The global gas turbine market size is expected to reach USD 30.08 billion by 2025, according to a new report by Grand View Research, Inc. The increasing availability of natural gas for power generation, expanding oil & gas industry, awareness regarding flexible resources for energy production based on renewable energy sources are some of the key factors expected to play a significant role in propelling the global demand.
Even though the demand for natural gas as a fuel for new capacity additions is fast catching up, its limited availability is expected to pose a significant challenge. Geopolitical issues are another major factor, which is likely to affect the natural gas supply.
Turbines with capacity ≤200 MW are likely to maintain the highest market share due to rising demand for flexible power generating units and rapidly growing oil & gas industry. Easily available financing prospects for small power plants are another factor supporting the growth of low capacity turbines.
The market is consolidated with top five market players accounting for over 65% market share. Being a mature market, market participants focus on post-sales services to remain competitive. Mergers and acquisition is a key strategy implemented. One such example is the acquisition of Alstom’s power and grid business by GE.
Further key findings from the report suggest:
- The global gas turbine market demand was over 60,000MW in 2015 and is expected to grow at an estimated CAGR of 4.3% from 2016 to 2025
- Power generation was the largest application segment in 2015 and is likely to continue the trend during the forecast period
- Due to Fukushima nuclear disaster, Japanese government is now focusing on R&D for combined cycle power plant
- Iraq government tied up with General Electric to set up 3,000MW gas power plant
- Asia Pacific is expected to grow at a CAGR of 5.4% in terms of revenue over the forecast period and is expected to be the fastest growing region
- Europe is expected to grow at an estimated CAGR of 4.9% in terms of revenue from 2016 to 2025
- Major players operating in the global gas turbine market include General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia S.P.A., Bharat Heavy Electricals Limited, Opra Turbines B.V., Solar Turbines Incorporated, etc.