North America Gas Turbine Market - Segmented by Capacity, Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)

North America Gas Turbine Market - Segmented by Capacity, Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)

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According to the International Energy Agency (IEA), the global natural gas market is expected to undergo a significant transformation, on account of new supplies coming from the United States, to fulfill the growing demand in developing economies. In 2016, natural gas recorded a rapid growth in the North American region, as compared to oil and coal, owing to the boom in the US shale gas production and the rapid LNG expansion. The United States, the world’s largest gas consumer and producer, is projected to account for 40% of the extra gas produced by 2022, due to the significant growth in its domestic shale industry. Moreover, the US shale revolution is poised to continue recording progress, and its effects are expected to be amplified by rising LNG supplies. Therefore, the increasing growth in shale gas production and the increasing demand for electricity are expected to drive the demand for gas turbines during the forecast period.

 

Shift from Coal-based Power to Gas-based Power - Driving the market

In recent years, the development of shale gas resources in the United States has led to the decline in gas prices, allowing gas-fired and combined-cycle plants to play a crucial role in power generation in the region. The continued transition away from coal has resulted in increased investments in gas-based power plants, thereby spurring the demand for gas turbines. Additionally, the detriment of steam turbines has led to the growth of the gas turbine market. Moreover, the availability of low-cost natural gas and intensifying environmental regulations have resulted in a shift toward gas turbines. The need for more flexible power generating assets and the decommissioning of aging power stations have further bolstered the trend.

US leading the market for Gas Turbine in North America

The US government planned to increase natural gas-fired generating capacity by 11.2 GW in 2017, and in 2018 by 25.4 GW, which follows net reductions of total coal-fired electricity generating capacity over the next five years. Also, the low natural gas prices are expected to further propel the demand for natural gas over the forecast period. Therefore, the increasing production activities in the natural gas industry are likely to augment the demand for gas turbines. Further, the marine industry, which uses aero-derivative gas turbines to power ships, presents a major opportunity for gas turbine manufacturers in the United States. In the field of power generation, the use of natural gas is poised to increase, and natural gas-fired combined-cycle gas turbine power plants are expected to account for over 50% of the power generated in the United States, by 2038. This is expected to create an enormous demand for gas turbines during the forecast period.

Key Developments in the Market

  • November 2017: Tyr Energy Inc. chose Siemens as the technology partner for the Hickory Run Energy Center – a new 1,000 MW natural gas-fired combined cycle power plant (CCPP) to be built by Kiewit Power Constructors Co. in Pennsylvania. The facility would be a Siemens combined-cycle power plant, featuring Siemens H-class technology. It is slated for operation in spring 2020. Siemens will manufacture and deliver two H-class gas turbines, one steam turbine, and three generators.

Major Players: General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, Man Diesel and Turbo SE, Ansaldo Energia SpA Ltd, Solar Turbines Inc., among others

Reasons to Purchase this Report

  • Current and future North America gas turbine market outlook
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments and strategies employed by the major market players
  • 3 months analyst support, along with the Market Estimate sheet (in excel)

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1. Executive Summary

2. Research Methodology

3. Market Overview

                3.1 Introduction

                3.2 Market Size and Demand Forecast until 2023

                3.3 Recent Trends and Developments

                3.4 Government Policies and Regulations

4. Market Dynamics

                4.1 Drivers

                4.2 Restraints

                4.3 Opportunities

5. Value Chain Analysis

6. Industry Attractiveness - Porter’s Five Forces Analysis        

                6.1 Bargaining Power of Suppliers

                6.2 Bargaining Power of Consumers

                6.3 Threat of New Entrants

                6.4 Threat of Substitutes

                6.5 Intensity of Competitive Rivalry

7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)

                7.1 By Type

                                7.1.1 Combined Cycle

                                7.1.2 Open Cycle

                7.2 By Application

                                7.2.1 Power

                                7.2.2 Oil & Gas

                                7.2.3 Others

8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)

                8.1 United States

                8.2 Canada

                8.3 Rest of North America

9. Key Company Analysis* (Overview, Business Segmentation, Financial Analysis**, Recent Development, and Analyst View)

                9.1 General Electric

                9.2 Siemens AG

                9.3 Mitsubishi Heavy Industries Ltd

                9.4 Man Diesel and Turbo SE

                9.5 Solar Turbines Inc.

                9.6 Kawasaki Heavy Industries Ltd

                9.7 Ansaldo Energia SpA

10. Competitive Landscape

                10.1 Mergers and Acquisitions

                10.2 Joint Ventures, Collaborations, and Agreements

                10.3 Strategies Adopted by Leading Players

11. Appendix

                11.1 Contact Us

                11.2 Disclaimer

                (*List of companies is not exhaustive. Please let us know if you are interested in any company profile)

                (**Subject to availability on public domain)

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