Global Turbine Oil Market Overview, Forecast, and Analysis Through 2021, by Technavio

Technavio has published a new report on the global turbine oil market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global turbine oil market is expected to grow at a CAGR of more than 3% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global turbine oil market for 2017-2021. Based on product type, the market is divided into two categories: mineral oil-based lubricants and synthetic oil-based lubricants, with mineral oil-based lubricants holding an impressive market share of 77.732% as of 2016.

Technavio’s research study segments the global turbine oil market into the following regions:

  • APAC
  • EMEA
  • Americas

APAC: largest turbine oil market

In terms of consumption, the turbine oil market in APAC was valued at 2.714 MMT in 2016 and is expected to reach 3.240 MMT by 2021, growing at a CAGR of almost 4%. The growth potential of the turbine oil market in APAC is immense, especially in developing countries such as India and China. These emerging economies need efficient and reliable power to sustain their economic growth as well as protect the environment, thus leading to the use of technologies such as CCGT to curb carbon emissions and produce cleaner power compared with coal-powered plants. The increased demand for gas turbines is expected to drive the growth of the turbine oil market.

After the 2011 Fukushima nuclear crisis in Japan, utilities in the country are focusing extensively on power generation from non-nuclear sources by either building new power plants or expanding existing power plants. The energy mix in Japan is rapidly shifting toward natural gas, with growing preference among utilities, mainly due to uncertainty about the Japanese government’s energy policy and the new carbon tax on coal. Large-scale replacement projects are also boosting the demand for gas turbines in the country.

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Turbine oil market in EMEA

The turbine oil market in EMEA was valued at 1.490 MMT in terms of consumption in 2016 and is expected to reach 1.719 MMT by 2021, growing at a CAGR of close to 3%.

According to Thanikachalam Chandrasekaran, a lead oil and gas research analysts at Technavio, “EMEA has been a hotspot for crude and natural gas production since the discovery of oil in the region around the 1950s. The region is expected to witness new discoveries of resources in East Africa that are expected to come into production by 2021.”

Market growth in EMEA is primarily fueled by the presence of rich gas resources in the Middle East. The region will likely see numerous investments in gas-based power generation to meet the growing power demand. The decline in wholesale electricity prices and increasing renewable capacity due to decarbonization policy are the major factors influencing the slowdown of the turbine oil market in the region.

Turbine oil market in the Americas

The turbine oil market in the Americas was valued at 0.839 MMT in terms of consumption in 2016 and is expected to reach 1.030 MMT by 2021, growing at a CAGR of more than 4%.

The Americas will witness an increase in demand due to large reserves of shale gas reserves in North America. The region will witness an increase in power generation from shale gas due to its clean and emission-free nature as well as easy availability,” adds Thanikachalam.

The demand for power turbines, especially gas turbines, in the Americas is driven by stringent emission laws and the need for efficient power generation in countries such as the US and Canada. For instance, the US Environmental Protection Agency (EPA) passed a law in 2014 that aimed to reduce carbon emissions from coal power plants by 30% by 2030 compared to the 2005 levels.

The top vendors in the global turbine oil market highlighted in the report are:

  • Castrol
  • Chevron
  • ExxonMobil
  • Royal Dutch Shell
  • Valvoline

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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

Release Summary

The global turbine oil market is expected to grow at a CAGR of more than 3% during the forecast period, according to Technavio’s latest report.

Contacts

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