Gas Turbine Market Analysis
The global Gas Turbine Market size is registered as USD 20.38 billion and is predicted to grow at a significant CAGR of 6.8% during the forecast period (2021-2028).
COVID-19 Impact on the Worldwide Market
The COVID-19 outbreak has had a significant impact on a variety of business sectors, including autos, semiconductor devices, electrical and electronic devices, food and beverages, and many more. The outbreak has also had a significant influence on the gas turbine market. To halt the spread of the virus, most governments ordered lockdowns, a shutdown of production businesses, and the closure of public areas such as restaurants, theatres, schools, colleges, and others.
Most industries are shut down as a result of the lockdowns, resulting in a stop in production in major cities and economies. As a result, global demand for oil and gas has decreased. According to the US EIA report, worldwide petroleum and liquid fuels average consumption were 94.1 million barrels per day during the first month of 2020, a 5.8 million barrel decrease from the same period in 2019. Furthermore, as a result of the pandemic, power demand from industrial and commercial end-users is decreasing.
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Several Factors Contributing to Market Growth
Rapid industrialization, urbanization, and rapid economic expansion are the primary factors driving the market growth. The worldwide gas turbine market is expected to increase significantly in the future years as a result of tough emission standards for gas turbines and the shale gas production boom. According to the EIA estimate, the share of natural gas would rise from 34% to 39% from 2018 to 2050 due to increased drilling activity. Increased natural gas output leads to lower natural gas prices, which results in a higher share of power generated by natural gas, increasing the expansion of the gas turbines industry.
The global gas turbine market has been divided into capacity, technology, and application.
Based on capacity, the global gas turbine market has been divided into 200 MW and above 200 MW.
Based on technology, the global gas turbine market has been divided into open cycle and combined cycle.
Based on application, the global gas turbine market has been divided into power generation, industrial, and aviation.
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APAC to Dominate the Global Market
With its rising population and rapid urbanization, Asia Pacific has the biggest market share. Raw resources and labor are inexpensive, making it appealing for global players to grow their operations in this region. These reasons will drive the gas turbine industry in this region.
General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China), MAN Diesel Turbo. (Germany), Vericor Power Systems. (Georgia) and Solar Turbines Incorporated. (U.S.A).