Market Trends

Unveiling the Potential: The Global Gas Turbine Market Set to Soar from 2024-2028

NEW YORK, May 20, 2024 /PRNewswire/ -- According to the latest market research from Technavio, the global gas turbine market is poised for a notable expansion, with an estimated growth of USD 2.65 billion from 2024 to 2028. This growth trajectory is projected to follow a Compound Annual Growth Rate (CAGR) of 1.86% over the forecast period.

Technavio has made this insightful market research report publicly available, providing a forecast market size and historical data (2018 - 2022). Interested readers can access the full report by downloading a free sample here.

In-Depth Forecast Analysis

The timeline for this prosperous surge in the gas turbine sector is identified as the period from 2024 through 2028. The base year for the report is considered to be 2023, while the historical data spanning from 2018 to 2022 provides a solid foundation for predictive modeling.

This comprehensive report covers several crucial aspects of the market, including product variations which encompass heavy-duty and aeroderivative gas turbines, as well as the deployment of combined cycle gas turbine (CCGT) and open cycle gas turbine (OCGT) technology. Geographically, the study spans across five key regions: Asia-Pacific (APAC), North America, Europe, Middle East and Africa, and South America.

Segmentation Insights

The segmentation overview offers an in-depth look at the products and technologies under the gas turbine category. Gas turbines are broadly classified based on their products — heavy-duty gas turbines, which are predominantly used in large-scale power generation, and aeroderivative gas turbines, known for their portability and efficiency. In terms of technological deployment, the research differentiates between CCGT and OCGT, detailing their unique applications and prevalence.

Heavy-Duty Gas Turbines: Drivers of Major Growth

The gas turbine market spotlights heavy-duty frames designed for substantial power generation. This segment leads in market growth, fueled by the global rise in power consumption and a pivot towards more sustainable energy resources. This acceleration is particularly pronounced in developing regions, where power generation needs are surging. Environmental concerns are pushing a coal-to-gas transition, as gas-based power generation significantly cuts greenhouse gas (GHG) emissions. The report anticipates that high-baseload plants, necessitating turbines with ratings over 300 MW, will contribute greatly to market expansion.

Natural gas is increasingly becoming the favored fuel source, thanks to the exploitation of shale gas reserves. But the sector is not without its challenges; high operational temperatures, stringent labor safety regulations, and a scarcity of expertise form hurdles that the industry must overcome. Market growth is also hinged on technological and regulatory insights that can drive advancements in turbine efficiency and fuel adaptability.

The report also sheds light on multiple applications of these turbines, ranging from industries like glass and cement manufacturing to combined heat and power (CHP) plants. As the momentum shifts toward renewable energy and distributed power generation, this segment demonstrates the versatility of gas turbines. Key technological factors such as combined cycle technology, Brayton cycle, and carbon emissions are emphasized as they dictate the direction of the industry.

Elements such as urban development, the inclination towards clean energy sources, and the transition from coal-based to gas-based power are shaping the heavy-duty gas turbine market. This comprehensive view allows stakeholders to navigate the evolving dynamics and leverage opportunities arising in this energetic sector.

Geographic Growth Trends in APAC

In APAC, the gas turbine sector shows vigorous growth owing to the region's swift industrial advancements and urbanization. Nations like China, India, and those in Southeast Asia are spearheading this development with their elevated demands for electricity spurred by industrial progress and urban establishment. Gas turbines, boasting dependability and versatility, are becoming the go-to solutions to meet these mounting energy requisites.

This change is underscored by the region's movement towards cleaner energy, where natural gas stands out for its lower GHG emissions than coal. High-energy demanding industries are increasingly adopting gas turbine technology to achieve higher temperatures and superior fuel versatility. Challenges that stem from safety regulations, expertise levels, and strict compliance demands are being tackled with technology insights aimed at maximizing efficiency and conforming to regulatory norms.

