LONDON--(BUSINESS WIRE)--The global gas turbine market for the power industry is projected to grow at a CAGR of more than 2% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global gas turbine market for the power industry for 2017-2021. Based on the technology, the market is divided into combined-cycle and open-cycle gas turbine segments.
| The growth of the global gas turbine market for the power industry is driven by the increasing replacement of coal-fired power plants with natural gas power plants. In addition, the rising efficiency and durability of gas turbines due to the development and heavy investments by the manufacturers boost their adoption in the power industry. Increase in demand for power due to rapid urbanization and growing population is also expected to impact the gas turbine market. |
Technavio’s research study segments the global gas turbine market for the power industry into the following regions:
- APAC
- Americas
- EMEA
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Gas turbine market for the power industry in APAC
APAC occupied a majority 44% of the gas turbine market for the power industry in 2016 and is expected to grow faster than the other segments through the forecast period. The growth in the market segment is estimated to be boosted by emerging economies like India, China, and Indonesia, which are mainly focusing on the efficient generation of power to sustain their economic growth and development.
“The Government of India is taking initiatives to encourage gas-based power stations. In 2016, around nine gas-based power plants were revived in India to produce 8.81 billion units through reverse e-auction process. Similarly, other countries like China, Thailand, and Indonesia prefer gas-based power generation over other energy mixes,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
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Gas turbine market for the power industry in the Americas
Coal has been the backbone fuel of the Americas for power generation. Due to environmental concerns and CO₂ emissions, the demand for cleaner fuels for power generation is on the rise. The shutdown of coal power plants and construction of gas-based power plants will help drive the gas turbine market in the Americas. However, preference for renewable sources of energy and nuclear energy might have a significant impact on the gas turbine market.
The expanded production near shale formations is another key factor boosting the market. Nearly 19,000 MW of power generation is expected to be constructed in the US, during 2016 to 2018, which uses natural gas as its fuel. These constructions are expected to be near the shale formation region where low-priced natural gas is available. Construction of new gas-fired power plants will boost the demand for gas turbines.
Gas turbine market for the power industry in EMEA
“In 2016, power generation in the EU was climate-friendly due to the major shift from coal to natural gas for power generation. This trend was highly observed in countries such as the UK, Italy, Germany, the Netherlands, and Greece. The shift to natural gas will drive the growth of the market segment,” says Anju.
CHP (Combined Heat and Power) is one of the sources of energy in Europe. By effectively implementing cogeneration plants, the greenhouse gas emissions can be reduced up to 250 million tons by 2020. The European Commission has approved four highly efficient cogeneration plants in Berlin, Munich, Cologne, and Dusseldorf, which positively impacts the prospects for gas turbines during the forecast period.
The top vendors in the global gas turbine market for the power industry highlighted in the report are:
- Ansaldo Energia
- GE
- Kawasaki Heavy Industries
- Mitsubishi Hitachi Power Systems
- Siemens
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