Gas turbines: Key market research findings
- The market is fuelled by regulations on carbon emissions and increasing focus on efficiency
- The CCGT segment accounts for majority share of the market
- Key vendors—Ansaldo Energia, GE, Kawasaki, MHPS, Siemens, and Solar Turbines
Technavio’s market research analysts estimate the global gas turbine market to grow at a CAGR of more than 3% in terms of revenue between 2016 and 2020. The increasing efficiency and durability of gas turbines are the primary driving forces behind the growth of the market. Stringent carbon emission regulations worldwide, focus on high performance and lower power generating cost, and volatility in fuel costs are driving demand for highly efficient gas turbines. Currently, the APAC region dominates the global gas turbine market by accounting for around 46% of the overall market share. The shift of the global demand in favor of APAC, especially China and other Southeast Asian countries, owing to the region’s rising power demand and carbon emission concerns is likely to contribute to growth of the market by 2020.
The new market research report from Technavio presents a breakdown and analysis of the gas turbine segments by technology.
“The development of the gas turbine combined cycle (GTCC) and integrated gasification combined cycle (IGCC) is the latest trend in the market. These technologies make use of gas turbines to meet the requirement for greener power. Technologies such as IGCC along with advanced ultra-supercritical (A-USC) technology can offer low emission and high-efficiency solutions, and are increasingly being implemented in the market,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
In 2015, the combined cycle gas turbine (CCGT) dominated the global gas turbine market by accounting for almost 68% of the overall market share. This segment is driven by the increased focus on energy efficiency with rising concerns on carbon emissions and resource utilization rates. The replacement of coal-fired power plants triggered by stringent regulations, especially in countries like the US, is also adding to the demand for CCGTs. Low gas prices and increasing integration of renewable energy are factors that will play a key role in the growth of the CCGT market during the forecast period.
They key vendors in the global gas turbine market include Ansaldo Energia, GE, Kawasaki, MHPS, Siemens, and Solar Turbines. This market is mature and is characterized by the presence of a small number of manufacturers occupying large market shares. Providers in the market are focusing on aftermarket services like maintenance to increase the efficiency of gas turbines. Several manufacturers are expanding their manufacturing facilities to avail the high growth potential of the market. At present, the overcapacity in the market is driving manufacturers toward consolidation to expand their geographical presence and acquire advanced technologies for venturing into new segments.
A more detailed analysis is available in the Technavio report, Global Gas Turbine Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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