Sellbyville, DE -- (SBWire) -- 02/27/2019 --Gas Turbine Market is expected to chart a stable growth graph over the coming seven years, owing to rapid industrialization and rising demand for power generation. Replacements of old coal fired plants with the recent gas-fired technology will be another factor driving the market size. Strict regulatory targets toward limiting greenhouse gas emissions will favor the demand for gas-fired power generation stations, in turn propelling the industry outlook.
Global Gas Turbine Market is estimated to surpass USD 23 billion & poised to exceed 120 GW by 2024, as reported by Global Market Insights, Inc. The renewable energy sector, which is a full-fledged market in itself relies on specialized turbines to generate power. The end users of these gas turbines are the oil & gas, aviation, marine, and power generation industries. Power generation is the leading application of gas turbine industry, which is set to exceed 57 GW by 2024, having had over 40% of the total share in 2015.
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Globally, there is an ongoing growth of the small and medium industrial sectors with constantly evolving energy needs. This has spurred the requirement of low capacity gas turbines, which are affordable and easily transported. The gas turbine market for less than 50 kW is slated to surpass 1 GW in annual installations by 2024. >200 kW capacity gas turbine segment will also show tremendous growth in the coming years owing to use in large manufacturing industries such as O&G that need power for various operations onshore and offshore.
Gas turbines are largely used to power aircraft engines along with maintaining an effective power to weight ratio to sustain a flight. The aviation industry in the recent years has gained significant proliferation with large number of migrants and tourists excavating across the globe. Furthermore, aircrafts used for military applications have gained strong demand subject to the adherence to national security. Increasing fleet count coupled with rapid technological enhancements to cater a large consumer base through maintaining the reliability and efficiency will augment the overall gas turbine market.
The U.S. gas turbine market is anticipated exceed an annual installation of 5 GW by 2024. Expansion of research and development investment reforms and shifting focus towards effective combined cycle generation plants will drive the product demand. As per ICF International in 2016, turbines fabricated by U.S. based manufacturers contributed to 80% of the operating natural gas-fired combined cycle plants across the nation.
China gas turbine market owing to the development of large-scale gas fired power generating stations is set to exceed USD 600 Million by 2024. Siemens in 2017 fetched a gas turbine order from CAPCO to power a 550 MW combined cycle generating unit. The company with its SGT5-8000H gas turbine aims to execute its first Chinese power plant component order in past 20 years. Furthermore, the deal has also been aligned with the company's prospect of global expansion along with the integration of a versatile distribution channel.
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Operational efficiency, effective environmental proximity, lower overall operational cost, and effective waste heat utilization are few imperative factors driving the combined cycle gas turbine market. Resurgent industrial headway coupled with rising energy demand and stabilization of gas prices have instituted a favorable business scenario. In addition, overburdening of existing energy resources including coal and hydro power in conjunction with regulatory focus towards energy optimization will further foster the overall industry potential.
Prominent participants in the gas turbine market include GE, Siemens, Wärtsilä, Solar Turbines, MAN Diesel & Turbo, Mitsubishi Heavy Industries, Ansaldo Energia, Cryostar, Kawasaki Heavy Industries, Ltd., OPRA Turbines, Vericor Power Systems LLC (an MTU Aero Engines Company), Zorya-Mashproekt, and NPO Saturn.
