Global gas turbine market revenue is expected to increase from $billion in 2013 to reach $ billion by 2020, corresponding to a compound annual growth rate (CAGR) of % over this period.
The market is driven by the replacement of aging coal plants with modern gas-fired power stations, the growing availability and usage of natural gas in power generation, strong expansion of the global oil and gas industry, and the rising need for more flexible generating assets linked to the growth of intermittent power generation based on renewable energy sources.
Strong growth is anticipated for the years beyond 2016, as the prospects for new gas plants start to improve in the weak European region and growth accelerates in China and India.
Total global orders for gas turbines are forecast to rise from megawatts (MW) in 2013 to MW in 2020. The market will expand significantly, with order levels rising in excess of % annually from 2015 onwards, before growth trails off towards the end of the forecast period as emerging markets become more mature and renewable energy becomes a more attractive proposition for large-scale generation.
A total ofgigawatts (GW) of gas turbines are forecast to be ordered over the 2013 to 2020 period.
About this report
This study provides in-depth analyses of the global gas and steam turbine markets. Global revenue and order forecasts, drivers and restraints, competitive analyses, company market shares, and pricing and technology trends are evaluated. It also provides segment forecasts by power range, region, and application. The gas turbine market is driven by replacing aging coal plants with modern gas-fired power stations, the growing availability and use of natural and shale gas, expansion of the oil and gas industry, and rising need for more flexible generating assets. Steam turbine growth is driven by large coal-fired capacity additions, growth in CCGT plants requiring steam turbines, expansion of nuclear power, and upgrades to outdated coal plants.
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