Market Size of Gas Turbines in Thermal Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Turbines in Thermal Power Market Analysis
The gas turbine in thermal power market is expected to grow at a CAGR of more than 3% during the forecast period. The global electricity demand has been increasing, doubling itself within the last two decades and is expected to grow at twice the pace of energy demand as a whole, in the next 25 years. Moreover, the advancement in technology leading to the increase in shale gas production clubbed with the plans of various countries to phase out coal-based power generation and replace them with the gas-fired power plant is likely to act as a driver for the market. However, the increase in renewable energy deployment due to the enhanced efficiency of renewable-based power generation coupled with supportive government policies and initiatives is expected to restrain the growth of the market.
- Generally, the turbine with a capacity above 120 MW is used for power generation. And with the demand for electricity expected to increase further, the turbines with a capacity of more than 120 MW is likely to dominate the market during the forecast period.
- Moreover, the threat associated with the nuclear power plant is likely to promulgate the government's decision to prefer gas-based power generation over the nuclear power plant, which, in turn, is expected provide an opportunity for the market growth in the coming years.
- Asia-Pacific was the dominant region for the market in 2018, owing to the increasing reliance on gas-based power generation and an increase in oil & gas activities.
Gas Turbines in Thermal Power Industry Segmentation
The gas turbines in thermal power market report include:
| Capacity | |
| Less than 30 MW | |
| 31-120 MW | |
| Greater than 120 MW |
| Type | |
| Combined Cycle | |
| Open Cycle |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Gas Turbines in Thermal Power Market Size Summary
The gas turbine in thermal power market is poised for growth, driven by increasing global electricity demand and technological advancements in shale gas production. The shift from coal-based power generation to gas-fired plants, as part of various countries' energy policies, is expected to bolster market expansion. However, the rise in renewable energy deployment, supported by favorable government policies, poses a challenge to market growth. Turbines with capacities exceeding 120 MW are anticipated to dominate the market, supported by the preference for gas-based power generation over nuclear options due to safety concerns. The Asia-Pacific region, with its significant reliance on gas-based power and burgeoning oil and gas activities, remains a key market player.
The market landscape is characterized by the dominance of the 250-500 MW turbine class, which is integral to the power generation industry. The global push to reduce carbon emissions has led to increased investments in gas-based power generation, particularly in China, where gas-fired capacity has surpassed coal for the first time. The cost-effectiveness and reliability of gas-based power generation compared to nuclear and renewable sources further drive demand for high-capacity gas turbines. The Asia-Pacific region, propelled by rapid industrialization and urbanization, continues to experience robust demand for gas turbines, with countries like India and Japan recognizing the potential of gas-based generation in their energy transition strategies. The market remains moderately fragmented, with key players including General Electric Company, Siemens AG, and Mitsubishi Heavy Industries Ltd.
Gas Turbines in Thermal Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply-Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Capacity
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2.1.1 Less than 30 MW
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2.1.2 31-120 MW
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2.1.3 Greater than 120 MW
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2.2 Type
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2.2.1 Combined Cycle
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2.2.2 Open Cycle
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Gas Turbines in Thermal Power Market Size FAQs
What is the current Gas Turbines in Thermal Power Market size?
The Gas Turbines in Thermal Power Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Gas Turbines in Thermal Power Market?
General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd , Kawasaki Heavy Industries, Ltd and Bharat Heavy Electricals Limited are the major companies operating in the Gas Turbines in Thermal Power Market.
