by In a rapidly evolving energy landscape, concerns over carbon emissions have prompted governments worldwide to shift away from coal-fired power plants. The result? A surge in demand for gas turbines for power generation. According to the BP Statistical Review of World Energy 2021, natural gas emerged as the largest source of electricity generation in the United States in 2020, accounting for 40.5% of US power generation and 23.4% of global power generation.
Global natural gas consumption reached 3822.8 billion cubic meters in 2020, reflecting the escalating power needs of emerging countries and the drive towards cleaner energy sources. Natural gas, emitting less carbon dioxide than coal, is set to become the preferred choice for power generation, further bolstering the gas turbine market.
Growing Demand for Combined Cycle Technology to Drive Growth of Gas Turbine Market
The combined cycle technology is poised to be the star performer in the gas turbine market. Renowned for its exceptional efficiency, with system efficiencies ranging from 60.0 to 80.0%, combined cycle power plants are in high demand due to stricter regulations for coal plants, competitive gas prices, and the integration of renewable energy sources. These power plants are the perfect complement to solar and wind power, capable of quickly compensating for fluctuations in renewable energy generation.
Favorable government policies promoting clean fuel use for electricity generation and reducing greenhouse gas emissions are expected to further drive demand for natural gas-fired power stations. Additionally, the discovery of shale gas deposits, along with their environmental advantages, efficient waste heat utilization, and operational efficiency, will contribute to the growth of the gas turbine market.
Government Ambitions Include Extensive Power Plant Capacity Additions to Drive Growth of Asia Pacific Gas Turbine Market
Asia-Pacific is emerging as a key player in the gas turbine market, driven by a surge in demand for environmentally friendly energy alternatives. Rapid industrialization and urbanization are fueling the need for electricity in the region, prompting the development of various power generation projects. China is experiencing a growing demand for gas turbines, while India is actively pursuing decarbonization efforts, aiming to reduce its reliance on coal-fired power generation. Gas-based generation is set to expand in line with these goals.
Countries with increasing opposition to nuclear power, such as Japan, Australia, New Zealand, Italy, and Malaysia, are also potential growth markets for gas turbines.
The Ministry of Statistics and Program Implementation of the Government of India has set ambitious energy generation targets for 2021-22, reflecting a 9.83% increase over the previous year. This underscores the growing emphasis on cleaner and more efficient power generation methods.
Global Gas Turbine Market: Competitive Landscape
The gas turbine market features several key players, including Capstone Green Energy Corporation, Kawasaki Heavy Industries, Wartsila, Siemens Energy, General Electric, Ansaldo Energia, MAN Energy Solutions, Mitsubishi Heavy Industries, United Engine Corporation, Rolls-Royce plc, Harbin Electric Machinery Company Limited, OPRA Turbines, Gas Turbine Research Establishment, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Centrax Gas Turbine, Hindustan Aeronautics Limited, MTU Aero Engines AG, IHI Corporation, Doosan Heavy Industries & Construction, MAPNA Group, Vericor Power Systems, Zorya Mashproekt, Power Machines, and GKN Aerospace Services Limited.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/gas-turbine-market
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COMTEX_441974092/2840/2023-10-16T11:10:23
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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