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Key Market Dynamics:
- Market Driver - The increase in CCGT power plants is one of the key factors driving the global gas turbine market growth. The demand for combined-cycle gas turbines for power plants is on the rise due to increased efficiency and better output. The abundance of natural gas and its low cost has also enabled companies and utilities to build new natural gas-based thermal power plants. This has helped increase the number of CCGT plants globally. In the long term, CCGT will also help meet the carbon emission targets. Moreover, the CPP proposes state-by-state emission levels for existing power plants, with the cumulative goal of reducing nationwide carbon emissions by 30% by 2030, from the 2005 levels. The Environmental Protection Agency (EPA) has issued four building blocks as part of its CPP, including an objective of reaching a 70% capacity factor in the existing combined-cycle plants, which is higher than the current range of 45% to 50%. Such initiatives on the part of the government will see a significant increase in the combined-cycle installed capacity during the forecast period.
- Market Challenges - The volatility in natural gas prices is a major challenge for the global gas turbine market for the power industry. One of the main challenges hindering the growth of the global gas turbine market is the volatility of natural gas prices. In order to safeguard the power prices from price fluctuations, utilities always seek to maintain a balanced feedstock portfolio. However, in the present scenario, with a rapid shift toward gas turbine and natural gas-driven power plants in pursuit of cleaner modes of power generation, the reliance on natural gas is continuously increasing. Moreover, with low natural gas prices, the prospects of over-reliance on natural gas for power generation look less harmful. However, going by the historic trend of natural gas prices, the over-reliance on natural gas will expose consumers to high natural gas prices, prompted by its growing demand and recovery of crude oil prices. Utilities will have to take the first effect of such an increase in natural gas prices, followed by consumers who will be overburdened with power prices. Such factors will hinder the market growth during the forecast period.
Segmentation Analysis:
The gas turbine market for the power industry report is segmented by Technology (combined-cycle gas turbines and open-cycle gas turbines) and Geography (APAC, North America, Europe, MEA, and South America).
The gas turbine market for power industry share growth by the combined-cycle gas turbine segment will be significant for revenue generation. The CCGTs are mainly driven by the increasing demand for energy-efficient gas turbines and due to the replacement of coal-fired power plants. CCGs consist of both gas turbines and steam turbines. In this system, natural gas is the primary fuel, which powers the gas turbines to generate electricity. Such factors will increase the demand for the market in focus during the forecast period.
Download a sample report for additional insights into the contribution of all the segments in the report.
Vendor Analysis
The gas turbine market for the power industry is fragmented and the vendors are deploying growth strategies such as high efficiency of gas turbines to compete in the market.
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- Ansaldo Energia Spa
- Bharat Heavy Electricals Ltd.
- Capstone Green Energy Corp.
- Caterpillar Inc.
- General Electric Co.
- IHI Corp.
- Kawasaki Heavy Industries Ltd.
- Mitsubishi Heavy Industries Ltd.
- OPRA Turbines
- Siemens AG
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
Get ready to achieve excellent business outcomes from this exclusive Gas Turbines Market For Power Industry report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -
- What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
- What is the current trend taking place in the market space?
- Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
- What are market drivers, restraints, and challenges impacting demand & growth of the market?
- Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?
The competitive scenario provided in the Gas Turbines Market For Power Industry report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Gas Turbines Market For Power Industry Forecast Report - Buy Now!
