Gas Turbine Market

Description

Gas turbines form a backbone of the Energy sector of the modern economy. The reason for their extensive use in the industry can be attributed to their enormous capacities and versatile use of fuels including natural gas and fuel oils. The efficiency and capacity of a Gas Turbine and are mainly affected by its structure and the material it is made up of. The temperatures inside the turbine can reach 1200C-1400C. However, recent innovations in the design and metallurgy have made it possible to reach 1600C- thus, enhancing the capacity of the turbine. The most efficient gas turbines available today have designs derived from that of aircraft jet engines and are lighter, compact, offer high efficiency and show lower emissions. The Global Gas Turbine market has been currently valuated to be US$ XX in 2017 and is anticipated to grow at a CAGR of XX%, to US$ XX in 2022.

Market Dynamics:

Few factors those were responsible for a relatively recent boost in the market for gas turbines include urbanization, worldwide increase in energy demands and the Shale gas boom in the last decade. Natural gas that is found trapped in the sedimentary rocks is called Shale. Its share in the natural gas production of U.S. has increased from 1% in 2001 to 20% in 2010. Shale gas reserves, as of now, are found in 48 structural basins across 38 countries- almost single-handedly providing tremendous scope for developing the gas turbine market. The search for cleaner energy sources and growing investment in gas-powered electricity generation has opened new doors of opportunity for gas turbines. Increasing focus on developing materials with higher temperature tolerance and development of lighter and more efficient blade systems are a few dawning trends in technology that have a direct impact on the gas turbine market.

Market Segmentation:

The gas turbine market has been segmented mainly on the basis of the capacity of power generation and the segments include 1-60 MW, 61-180 MW, and more than 180 MW. Turbines with a capacity of 61-180 MW are expected to remain the largest segment while the 180 MW-and-above segment is expected to show a steady rise.

Regional Analysis:

The United States, with a consumption of 778 billion m3 of natural gas per year is the leading consumer of gas turbines as well. In the United Kingdom, a government initiative to close down all the coal fired stations and promote cleaner sources of energy has created a huge market. In China, electrification programs like China Township Electrification Program for supplying reliable power to end consumers will augment the country’s business landscape. In developing nations like India, a strong growth of the gas turbine market has been anticipated due to rising private investments in power generation

Key players in the industry include General Electric, Mitsubishi Hitachi Power Systems, Kawasaki Heavy Industries, Vericor Power Systems, Siemens, Bharat Heavy Electricals, Man Diesel & Turbo, Capstone Turbine, Harbin Electric, Zorya-Mashproekt to name a few.