Emphasizing combined cycle technology, Brayton cycles, and the impetus on distributed power generation, the APAC market analysis within the report highlights the region's pursuit of gas-based power. Even as renewable energy sources and cleaner energy become more prominent, fossil fuels maintain their dominance in the energy mix—making continued innovation in gas turbine technology indispensable to meet the burgeoning electricity consumption while adhering to environmental imperatives.

Prospective readers looking for more granular insights on geopolitical segmentation, with projections and historical contexts intact, can obtain this information by downloading the sample report here.

Key Trends Driving the Market

Price volatility of fuels, mainly of natural gas used in power generation, casts a significant effect on the gas turbine market, setting a catalyst for transformation across the sector. Fuel adaptability—enabled via technological progress like the Brayton cycle—is spearheading innovation, helping turbines transcend the confines of natural gas to embrace alternate fuels such as biofuel and synthetic gas for reasons of economics and availability.

Gas turbines serve various industries beyond the realm of power generation. These industries depend on high temperatures achievable through turbines for diverse processes, such as cement production and in heavy industrial applications. The overarching framework of regulations and labor safety norms adds to the market's intricacy. As a counterbalance, burgeoning sectors like renewable energy, distributed power generation, and CHP plants are coming forth as clean energy alternatives, thus reshaping the energy paradigm.

Advances in technology, particularly in combined cycle models and turbines, are dramatically enhancing gas turbine efficiency. Further, with urbanization pervading and shale gas reserves being explored, they provide an additional impetus to the market's trajectory.

Confronting Market Challenges

The market, notwithstanding its prospects, is encountering headwinds due to intensifying regulations on natural gas storage. Methane, an escapee from these storage facilities, is a potent global warming agent. Challenges extend to the entire natural gas value chain—from its extraction to combustion—all contributors to GHG emissions, thus amplifying environmental distress.

Tackling these emissions is the precedence of technological progress, with innovations like the Brayton cycle seeking to amplify turbine effectiveness and mitigate emissions. However, the stiffening of regulations and scarcity of natural gas handling expertise may encumber market progression. Trends such as renewable energy uptake and ongoing urbanization will have profound effects on market dynamics.

Research Outcomes and Market Overview

The expansive research undertaken by Technavio encapsulates the Gas Turbine Market dynamics, charting its role in clean energy sectors like Combined Cycle Power Plants (CHP). These plants are a linchpin in the effort to meet burgeoning electricity demands and slash GHG emissions. Combined Cycle Technology is at the forefront of bringing efficiency improvements to Gas Turbines, cementing their position as a key player in contending with escalating energy requirements.

Technavio’s Comprehensive Market Research

Technavio, a revered name in global technology research and advisory, has an extensive portfolio of over 17,000 reports, touching upon 800 different technologies across 50 nations. Their clientele ranges from startups to Fortune 500 entities, all seeking Technavio’s incisive market insights. Their analysts, 500-strong, supply actionable intelligence key to strategic market positioning.

Technavio Research Media & Marketing Executive, Jesse Maida, can be contacted for further insights and for access to the full library of reports. Jesse can be reached at +1 844 364 1100 for US inquiries or +44 203 893 3200 for UK, or via email at [email protected]. For more information, visit Technavio's website.

The report’s comprehensive content structure includes:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Product and Technology
7. Customer Landscape
8. Geographic Landscape
9. Drivers, Challenges, and Trends
10. Company Landscape
11. Company Analysis
12. Appendix

This forward-looking study furnishes stakeholders with a robust framework to not only comprehend the present conditions but also anchor their strategic decisions on hard data and anticipated transformations.

Prospective clients and industry observers invested in the global projection of the gas turbine market can anticipate invaluable insights into its evolution. The outlining of market dynamics in Technavio's report is an indispensable compass for navigating the energy sector's future.

With an encompassing perspective, this news piece touches upon the noteworthy details from Technavio's detailed gas turbine market report, heralding an era where energy efficiency and clean fuel utilization are more critical than ever.