Gas Turbine Market, Update 2017: Global Market Size, Competitive Landscape, Key Country Analysis, and Forecasts to 2021
A gas turbine is a combustion engine that can convert natural gas or other liquid fuels to mechanical energy. It consists of an air compressor, turbine blades, and a combustion chamber. The pressurized gas is used to turn the blades in the turbine, which consequently produces electricity through the generator. Gas turbines are designed to produce pressurized gas by burning natural gas or other liquid fuels, which is used to turn the turbine blades.
The total global gas turbine market registered USD8.49 Billion in 2016 and is projected to reach USD7.73 Billion in 2021. In terms of the market volume, the market witnessed 35.24 Gigawatts (GW) in 2016 and is projected to reach 35.73 GW in 2021. The majority of the market revenue is estimated to come from China along with other emerging economies in the Middle East, Africa, and Asia. Factors such as power plant capacity additions to meet electricity demand, stringent emission norms, and recent shale gas discoveries across the globe are the major factors having a positive impact on the gas turbine market.
Europe, Middle East, and Africa (EMEA) region led the gas turbine market in 2016 registering USD3.84 Billion followed by Asia-Pacific region with approximately USD2.34 Billion in 2016. However, Asia-Pacific is projected to lead the gas turbine market at the end of the forecast period and reach USD3.05 Billion in 2021. In terms of the market volume, the Asia-Pacific gas turbine market registered 9.78 GW in 2016 and is projected to reach 14.07 GW in 2021.
Global warming and other harmful environmental effects have become a high priority for economies in the recent years. These concerns have led many countries like the US, India, European Union (EU) member states, and China to adopt stringent emissions norms, thereby, encouraging the use of cleaner sources of power generation. In this scenario, natural gas is expected to be a strong competitor for coal. Emerging trends such as increasing focus on gas turbine advancement, in order to raise efficiency, and development of high temperature materials for turbines, have a direct impact on the dynamics of the gas turbine industry.
EMEA is anticipated to be the largest market for gas turbines with aggregate capacity of 74.22 GW between 2017 and 2021. The growth of gas turbines in this region is largely driven by investments in the power generation sector and increasing environmental concerns. In the EMEA region, countries are experiencing increasing electricity demand, and are heavily reliant upon coal, oil, or gas power generation in order to meet their electricity needs.
The Americas witnessed to be the second largest market for gas turbines with aggregate capacity of 63.20 GW between 2017 and 2021. Asia-Pacific is estimated to be the third largest gas turbine market in the forecast period. It is estimated to have a cumulative installed capacity of approximately 62.33 GW between 2017 and 2021. The market was valued at USD2.34 Billion in 2016 and is estimated to reach USD3.05 Billion in 2021.
The report “Gas Turbine Market, Update 2017: Global Market Size, Competitive Landscape, Key Country Analysis, and Forecasts to 2021” offers comprehensive information and understanding of the global gas turbine market. Additionally, this report offers in-depth analysis of gas turbine market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key countries (the US, Canada, China, India, Japan, Australia, Indonesia, Germany, the UK, Saudi Arabia) level.
In depth, this report provides the following -
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