Global Gas Turbine Market Research Report: Forecast (2024-2030)

Market Definition

An internal combustion engine that transforms hot gas energy into mechanical energy is called a gas turbine. Fuel, such as jet fuel or natural gas, is burned in a combustion chamber to power gas turbines. After passing through a turbine, the hot gases from the combustion chamber are expanded, converting their thermal energy into rotating mechanical energy.

Market Insights & Analysis: Global Gas Turbine Market (2024-30):

The Global Gas Turbine Market size is projected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2024-30. Several reasons are propelling the market's growth, including the growing need for cleaner energy sources & electricity, the expansion of the aviation sector, the growing trend of distributed power generation, technical developments, government initiatives and regulations, etc. However, one of the main factors influencing market size is the fast-rising demand for energy brought on by factors such as growing urbanization, industrialization, economic development, etc.

The Global Gas Turbine Market is seeing new prospects as hybrid power plants become more widely used. Gas turbines are combined with other energy sources, such as energy storage devices and renewable energy sources like solar and wind power, to form hybrid power plants, which are more adaptable and efficient. Additionally, due to several factors, including high efficiency, environmental performance, adaptability, quick start-up and response, operating efficiency at both base load and peaking capacity and worldwide deployment, the combined cycle segment is regarded as the most preferred segment. Therefore, it is expected in the upcoming years, that the combined cycle segment will boost the size of the Global Gas Turbine Market.

The gas turbine industry is full of prospects, but it also has several obstacles that could prevent it from growing in the years to come. Increasing natural gas prices, competition from renewable energy sources, strict environmental laws, finite natural gas supplies, etc. are some of these difficulties. Due to its affordability and efficiency, competition from renewable energy sources is one of their biggest obstacles. Manufacturers in the Global Gas Turbine Market are heavily spending on R&D to create cost-effective and environmentally friendly technologies to overcome these obstacles. Thus, the continuous efforts of the manufacturers are anticipated to augment the volume of the Global Gas Turbine Market in the coming years.

Global Gas Turbine Market Driver:

Increasing Electricity Demand – In fact, one of the key factors propelling the growth of the Global Gas Turbine Market is rising electricity demand. Population growth, economic expansion, and industrialization all contribute to an increase in the need for electricity. Because they are a flexible and effective method of producing electricity, gas turbines are growing in popularity.

One of the most effective kinds of power plants accessible is the gas turbine. Compared to other types of power plants, including coal-fired facilities, they have an efficiency of over 50% in converting the fuel's energy into electricity. In addition, gas turbines produce fewer carbon emissions than other kinds of power plants, like coal-fired ones. Because of this, gas turbines are the most popular means of supplying the growing need for power, which is expected to boost the market size during the forecast period.

Global Gas Turbine Market Opportunity:

Increasing Adoption of Hybrid Power Plants to Offer New Opportunities – Gas turbines are an essential component of hybrid power plants. In addition to being able to charge energy storage devices, they offer a dependable power source in the absence of renewable energy sources. The overall efficiency of hybrid power plants increases with the help of efficient gas turbines, therefore, gas turbine makers are seeing new prospects as hybrid power plants become more widely used. The future of the gas turbine industry is looking brighter because of the growing use of hybrid power plants. Gas turbine producers are in a good position to profit from this market expansion if they can create new gas turbine models and technologies, especially for use in hybrid power plants.

Global Gas Turbine Market Challenge:

Increasing Competition from Renewable Energy Sources – The gas turbine industry faces significant challenges from competition coming from renewable energy sources. Gas turbine manufacturers are under additional pressure to create more economical and efficient products as renewable energy sources, like solar and wind power, become more and more cost-competitive. The cost of renewable energy has decreased dramatically in recent years, making it a more appealing choice for producing electricity. For instance, since 2009, the price of solar photovoltaic modules has decreased by more than 80%. Because of this, in many regions of the world, renewable energy is now the most affordable way to generate new electricity.

