Top 10 Leading Companies In Gas Turbine Industry
The global gas turbine market size is projected to reach USD 35.02 billion by 2028, registering a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. The growing urbanization is triggering the development in the building & construction as well as cement sectors.
The projected growth in end-user industries is estimated
to trigger the growth of the overall market. Key Original Equipment
Manufacturers (OEMs), including Siemens Energy and General Electric, are
expanding their distribution, operations, and after-sales facilities worldwide
to boost the >200 MW capacity segment over the projected period. The power
& utility segment is projected to experience growth in demand owing to the
rising need for electricity across the globe.
Furthermore, most of the major countries worldwide are
expected to switch to gas-based power generation from coal-based power
generation due to a rise in environmental concerns. High energy loss resulting
in lower efficiencies is expected to be a major factor affecting the growth of
the open cycle technology segment. Even though these systems require less
space, unfavorable environmental conditions significantly affect their
component efficiency, thus lowering the overall system efficiency compared to
combined-cycle units.
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However, open cycle technologies are being preferred by
some industrial end-users, so a rise in industrial activities in the forecast
period will boost the growth of open cycle technology in the forecast period.
The rising population is a major factor significantly impacting the power
generation market in the Europe region. Growth in population and GDP are
projected to attract various end-use industry players looking to expand their
consumer base.
The major end users for gas turbines in Europe include
power generation, oil & gas, mobility, petrochemicals, food processing, and
pulp & paper. The market in Europe is likely to observe slow growth owing
to factors, such as stalled industrial output affected by the Covid-19
pandemic, the debt crisis, and growing unemployment. However, a positive
outlook across Eastern Europe, in terms of consumerism and manufacturing, is
expected to drive the market in the future.
Gas Turbine Market Report
Highlights
·
In 2020, the power & utility emerged as
the largest application segment and accounted for over 85% share of the global
revenue
·
Increasing investments and new
installations are resulting in the rising share of distributed power in the
global energy mix hence propelling the market growth
·
The >200 MW capacity segment is poised
to register the fastest CAGR of over 7% from 2021 to 2028, owing to the growing
electricity generation activities across the world
·
In 2020, the open cycle application segment
accounted for the highest revenue share of the overall market
·
Saudi Arabia is among the major end users
in the MEA region due to the strong presence of gas turbine providers in the
country, which are working on enhancing their market share
The market is consolidated due to the presence of a few major
companies. Industry participants practice several strategic initiatives, such
as joint ventures, mergers & acquisitions, partnerships, and new product
offerings, to enhance their foothold in the global market. For instance, in
June 2020, the consortium between Ansaldo Energia and Shanghai Electric Group
signed a contract with Bangladesh Power Development Board Company named
North-West Power Generation Company Ltd. Under this contract, the consortium is
expected to design and construct a combined cycle power plant of 880 MW in
Bangladesh, thereby enabling the companies to enhance their scale of operation.
Some of the prominent players in the global gas turbine market include: General Electric, Siemens Energy,
Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Ansaldo Energia,
Bharat Heavy Electricals Ltd., MAN Energy Solutions
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