"Actionable Insights to Fuel Your Growth"

Industrial Gas Turbine Market Size, Share & COVID-19 Impact Analysis, By Capacity (1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, 300+MW), By Technology (Heavy Duty, Light Industrial, Aeroderivative), By Cycle (Simple Cycle, Combined Cycle), By Sector (Electric Power Utility, Oil & Gas, Manufacturing) and Regional Forecasts, 2021-2028

Region : Global | Format: PDF | Report ID: FBI100921

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global industrial gas turbine market size was USD 8.35 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the industrial gas turbine industry witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a decline of 19.9% in 2020. The market is expected to grow from USD 8.55 billion in 2021 to USD 10.55 billion in 2028 at a growth rate of 3.0% in the 2021-2028 periods. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.


An industrial gas turbine is a combustion engine that generates mechanical energy from various fuels such as natural gas or liquid fuels. This mechanical energy is used to drive an integrated generator that produces electric energy. Traditional gas-fired and oil-fired steam power plants have been replaced by efficient combined-cycle power plants using gas turbines to fuel gas or oil. The electricity demand is increasing across the globe, along with the high demand for clean energy, which are the major factors that are expected to propel the global market growth from 2020 to 2028.


Several Power Projects are Affected Heavily Due to COVID-19 Pandemic


The coronavirus (Covid-19) was first identified in China’s Hubei province in December 2019 and has since become a global health threat, affecting more than 200 countries. The power sector is one of the most widely affected domains, and the lockdowns have added to the adverse effect of the pandemic. The unavailability of human resources due to lockdown has caused delays in power projects. The lockdown caused supply chain disruptions and issues in project financing. Recently, the Myanmar power plant projects initially scheduled to complete in 2020 were delayed due to COVID-19. The deputy minister for Electricity and Energy (MOEE) said three imported liquefied natural gas (LNG) power projects and a gas power project are still not operational because of the COVID-19 pandemic. Due to commercial flight bans and travel restrictions, the machinery, the power generation equipment, and experts required to install it were unable to reach Myanmar by the deadlines.


The power plant operators in the U.S. continue to change procedures at their facilities, including pushing back scheduled maintenance due to lockdowns imposed due to the coronavirus pandemic. The changes have affected many companies such as Siemens and General Electric (GE), major manufacturers of industrial gas turbines, and service providers to power plants when these global companies are already taking a revenue hit due to COVID-19.


LATEST TRENDS


Request a Free sample to learn more about this report.


Broader Scope in Emerging Economies is the Latest Trend in Market


The rise in the industrial hubs and growing foreign direct investment (FDI) in all major manufacturing sectors across emerging economies such as China, India, Brazil, and Southeast Asian countries are projected to create lucrative growth opportunities for this market during the forecast period. Various foreign developers who intend to set up their businesses through FDI incentive schemes are being focused on emerging economies. This will indirectly boost the economy of the country and enhance industrialization.


Countries such as the US and many Asian countries have evolved and restructured their manufacturing policies and procedures to attract investments and enable growth. Industrialization will boost the automation process to improve the overall efficiency of production and ease operations. Hence, it can be concluded that the growth of the industrial sector, especially in the emerging economies, will create an opportunity for the global market.


DRIVING FACTORS


Gas Turbine Technology Reduces Greenhouse Emissions Fuels the Market Growth


Conventional coal-fired power plants are known to emit large amounts of toxic gases and contribute majorly to heating. Coal-fired power generating plants are one of the largest contributors to emissions. The rising greenhouse gas emissions create the urgency to develop cleaner techniques to get electricity, which is predicted to build up the demand for industrial gas turbines within the coming decade.


Natural gas, a primary fuel of gas turbines, contains very little sulfur, meaning virtually no sulfur dioxide is emitted. CO2 emission from gas turbines burning natural gas is also very low–0.37 kilograms of CO2 per kWh of electricity generated. This compares to 1.01 kg/kWh for lignite and 0.8 kg/kWh for anthracite. Thus, the above factors drive the industrial gas turbine market growth during the forecast period.   


Growing Demand for Electricity Augment the Growth of the Global Market


The high increase across the world, flourishing industrial sector, and growth in infrastructure development activities result in an enormous rise in demand for electricity. As the demand for electricity increases, several countries across the planet are increasing their electricity generating capacity by installing new plants or expanding the capacity of the prevailing one. Due to stringent government norms regarding greenhouse gas emissions, companies are more inclined to adopt industrial gas turbine systems. These factors will augment the growth of the market during the forecast period.


