Global Gas Turbine Electrical Power Generation Market To Reach Worth USD 21.2bn By 2022
Global Gas Turbine Electrical Power Generation Market To Reach Worth USD 21.2bn By 2022: Cogen Power Generation And High Demand From Asian Markets To Determine The Market Growth
According to the latest report published by Credence Research, Inc. “Gas Turbine Electrical Power Generation Market (Turbine Type: Open and Combined Cycle Gas Turbine; Power Generating Fuel: Fuel Oil, Natural Gas, Kerosene, Diesel and others): Growth, Future Prospects and Competitive Analysis, 2016-2022,” the gas turbine electrical power generation market was valued at USD16,515.5Bn in 2015, and is expected to reach USD 21,180.5 Bn by 2022, expanding at a CAGR of 3.4% from 2016 to 2022.
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The demand for gas turbines can be directly linked to the development in gas-fired power plants. However, the production and supply of most of the world’s natural gas is concentrated in a few countries, causing price disparity for importers.
Moreover, supply disruptions are prevailing due to the geo-political tensions and pipelines & related infrastructure issues. Hence, factors such as price disparity in international trade of natural gas and continuing concerns over stable natural gas supply are restraining the market for gas turbines.
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In year 2015, it was observed that open cycle gas turbine was leading the overall market with market value USD 9,487.1 million due to high adoption rate, initial technology, and affordable price compared to combination cycle.
However, the ground breaking advantages of combination cycle such as high energy efficiency, and energy output are expected assist the significant growth of this segment throughout the forecast period.The demand for gas turbines is experiencing significant growth worldwide due to favorable regulations and fuel availability.
Power generating companies are keen to switch from environmental foes like gas and view gas turbines as a swift and flexible alternative with low capital requirement. More and more demand for gas turbines is coming from fast-developing economies. The use of gas turbine is also encouraged as a part of domestic environmental policies.
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The largest share of electricity in Europe still comes from gas turbine and steam-based power plants, but the amount of electricity generated from renewables is considerably growing. Electricity demand from both emerging and mature economies in the region and decommissioning of old thermal power plants and nuclear power facilities are some of the key driving factors for Europe market.
The replacement needs across US, France, Italy and Germany are high due to decommissioning and growing legal compliance requirements, this will fuel the demand for gas turbines in Western Europe. Orders placed before the economic turmoil of 2007-2008 are have been aptly fulfilled in Europe and new orders though low in numbers on a gradual rise.
Western Europe market for gas turbines offer a favorable outlook and will gain steady pace through the forecast period. Combined heat and power plants based on gas turbines generates a significant portion of energy in Europe, the share is approximately 12% in Germany and the government intends to raise that to 25% by 2030. Other countries in Europe are anticipated to follow the same suit.
This market has already matured and is characterized by consolidation activities. GE, Siemens and Mitsubishi Hitachi Power Systems are some of the biggest names in the market. Additionally, Rolls Royce leads specialized in small turbines business.
Technical establishment and humongous capital requirements are the most critical entry barriers in the gas turbine electrical power generation market. A majority of these players have realized he significant market opportunities that are yet untapped in the Asian markets and are increasingly targeting the national markets of South Asia.
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