Upsurge in Distributed Power Generation Will Drive the Global Gas Turbine Market Until 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the global gas turbine market is expected to grow at a CAGR of 3.49% until 2020.

This research report titled ‘Global Gas Turbine Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various end-user segments, including power generation, mobility, oil and gas, and others.

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“Worldwide, power generation is undergoing a transformation from centralized systems to integrated networks due to growing reliance on distributed power generation systems. Distributed power technologies are less than 100 MW in size with the standard size being less than 50 MW, which is the limit permitted by distribution systems at distribution voltages,” said Anju Ajaykumar, one of Technavio’s lead analysts for heavy industries research.

“Gas turbines are an essential part of distributed power technologies product portfolio along with diesel and gas reciprocating engines, solar panels, fuel cells, and small wind turbines. Thus, growth of distributed power systems will translate to an increased demand for gas turbines during the forecast period,” added Anju.

Global gas turbine market by end-user 2015

  • Power generation 70.39%
  • Mobility 17.18%
  • Oil and gas 6.07%
  • Others 6.35%

Source: Technavio research

Global gas turbine market in power generation sector: largest segment

The power generation segment is expected to grow at a CAGR of 3.01% during the forecast period. The use of Gas turbines is increasing the world over in sync with the rising demand for global power and cleaner solutions. APAC countries such as China and India are expected to contribute significantly to the growth of the segment with a large number of ongoing power generation projects. Natural gas-fired turbine power plants offer highly economical and environmentally viable solutions, especially in the present scenario of low natural gas prices, backed by the flourishing production of natural gases. Clean Power Plan initiative in the US is projected to increase the share of natural gas in the power mix from 27% in 2014 to 33% in 2020.

Global gas turbine market in mobility sector: second largest market

The mobility segment is expected to grow at a CAGR of 5.29% during the forecast period. The mobility segment mainly consists of aeronautic and marine applications of gas turbines and is predicted to be the fastest growing end-user segment in the market. This growth is attributed to the significant rise in demand for air travel, resulting in additional aviation fleets, which corresponds to the growth levels of about 5%. This segment is expected to add significant volumes by growing at nearly 3.5% over the next two decades.

Global gas turbine market in oil and gas sector: third largest segment

The oil and gas segment is expected to grow at a CAGR of 1.88% during the forecast period. The oil and gas industry, including all segments of the value chain like upstream, midstream, and downstream, use gas turbines for power generation. The midstream and downstream segments are likely to drive the global gas turbine market in the coming years. In the upstream segment, gas turbines have historically been used in areas of high volume gas production. Production facilities in the Middle East and North America, which usually have a basic gas processing plant, rely on gas turbine-driven captive power plants to meet their power needs.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the global gas turbine market is expected to grow at a CAGR of 3.49% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com