Gas Turbines Market size For Power Industry to grow by USD 3,356.87 million from 2022 to 2027; Increase in CCGT power plants boosts the market - Technavio

NEW YORK, Aug. 14, 2023 /PRNewswire/ -- The gas turbine market size for the power industry is set to grow by USD 3,356.87 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 3.05% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by an increase in CCGT power plants. There is an increasing demand for combined-cycle gas turbines for power plants due to their several benefits such as increased efficiency and better output. Additionally, there is a rise in the adoption of natural gas-based thermal power plants across companies and utilities due to the abundance of natural gas and its low cost. As a result, there is an increase in CCGT plants across the world. Hence, such factors are driving the market growth during the forecast period. Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!

The gas turbines market for the power industry covers the following areas:

Gas Turbines Market For Power Industry Sizing
Gas Turbines Market For Power Industry Forecast
Gas Turbines Market For Power Industry Analysis

The report on the gas turbine market for the power industry provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as company analysis. 

Gas Turbines Market For Power Industry 2023-2027 - Market Dynamics

Significant trends influencing the market growth

Technological innovations in gas turbines are a primary trend in the market. There is an increase in investment in the development of high-efficiency gas turbines by several prominent manufacturers such as General Electric (GE) and Siemens. The growing focus on higher efficiency by several manufacturers by achieving untapped potential will significantly contribute to market growth. Additionally, there is a growing emphasis on the flexibility of fuel as the composition of fuel in the energy mix differs considerably across regions. Furthermore, manufacturers are focusing on durability as high financial losses can be caused by the operational failure of gas turbines and consequent downtime for maintenance and service. Hence, such factors are expected to drive market growth during the forecast period.

Major challenges hindering the market growth

The volatility of natural gas prices is a major challenge hindering market growth. Several utilities always maintain a balanced feedstock portfolio in order to safeguard power prices from price fluctuations. However, there is an increasing reliance on natural gas due to the rapid shift toward gas turbine and natural gas-driven power plants in order to achieve a cleaner mode of power generation. Additionally, the increasing dependency on natural gas will subject consumers to high natural gas prices, fuelled by its growing demand and recovery of crude oil prices. Hence, such factors are negatively impacting the market which in turn will hinder the market during the forecast period.

Gas Turbines Market For Power Industry 2023-2027: Market Segmentation

This report extensively covers market segmentation by product (heavy-duty gas turbine and aero-derivative gas turbine), technology (CCGT and OCGT), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

• The market share growth by the heavy-duty gas turbine segment will be significant for market growth during the forecast period. One of the main factors which are significantly contributing to the growth of this segment is its extensive use in large-scale power-generating facilities. Additionally, there is an increasing demand for electric power due to the rise in power consumption across the world, mainly in developing countries. Furthermore, the growing environmental concerns are fuelling the preference for as-based power generation over coal-based power which in turn will positively impact the gas turbines market. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

• Ansaldo Energia Spa
• Bharat Heavy Electricals Ltd.
• Capstone Green Energy Corp.
• Caterpillar Inc.
• Centrax Ltd.
• Cryostar
• Doosan Corp.
• General Electric Co.
• Harbin Electric Co. Ltd.
• IHI Corp.
• JSC The Ural Turbine Works
• Kawasaki Heavy Industries Ltd.
• MAN Energy Solutions SE
• MAPNA Group Co.
• Motor Sich JSC
• OPRA Technologies B.V.
• Pumori Energy Ltd.
• Siemens AG
• Vericor Power Systems
• Mitsubishi Heavy Industries Ltd.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Company Offerings

• Ansaldo Energia Spa: The company offers gas turbines for the power industry such as GT36, GT26, AE94.3A.
• Bharat Heavy Electricals Ltd: The company offers gas turbines for the power industry such as Frame 5, Frame 6B, and Frame 6FA.
• Capstone Green Energy Corp: The company offers gas turbines for the power industry such as C65, C200S, C600S.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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