly driven by the increasing demand for energy-efficient gas turbines and due to the replacement of coal-fired power plants. CCGs consist of both gas turbines and steam turbines. In this system, natural gas is the primary fuel, which powers the gas turbines to generate electricity. Such factors will increase the demand for the market in focus during the forecast period.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the gas turbines market for power industry size and actionable market insights on post COVID-19 impact on each segment.

 

Gas Turbines Market For Power Industry Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 2.1%

Market growth 2021-2025

$ 2.21 billion

Market structure

Fragmented

YoY growth (%)

1.07

Regional analysis

APAC and North America

Performing market contribution

APAC at 53%

Key consumer countries

China, US, Japan, Germany, and India

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 forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Gas Turbines Market For Power Industry Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive gas turbines market for power industry growth during the next five years
  • Precise estimation of the gas turbines market for power industry size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the gas turbines market for power industry across APAC and North 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 turbines market for power industry vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

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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 Technology

    • 5.1 Market segments
      • Exhibit 15: Technology - Market share 2020-2025 (%)
    • 5.2 Comparison by Technology
      • Exhibit 16: Comparison by Technology
    • 5.3 Combined-cycle gas turbines - Market size and forecast 2020-2025
      • Exhibit 17: Combined-cycle gas turbines - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Combined-cycle gas turbines - Year-over-year growth 2020-2025 (%)
    • 5.4 Open-cycle gas turbines - Market size and forecast 2020-2025
      • Exhibit 19: Open-cycle gas turbines - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Open-cycle gas turbines - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Technology
      • Exhibit 21: Market opportunity by Technology

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 APAC - Market size and forecast 2020-2025
      • Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
    • 7.4 North America - Market size and forecast 2020-2025
      • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
    • 7.5 Europe - Market size and forecast 2020-2025
      • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
    • 7.6 MEA - Market size and forecast 2020-2025
      • Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
    • 7.7 South America - Market size and forecast 2020-2025
      • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • Exhibit 38: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 39: Landscape disruption
          • Exhibit 40: Industry risks

        10 Vendor Analysis

        • 10.1 Vendors covered
          • Exhibit 41: Vendors covered
        • 10.2 Market positioning of vendors
          • Exhibit 42: Market positioning of vendors
        • 10.3 Ansaldo Energia Spa
          • Exhibit 43: Ansaldo Energia Spa - Overview
          • Exhibit 44: Ansaldo Energia Spa - Business segments
          • Exhibit 45: Ansaldo Energia Spa - Key News
          • Exhibit 46: Ansaldo Energia Spa - Key offerings
          • Exhibit 47: Ansaldo Energia Spa - Segment focus
        • 10.4 Bharat Heavy Electricals Ltd.
          • Exhibit 48: Bharat Heavy Electricals Ltd. - Overview
          • Exhibit 49: Bharat Heavy Electricals Ltd. - Business segments
          • Exhibit 50: Bharat Heavy Electricals Ltd. - Key News
          • Exhibit 51: Bharat Heavy Electricals Ltd. - Key offerings
          • Exhibit 52: Bharat Heavy Electricals Ltd. - Segment focus
        • 10.5 Capstone Green Energy Corp.
          • 10.6 Caterpillar Inc.
            • Exhibit 58: Caterpillar Inc. - Overview
            • Exhibit 59: Caterpillar Inc. - Business segments
            • Exhibit 60: Caterpillar Inc. - Key News
            • Exhibit 61: Caterpillar Inc. - Key offerings
            • Exhibit 62: Caterpillar Inc. - Segment focus
          • 10.7 General Electric Co.
            • Exhibit 63: General Electric Co. - Overview
            • Exhibit 64: General Electric Co. - Business segments
            • Exhibit 65: General Electric Co. - Key News
            • Exhibit 66: General Electric Co. - Key offerings
            • Exhibit 67: General Electric Co. - Segment focus
          • 10.8 IHI Corp.
            • Exhibit 68: IHI Corp. - Overview
            • Exhibit 69: IHI Corp. - Business segments
            • Exhibit 70: IHI Corp. - Key News
            • Exhibit 71: IHI Corp. - Key offerings
            • Exhibit 72: IHI Corp. - Segment focus
          • 10.9 Kawasaki Heavy Industries Ltd.
            • Exhibit 73: Kawasaki Heavy Industries Ltd. - Overview
            • Exhibit 74: Kawasaki Heavy Industries Ltd. - Business segments
            • Exhibit 75: Kawasaki Heavy Industries Ltd. - Key News
            • Exhibit 76: Kawasaki Heavy Industries Ltd. - Key offerings
            • Exhibit 77: Kawasaki Heavy Industries Ltd. - Segment focus
          • 10.10 Mitsubishi Heavy Industries Ltd.
            • Exhibit 78: Mitsubishi Heavy Industries Ltd. - Overview
            • Exhibit 79: Mitsubishi Heavy Industries Ltd. - Business segments
            • Exhibit 80: Mitsubishi Heavy Industries Ltd. - Key News
            • Exhibit 81: Mitsubishi Heavy Industries Ltd. - Key offerings
            • Exhibit 82: Mitsubishi Heavy Industries Ltd. - Segment focus
          • 10.11 OPRA Turbines
            • Exhibit 83: OPRA Turbines - Overview
            • Exhibit 84: OPRA Turbines - Product and service
            • Exhibit 85: OPRA Turbines - Key News
            • Exhibit 86: OPRA Turbines - Key offerings
          • 10.12 Siemens AG
            • Exhibit 87: Siemens AG - Overview
            • Exhibit 88: Siemens AG - Business segments
            • Exhibit 89: Siemens AG - Key News
            • Exhibit 90: Siemens AG - Key offerings
            • Exhibit 91: Siemens AG - Segment focus

          11 Appendix

          • 11.1 Scope of the report
            • 11.2 Currency conversion rates for US$
              • Exhibit 92: Currency conversion rates for US$
            • 11.3 Research methodology
              • Exhibit 93: Research Methodology
              • Exhibit 94: Validation techniques employed for market sizing
              • Exhibit 95: Information sources
            • 11.4 List of abbreviations
              • Exhibit 96: 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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            The gas turbines market for power industry market growth will increase by $$ 2.21 bn during 2022-2025.
            The gas turbines market for power industry market is expected to grow at a CAGR of 2.1% during 2022-2025.
            Technavio has segmented the gas turbines market for power industry market by technology (combined-cycle gas turbines and open-cycle gas turbines) and geography (APAC, North America, Europe, MEA, 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 turbines market for power industry market.
            APAC will register the highest growth rate of 53% among the other regions. Therefore, the gas turbines market for power industry market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the gas turbines market for power industry market growth are:
            • Increase in CCGT power plants
            • Technological innovations in gas turbines
            The gas turbines market for power industry market vendors should focus on grabbing business opportunities from the combined-cycle gas turbines segment as it accounted for the largest market share in the base year.
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