RESTRAINING FACTORS


Volatility in Natural Gas Prices May Hinder Market Growth


Natural gas prices are affected by actions that can disrupt the supply of natural gas. Geopolitical tensions are a disruptive factor that causes uncertainty about the availability or demand for gas. This can cause higher volatility within the prices of gas. The cost of gas within the U.S. has fallen drastically due to shale gas exploitation, but elsewhere within the world, the value remains relatively high. Most of the countries in the Middle East region account for a significant share of natural gas reserves. It is a highly unstable region due to political and cultural issues. Moreover, from the past few months, due to the Covid-19 pandemic, the demand for natural gas decreased significantly. Thus the costs of gas also dropped, which creates a negative impact on market growth.


SEGMENTATION


By Capacity Analysis


The 150-300 MW Segment Would Hold the Largest Market Share


Based on capacity, the 150-300 MW segment dominated the global industrial gas turbine market share in 2020. These capacity turbines are primarily used in the power generation industry. As the trend of power generation has shifted to reduce emissions of GHGs, mainly considering the environmental factors, the 300+ MW has gradually acquired a noble market share in the industry.


The small capacity industrial gas turbine segments of 1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, and 15-20 MW are increasing due to the high availability of gas. These small capacity gas turbines are modular and can operate on two fuels. These small capacity turbines are used for combined heat & power plants and co-generation plants.


By Technology Analysis


Heavy Duty Technology to Carry a Dominant Market Share


Based on technology, the heavy-duty segment held the major share of the global market in 2020. A growing number of manufacturing plants, coupled with the integration of large-scale economic zones across developing nations, have set up a commendable business platform. Growth within the integration of captive generating power stations to serve the electricity demand across industrial establishments will expand the heavy-duty segment.


Aeroderivative segments have gained significant market share in the global market due to the availability of highly flexible and mobile technologies. Furthermore, the segment finds a diverse application portfolio, including marine propulsion, utility generation, and district heating.


By Cycle Analysis


Combined Cycle Segment Hold Dominant Market Share


Based on cycle, the combined cycle segment led the global market in 2020, majorly due to environmental proximity, effective waste heat utilization, and operational efficiency. The combined cycle requires more investment as compared to the straightforward cycle, and thus these plants are inbuilt phases. First, the simple cycle plants are constructed and then are converted to a combined cycle gradually.


The simple cycle segment is likely to grow at a significant pace during the forecast period. The construction of simple cycle plants is easy and more convenient as compared to combined cycle plants and these types of power plants are also cost-friendly as well as efficient. The construction of only simple cycle power plants is increasing across the world. This drives growth in the simple cycle segment during the forecast period.


By Sector Analysis


To know how our report can help streamline your business, Speak to Analyst


Electric Power Utility Sector Held the Highest Market Share


Based on sector, the electric power utility segment dominated the global market in 2020. A growing focus toward the refurbishment of traditional steam and coal-fired power plants with gas or other renewable energy power generating stations will boost the market. The high efficiency in power generation from gas turbines has given this technology a whip hand as compared to the traditional power generation plants.


The oil and gas segment is likely to expand significantly during the forecast period. The exploration and production activities are increasing rapidly, and the volume of gas generation is also increasing. The pipeline projects are also increasing significantly. Thus, drives growth in an oil and gas segment during the forecast period.


REGIONAL INSIGHTS


North America Industrial Gas Turbine Market, 2020 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The global industrial gas turbine market has been analyzed across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


The North America region is anticipated to lead the market over the forecast period. The region has a large number of industrial gas turbine plants operating on natural gas because of the ongoing increased shale gas exploration activities in the region. The U.S. Energy Information Administration (EIA) stated that presently more than 40% of the nation’s power comes from coal whereas around 25% from natural gas. The EIA expects natural gas to become the primary fuel for power generation by 2035.


Asia Pacific is estimated to grow at a significant CAGR during the forecast period. The market growth in the region can be accredited to several factors such as rapid industrialization, the rising demand for energy, and increasing demand for clean energy technologies. The Asia Pacific region is majorly dependent on coal for power production. Coal combustion causes a significant amount of air pollution. Government initiatives to reduce carbon emissions have given rise to the use of gas turbines in countries like Japan, China, Australia, South Korea, India, etc. Currently, China is drafting its 14th Five Year Plan, which will be most favorable for gas power development. The 14th FYP will implement a robust favorable policy to encourage more and more gas-fired power projects in China.


The Europe region is also attributed to expanding significantly during the forecast period. The governments in this region are highly focusing on replacing coal with either gas turbines or other renewable sources to reduce greenhouse gas emissions. The electricity demand in this region is growing exponentially, increasing the power generating capacity within the region. The shifting focus from coal to gas drives growth in the gas turbine market during the forecast period.


KEY INDUSTRY PLAYERS


Key Participants Are Concentrating On New Contracts


The market is highly fragmented with the presence of several large-scale key players across the world. These include a group of 4-5 key companies with a wider geographic presence. Several companies are increasingly participating in organic & inorganic developments to solidify their market position globally. The companies are looking for new contracts to increase their market share. For instance, in February 2021, GE announced that its six 34 MW LM250EXPRESS aero-derivative gas turbine will replace coal at the power plant in Colorado.


