Global Industrial Gas Turbine Market Key Drivers, Restraints, Industry Size & Share, Opportunities, Trends, and Forecasts up to 2026
Posted on Dec 7 2020 12:51 PM
"Top Players in Industrial Gas Turbine Market are General Electric, Siemens, Rolls-Royce plc., Mitsubishi Hitachi Power Systems, Ltd., Ansaldo Energia, Kawasaki Heavy Industries, Ltd., Caterpillar, Capstone Turbine Corporation, Man Energy Solutions, Opra Turbines, and Centrax Gas Turbines "
As per the report by Fortune Business Insights, titled “Industrial Gas Turbine Market Size, Share & Industry Analysis, By Capacity, By Sector, By Technology, By Cycle and Regional Forecast, 2019-2026”, the overall industrial gas turbine market is expected to grow from USD 9.13 Billion in 2018 to USD 10.23 Billion by 2026 at a CAGR of 1.39% during the forecast period. The report also contains valuable insights into the factors that will drive and influence the market till 2026.
To Gain More Insights into the Industrial Gas Turbine Market Analysis, Browse Summary of the Research Report - https://www.fortunebusinessinsights.com/industry-reports/industrial-gas-turbine-market-100921
One of the main reasons for this growing trend is the increasing number of urban areas and urban populations, especially in developing nations. According to the UNESCO, the process of urbanization is set to accelerate in the next thirty years. The organization estimates that by 2030, about 61% (5 billion) of the world’s 8.1 billion people will be living in cities.
Furthermore, the number of megacities, urban areas having populations over 10 million, will be the highest in the developing regions of Asia-Pacific and Latin America. Rampant urbanization is expected to put greater pressure on resources and emit more harmful gases through home appliances and coal-fired power plants in these regions. This will significantly swell the global industrial gas turbine market size.
List of Top Key Players Mentioned:
- General Electric
- Rolls-Royce plc.
- Mitsubishi Hitachi Power Systems Ltd.
- Ansaldo Energia
- Kawasaki Heavy Industries Ltd.
- Capstone Turbine Corporation
- Man Energy Solutions
- Opra Turbines
- Centrax Gas Turbines
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“Collaborative Innovations to Intensify Market Competition”
In 2017, Rolls-Royce, the British jet engine-maker, joined hands with India’s Defense Research and Development Organization (DRDO) to bring and develop gas turbine technology in the country. Such technology exchange partnerships are expected to give an upward thrust to the global industrial gas turbine market revenue during the forecast period. In a similar vein, BP, Prumo, and Siemens have entered into a USD 750 million investment to set up an LNG-to-Power complex in Port of Acu in Rio de Janeiro, Brazil.
“Growing Need to Contain GHG Emissions from Power Plants to Boost the Market”
Gas turbines refer to engines that convert mechanical energy to electric energy through the combustion of natural gas and other liquid fuels that drives a generator. Electricity thus generated is supplied to businesses and households using power lines. These turbines produce power more efficiently compared to traditional power plants and are, therefore, in high demand. This is a major factor that will drive the global industrial gas turbine market growth in the forecast period. Conventional coal-fired power plants have been known to emit large amounts of toxic gases, speeding up the process of global warming. For example, the International Energy Agency’s Global Energy and CO2 Status Report of 2018 finds that coal-fired power plants were the largest contributor to emissions in 2018, increasing at a rate of 2.9% from 2017. Moreover, the report also states that 30% of global CO2 emissions in 2018 were as a result of coal-generated electricity. Thus, the urgency to develop cleaner techniques to generate electricity is expected to ramp up the demand for industrial gas turbines in the coming decade.
“Africa to Emerge as a Highly Lucrative Region; North America to Lead the Pack”
Low economic development and deficient power infrastructure are factors that present excellent business opportunities for players in the global industrial gas turbine market till 2026. North America is expected to hold a dominant section of the global industrial gas turbine market share owing to rising shale gas exploration activities and rapid enhancement of industrial gas turbine capacities in the region. Low operating costs are anticipated to drive the market in the Middle East.
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Major Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Industrial Gas Turbine Market Analysis (GW) (USD Billion), Insights and Forecast, 2015-2026
- Key Findings/Summary
- Market Analysis, Insights and Forecast – By Capacity
- 1-2 MW
- 2-5 MW
- 5-7.5 MW
- 5-10 MW
- 10-15 MW
- 15-20 MW
- 20-30 MW
- 30-40 MW
- 40-100 MW
- 100-150 MW
- 150-300 MW
- 300+ MW
- Market Analysis, Insights and Forecast – By Technology
- Heavy Duty
- Light Industrial
- Market Analysis, Insights and Forecast – By Sector
- Electric Power Utility (EPU)
- Oil & Gas (OG)
- Manufacturing (MR)
- Market Analysis, Insights and Forecast – By Cycle
- Simple Cycle
- Combined cycle
- Market Analysis, Insights, and Forecast – By Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- North America Industrial Gas Turbine Market Analysis (GW) (USD Billion), Insights and Forecast, 2015-2026
- Key Findings/ Summary
- Market Analysis, Insights and Forecast – By Capacity
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