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Gas Turbines Market For Power Industry Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.1% |
Market growth 2021-2025 |
USD 2.21 billion |
Market structure |
Fragmented |
YoY growth (%) |
1.07 |
Performing market contribution |
APAC at 53% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
Key Topics Covered:
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain analysis: Heavy electrical equipment
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Technology
- 5.1 Market segments
- Exhibit 15: Technology - Market share 2020-2025 (%)
- 5.2 Comparison by Technology
- Exhibit 16: Comparison by Technology
- 5.3 Combined-cycle gas turbines - Market size and forecast 2020-2025
- Exhibit 17: Combined-cycle gas turbines - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Combined-cycle gas turbines - Year-over-year growth 2020-2025 (%)
- 5.4 Open-cycle gas turbines - Market size and forecast 2020-2025
- Exhibit 19: Open-cycle gas turbines - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: Open-cycle gas turbines - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Technology
- Exhibit 21: Market opportunity by Technology
6 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 North America - Market size and forecast 2020-2025
- Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
- 7.5 Europe - Market size and forecast 2020-2025
- Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
- 7.6 MEA - Market size and forecast 2020-2025
- Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
- 7.7 South America - Market size and forecast 2020-2025
- Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 35: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 36: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.2 Market challenges
- Exhibit 37: Impact of drivers and challenges
9 Vendor Landscape
- 9.1 Overview
- Exhibit 38: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 39: Landscape disruption
- Exhibit 40: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 41: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 42: Market positioning of vendors
- 10.3 Ansaldo Energia Spa
- Exhibit 43: Ansaldo Energia Spa - Overview
- Exhibit 44: Ansaldo Energia Spa - Business segments
- Exhibit 45: Ansaldo Energia Spa - Key News
- Exhibit 46: Ansaldo Energia Spa - Key offerings
- Exhibit 47: Ansaldo Energia Spa - Segment focus
- 10.4 Bharat Heavy Electricals Ltd.
- Exhibit 48: Bharat Heavy Electricals Ltd. - Overview
- Exhibit 49: Bharat Heavy Electricals Ltd. - Business segments
- Exhibit 50: Bharat Heavy Electricals Ltd. - Key News
- Exhibit 51: Bharat Heavy Electricals Ltd. - Key offerings
- Exhibit 52: Bharat Heavy Electricals Ltd. - Segment focus
- 10.5 Capstone Green Energy Corp.
- 10.6 Caterpillar Inc.
- Exhibit 58: Caterpillar Inc. - Overview
- Exhibit 59: Caterpillar Inc. - Business segments
- Exhibit 60: Caterpillar Inc. - Key News
- Exhibit 61: Caterpillar Inc. - Key offerings
- Exhibit 62: Caterpillar Inc. - Segment focus
- 10.7 General Electric Co.
- Exhibit 63: General Electric Co. - Overview
- Exhibit 64: General Electric Co. - Business segments
- Exhibit 65: General Electric Co. - Key News
- Exhibit 66: General Electric Co. - Key offerings
- Exhibit 67: General Electric Co. - Segment focus
- 10.8 IHI Corp.
- Exhibit 68: IHI Corp. - Overview
- Exhibit 69: IHI Corp. - Business segments
- Exhibit 70: IHI Corp. - Key News
- Exhibit 71: IHI Corp. - Key offerings
- Exhibit 72: IHI Corp. - Segment focus
- 10.9 Kawasaki Heavy Industries Ltd.
- Exhibit 73: Kawasaki Heavy Industries Ltd. - Overview
- Exhibit 74: Kawasaki Heavy Industries Ltd. - Business segments
- Exhibit 75: Kawasaki Heavy Industries Ltd. - Key News
- Exhibit 76: Kawasaki Heavy Industries Ltd. - Key offerings
- Exhibit 77: Kawasaki Heavy Industries Ltd. - Segment focus
- 10.10 Mitsubishi Heavy Industries Ltd.
- Exhibit 78: Mitsubishi Heavy Industries Ltd. - Overview
- Exhibit 79: Mitsubishi Heavy Industries Ltd. - Business segments
- Exhibit 80: Mitsubishi Heavy Industries Ltd. - Key News
- Exhibit 81: Mitsubishi Heavy Industries Ltd. - Key offerings
- Exhibit 82: Mitsubishi Heavy Industries Ltd. - Segment focus
- 10.11 OPRA Turbines
- Exhibit 83: OPRA Turbines - Overview
- Exhibit 84: OPRA Turbines - Product and service
- Exhibit 85: OPRA Turbines - Key News
- Exhibit 86: OPRA Turbines - Key offerings
- 10.12 Siemens AG
- Exhibit 87: Siemens AG - Overview
- Exhibit 88: Siemens AG - Business segments
- Exhibit 89: Siemens AG - Key News
- Exhibit 90: Siemens AG - Key offerings
- Exhibit 91: Siemens AG - Segment focus
11 Appendix
- 11.2 Currency conversion rates for US$
- Exhibit 92: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 93: Research Methodology
- Exhibit 94: Validation techniques employed for market sizing
- Exhibit 95: Information sources
- 11.4 List of abbreviations
- Exhibit 96: List of abbreviations
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