In December 2020, Anasoldo Energia announced a contract for the supply of an 80 MW AE64.3 gas turbine and the related maintenance for a value of around 50 million Euro from Synthos. This gas turbine will be installed in the Oswiecim plant and this turbine will replace the coal boiler after an operation.


LIST OF KEY COMPANIES PROFILED:



  • GE (U.S.)

  • Siemens (Germany)

  • Mitsubishi Hitachi Power Systems, Ltd. (Japan)

  • Ansaldo Energia (Italy)

  • Solar Turbines (U.S.)

  • Kawasaki Heavy Industries, Ltd. (Japan)

  • Doosan Heavy Industries & Construction (South Korea)

  • Bharat Heavy Electrical Limited (India)

  • OPRA Turbines (Netherlands)

  • Rolls-Royce (U.K.)

  • Vericor Power Systems LLC (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • In April 2021: Siemens signed an agreement with an EPC Contractor TSK to supply F-class as a turbine to a new combined cycle power plant in Jacqueville, named Côte d'Ivoire. The power plant will have a capacity of 390 MW, and it is likely to begin operation in 2022

  • August 2020 – General Electric has secured an 858 MW CCGT power plant order to supply its 9HA.02 gas turbine and related equipment for the Zainskaya State District Power Plant. Of 858 MW, the upgrade project will include a 577 MW gas turbine plant.


REPORT COVERAGE


An Infographic Representation of Industrial Gas Turbine Market

To get information on various segments, share your queries with us



The global industrial gas turbine market report provides a detailed analysis of the market and focuses on key aspects such as leading companies and leading waste type, and services of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion) and Volume (MW)



Segmentation



By Capacity; By Technology; By Cycle; By Sector; and By Region



By Capacity




  • 1-2 MW

  • 2-5 MW

  • 5-7.5 MW

  • 7.5-10 MW

  • 10-15 MW

  • 15-20 MW

  • 20-30 MW

  • 30-40 MW

  • 40-100 MW

  • 100-150 MW

  • 150-300 MW

  • 300+ MW



By Technology




  • Heavy Duty

  • Light Industrial

  • Aeroderivative



By Cycle




  • Simple Cycle

  • Combined Cycle



By Sector




  • Electric Power Utility

  • Oil & Gas

  • Manufacturing



By Region




  • North America (By Capacity, By Cycle, By Technology, By Sector, By Country)

    • U.S. (By Sector)

    • Canada (By Sector)



  • Europe (By Capacity, By Cycle, By Technology, By Sector, By Country)

    • Germany (By Sector)

    • U.K. (By Sector)

    • France (By Sector)

    • Spain (By Sector)

    • Italy (By Sector)

    • Turkey (By Sector)

    • Russia (By Sector)

    • Rest of Europe (By Sector)



  • Asia Pacific (By Capacity, By Cycle, By Technology, By Sector, By Country)

    • China (By Sector)

    • Australia (By Sector)

    • India (By Sector)

    • Indonesia (By Sector)

    • Japan (By Sector)

    • South Korea (By Sector)

    • Thailand (By Sector)

    • Rest of Asia Pacific (By Sector)



  • Latin America (By Capacity, By Cycle, By Technology, By Sector, By Country)

    • Brazil (By Sector)

    • Mexico (By Sector)

    • Argentina (By Sector)

    • Venezuela (By Sector)

    • Rest of Latin America (By Sector)



  • The Middle East and Africa (By Capacity, By Cycle, By Technology, By Sector, By Country)

    • South Africa (By Sector)

    • Egypt (By Sector)

    • Iran (By Sector)

    • Qatar (By Sector)

    • Saudi Arabia (By Sector)

    • Algeria (By Sector)

    • United Arab Emirates (By Sector)

    • Rest of Middle East & Africa (By Sector)





Frequently Asked Questions

As per Fortune Business Insights study, the global market was USD 8.35 billion in 2020.

The global market is projected to grow at a CAGR of 3.0% in the forecasted period.

The market size of North America stood at 2.56 billion in 2020.

The global market size is anticipated to reach USD 10.55 billion by 2028, growing at a substantial CAGR of 3.0% during the forecast period (2021 -2028).

Based on sector, electric power utility is the leading segment in the market.

Growing concerns to reduces greenhouse emissions is the major factor driving the growth of the market, whereas volatility in natural gas prices may hinder the market growth

The major players in the market are GE, Siemens, Doosan Heavy Industries & Construction, and Bharat Heavy Electrical Limited.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Industrial Gas Turbine Market Size, Share and Global Industry Trend Forecast till 2026
  • Oct, 2021
  • 2020
  • 2017-2019
  • 210

    CHOOSE LICENSE TYPE

  • $4850
    $6850
    $8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X