Furthermore, there is a growing body of evidence supporting cleaner and more sustainable energy sources due to growing worries about climate change and the environmental effects of burning fossil fuels. Since gas turbines are thought to be less environmentally benign than renewable energy technologies, major market players are facing challenges.

Global Gas Turbine Market Trend:

Digitalization and IoT Integration – Digital technologies are being used by gas turbine manufacturers more and more to enhance the performance, dependability, and efficiency of their devices. One example of this is the development of virtual models of gas turbines utilizing digital twins, which may be utilized to forecast maintenance requirements and maximize efficiency. Internet of Things (IoT) sensors are also being used by gas turbine makers to get data from their machines in real-time. With the use of this data, gas turbine health can be tracked and possible issues can be found before they result in outages. IoT data can also be utilized to lower emissions and maximize gas turbine performance.

Although digital technologies and IoT are still in their infancy, the gas turbine industry is likely to benefit from their application in the years to come. Throughout the projected years, the Global Gas Turbine Market is anticipated to grow rapidly as the use of digital technologies and the IoT increases.

Global Gas Turbine Market (2024-30): Segmentation Analysis

The Global Gas Turbine Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It also includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on the Technology:

• Open Cycle
• Combined Cycle

In the Global Gas Turbine Market, the combined cycle segment is leading. Over 88% of the worldwide gas turbine market's revenue was generated by the combined cycle segment in 2023. This is because combined cycle power plants, which are capable of converting more than 50% of the energy in fuel into electricity, have high efficiency. This compares well to other power plant types, such as coal-fired plants, which can only generate roughly 33% of the fuel's energy into electricity.

Known for their exceptional efficiency, combined cycle power plants use both gas and steam turbines and are frequently utilized to generate huge amounts of electricity. By employing the waste heat from the gas turbine in a steam turbine, combined cycle power plants can attain great thermal efficiency. As a result, the overall efficiency is higher than with independent gas or steam turbines. Furthermore, in comparison to some conventional power production techniques, the combined cycle architecture enables lower emissions per unit of electricity generated, improving environmental performance.

Based on End User:

• Industrial Power Generation
• Oil & Space
• Municipality
• Other Industries (Manufacturing, Aerospace, etc.)

Due to their great efficiency and versatility as power generating sources, gas turbines are most commonly used in the power generation sector globally. Gas turbines are excellent for producing power because of their rapid start and stop times, which make them perfect for supplying electricity during periods of high demand. In comparison to coal-fired power plants, they release fewer greenhouse gases, making them comparatively efficient and clean.

Moreover, in the upcoming years, it is anticipated that the gas turbine application market would remain the largest in the industrial power generation sector. This results from the growing need for cleaner and more effective power-producing technologies as well as the rising electricity demand.

Global Gas Turbine Market (2024-30): Regional Projections

Geographically, the Global Gas Turbine Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region's economy has grown rapidly and is still growing, which is driving up energy demand. The demand for gas turbines is driven by factors such as expanding industry, urbanization, and infrastructural development, which together increase the need for energy. Furthermore, a major contributing factor to the region's preference for this technology is the availability of natural gas, which is a necessary fuel for gas turbines. With its abundant natural gas reserves, the Asia-Pacific region is becoming more and more dependent on natural gas for the production of electricity.

Asia-Pacific region is leading the market because it held around 41.5% share of the Global Gas Turbine Market in 2022, with Europe coming in second with around 32% and North America with around 27%. Because of several advantageous aspects, the Asia-Pacific region is anticipated to hold onto its market position during the forecast period as well.

Global Gas Turbine Industry Recent Development:

• In 2022, Edra Energy's 2.2 GW combined cycle power plant, the largest gas-based power plant in Malaysia, started up at Alor Gajah, Malacca. The new facility has three generating blocks, each with a capacity of more than 745 MW.

Gain a Competitive Edge with Our Global Gas Turbine Market Report

1. Global Gas Turbine Market report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Gas Turbine Industry Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.