Global Gas Turbine Market for the Power Industry – Size, Projections, Drivers, Trends, Vendors, and Analysis Through 2021 by Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
gas turbine market for the power industry is projected to
grow at a CAGR of more than 2% over the forecast period, according to
Technavio’s latest report.

In this report, Technavio
covers the market outlook and growth prospects of the global gas turbine
market for the power industry for 2017-2021. Based on the technology,
the market is divided into combined-cycle and open-cycle gas turbine
segments.

Technavio’s research study segments the global
gas turbine market for the power industry into the following
regions:

• APAC
• Americas
• EMEA

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Gas turbine market for the power industry in APAC

APAC occupied a majority 44% of the gas turbine market for the power
industry in 2016 and is expected to grow faster than the other segments
through the forecast period. The growth in the market segment is
estimated to be boosted by emerging economies like India, China, and
Indonesia, which are mainly focusing on the efficient generation of
power to sustain their economic growth and development.

“The Government of India is taking initiatives to encourage
gas-based power stations. In 2016, around nine gas-based power plants
were revived in India to produce 8.81 billion units through reverse
e-auction process. Similarly, other countries like China, Thailand, and
Indonesia prefer gas-based power generation over other energy mixes,”
says Anju Ajaykumar, a lead analyst at Technavio for unit
operations research.

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Gas turbine market for the power industry in the Americas

Coal has been the backbone fuel of the Americas for power generation.
Due to environmental concerns and CO₂ emissions, the demand for cleaner
fuels for power generation is on the rise. The shutdown of coal power
plants and construction of gas-based power plants will help drive the
gas turbine market in the Americas. However, preference for renewable
sources of energy and nuclear energy might have a significant impact on
the gas turbine market.

The expanded production near shale formations is another key factor
boosting the market. Nearly 19,000 MW of power generation is expected to
be constructed in the US, during 2016 to 2018, which uses natural gas as
its fuel. These constructions are expected to be near the shale
formation region where low-priced natural gas is available. Construction
of new gas-fired power plants will boost the demand for gas turbines.

Gas turbine market for the power industry in EMEA

“In 2016, power generation in the EU was climate-friendly due to
the major shift from coal to natural gas for power generation. This
trend was highly observed in countries such as the UK, Italy, Germany,
the Netherlands, and Greece. The shift to natural gas will drive the
growth of the market segment,” says Anju.

CHP (Combined Heat and Power) is one of the sources of energy in Europe.
By effectively implementing cogeneration plants, the greenhouse gas
emissions can be reduced up to 250 million tons by 2020. The European
Commission has approved four highly efficient cogeneration plants in
Berlin, Munich, Cologne, and Dusseldorf, which positively impacts the
prospects for gas turbines during the forecast period.

The top vendors in the global gas turbine market for the power industry
highlighted in the report are:

• Ansaldo Energia
• GE
• Kawasaki Heavy Industries
• Mitsubishi Hitachi Power Systems
• Siemens

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