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Global Combined Cycle Gas Turbine Market 2016-2020

  • Published: Sep 2016
  • Pages: 78
  • SKU: IRTNTR10363
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This industry research report identifies Ansaldo Energia, GE, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Siemens, and Solar Turbines as the key vendors in the global combined cycle gas turbine (CCGT) market. This report also presents a competitive analysis of the market by design type (aeroderivative and heavy duty) and by geography (the Americas, APAC, and EMEA).

Overview of the global combined cycle gas turbine (CCGT) market

Market research analysts at Technavio predict the global combined cycle gas turbine (CCGT) market to grow steadily over the next four years and post a CAGR of more than 4% by 2020. Though the rising awareness towards the need for the reduction of carbon emissions have resulted in the shift towards renewable energy, the high initial costs associated with their installation challenge their adoption. This will be one of the major factors driving the growth of the combined cycle gas turbine market, as CCGTs offer lower power installation costs than both renewable and nuclear energy. The US Department of Energy's Lawrence Berkley National Lab has stated that the capacity-weighted average installed project cost for wind energy was $1,630/kW in 2013. Whereas, the power installation cost per KW in the case of gas turbines is only around $500. Moreover, gas turbine power plants are mainly driven by natural gas, which will also increase their adoption, since they offer clean energy when compared to other power generation sources such as fossil fuel.

The increasing concerns towards the depletion of natural resources and the reduction of harmful emissions will result in the introduction of regulations that will demand the implementation and adoption of technologies such as gas turbines for power generation. The Environment Protection Agency (EPA) has already passed the Clean Power Plan to reduce CO₂ emissions from power plants by 30% by 2030. Also, 195 member states of the UN Framework Convention on Climate Change signed the Paris Agreement in 2015 that aims to limit the rise in global temperature below 3.6°F (2°C) in the 21st century. Since the combined cycle gas turbine have the potential to reduce emissions from power plants and also improve the efficiency of power generation, there will be an increasing adoption of combined cycle gas turbine power plants in the coming years.

Competitive landscape and key vendors

The market is mature and characterized by the presence of a small number of combined cycle gas turbine manufacturers who occupy large market shares. Major vendors such as GE, Siemens, and MHPS account for more than 80% of the total market share. Vendors mainly focus on the efficiency of their turbines and constantly make investments in their R&D to increase their turbines’ efficiencies to differentiate themselves from and have a competitive edge over their competitors. Turbine manufacturers have also started concentrating on providing aftermarket services such as maintenance for their high-efficiency gas turbines. To gain a considerable share of the market, major manufacturers have also started undertaking the expansion of manufacturing facilities for gas turbines. New entrants and small regional players often get acquired by the major players and this industry research report predict that this trend will continue in coming years as well.

The leading vendors in the market are -

  • Ansaldo Energia
  • GE
  • Kawasaki Heavy Industries
  • Mitsubishi Hitachi Power Systems (MHPS)
  • Siemens
  • Solar Turbines

Segmentation by design type and analysis of the CCGT market

  • Aeroderivative
  • Heavy duty

According to this market research and analysis, the heavy-duty design segment accounted for more than 87% total market shares and dominated the industry during 2015. The rapid replacement of coal-based power generation capacities with natural gas-based CCGT capacities is identified to be the major reason for the growth of this market segment. Analysts predict that this market segment will continue its dominance throughout the forecast period as well.

Geographical segmentation and analysis of the CCGT market

  • Americas
  • APAC
  • EMEA

This market study predicts that in terms of geography, APAC will be the major revenue contributor to the combined cycle gas turbine market throughout the forecast period, and also estimates that the region will account for more than 48% of the total market shares by 2020. The growth of the market will mainly attribute to the rise in demand from the developing countries such as India and China, where there is a constant need for efficient and reliable power to sustain their economic growth as well as to protect the environment.

Key questions answered in the report include

  • What will the market size and the growth rate be in 2020?
  • What are the key factors driving the global CCGT market?
  • What are the key market trends impacting the growth of the global CCGT market?
  • What are the challenges to market growth?
  • Who are the key vendors in the global CCGT market?
  • What are the market opportunities and threats faced by the vendors in the global CCGT market?
  • Trending factors influencing the market shares of the Americas, APAC, and EMEA.
  • What are the key outcomes of the five forces analysis of the global CCGT market?

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The generation of electric power involves mechanical energy which converts the fuel energy using a generator. The overall efficiency of the conversion rate could be as low as 30% based on the fuel type and thermodynamic process. In other words, two-third of latent energy present in the fuel is wasted away. For example, the steam electric power plants that use boilers to combust a fossil fuel have an average of 33% efficiency. In the case of natural gas, the overall efficiency rate is up to 30% while it is 25% with fuel oil, in cycle gas turbine (GTs) plants. Most of the wasted energy produced after combustion ends up in the form of thermal energy in the hot exhaust gases. A combined cycle gas turbine (CCGT) plant utilizes gas turbine and is the most common type of combined cycle power plant.

The report, global combined cycle gas turbine market, is part of Technavio’s heavy industry research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as construction, engineering tools, test and measurement, tools and components, and unit operations. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.

Table of Contents

PART 01:  Executive summary

  • Highlights

PART 02:  Scope of  the report

  • Top-vendor offerings

PART 03:  Market research methodology

  • Research methodology
  • Economic indicators

PART 04:  Introduction

  • Key market highlights

PART 05:  Market landscape

  • Market overview
  • Market size and forecast
  • Five forces analysis

PART 06:  Market segmentation  by design type

  • Global CCGT market by design type
  • Heavy-duty (frame) gas turbines
  • Aeroderivative gas turbines

PART 07:  Geographical segmentation

  • Global CCGT market by geography
  • APAC
  • Americas
  • EMEA

PART 08:  Market drivers

  • Increasing efficiency and durability of gas turbines
  • Regulations on carbon emissions
  • Consolidation of market vendors
  • Lower initial cost than other low-carbon emission substitutes
  • Increase in CCGT power plants
  • Development of GTCC and IGCC technologies

PART 09:  Impact of drivers

PART 10:  Market challenges

  • Volatility in natural gas prices
  • Change in energy mix
  • Disparities in natural gas reserves and shrinking supplies
  • Inherent challenges in handling natural gas

PART 11:  Impact of drivers and challenges

PART 12:  Market trends

  • Low oil prices
  • Declining demand for F-class gas turbines
  • Stringent government regulations worldwide

PART 13:  Vendor landscape

PART 14:  Key vendor analysis

  • Ansaldo Energia
  • GE
  • Kawasaki Heavy Industries
  • Mitsubishi Hitachi Power Systems
  • Siemens
  • Solar Turbines

PART 15:  Appendix

  • List of abbreviations

PART 16:  Explore Technavio

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
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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
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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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