As per the report by Fortune Business Insights, titled “Industrial Gas Turbine Market Size, Share & Industry Analysis, By Capacity, By Sector, By Technology, By Cycle and Regional Forecast, 2019-2026”, the global industrial gas turbine market value in 2018 was USD 9.13 billion and is projected to rise steadily during the forecast period. The report also contains valuable insights about the factors that will drive and influence the market till 2026.
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The global industrial gas turbine market is slated to reach USD 10.23 billion by 2026, rising at a CAGR of 1.39%. One of the main reasons for this growth trend is the increasing number of urban areas and urban population, especially in the developing nations. According to the UNESCO, the process of urbanization is set to accelerate in the next thirty years. The organization estimates that by 2030, about 61% (5 billion) of the world’s 8.1 billion people will be living in cities. Furthermore, the number of megacities, urban areas having populations over 10 million, will be the highest in the developing regions of Asia-Pacific and Latin America. Rampant urbanization is expected to put greater pressure on resources and emit more harmful gases through home appliances and coal-fired power plants in these regions. This will significantly swell the global industrial gas turbine market size.
Key Players Analysis:
- General Electric
- Rolls-Royce plc.
- Mitsubishi Hitachi Power Systems Ltd.
- Ansaldo Energia
- Kawasaki Heavy Industries Ltd.
- Capstone Turbine Corporation
- Man Energy Solutions
- Opra Turbines
- Centrax Gas Turbines
“Collaborative Innovations to Intensify Market Competition”
In 2017, Rolls-Royce, the British jet engine-maker, joined hands with India’s Defense Research and Development Organization (DRDO) to bring and develop gas turbine technology in the country. Such technology exchange partnerships are expected to give an upward thrust to the global industrial gas turbine market revenue during the forecast period. In a similar vein, BP, Prumo, and Siemens have entered into a USD 750 million investment to set up an LNG-to-Power complex in Port of Acu in Rio de Janeiro, Brazil.
“Growing Need to Contain GHG Emissions from Power Plants to Boost the Market”
Gas turbines refer to engines that converts mechanical energy to electric energy through combustion of natural gas and other liquid fuels that drives a generator. Electricity thus generated is supplied to businesses and households using power lines. These turbines produce power more efficiently compared to traditional power plants and are therefore, in high demand. This is a major factor that will drive the global industrial gas turbine market growth in the forecast period. Conventional coal-fired power plants have been known to emit large amounts of toxic gases, speeding up the process of global warming. For example, the International Energy Agency’s Global Energy and CO2 Status Report of 2018 finds that coal-fired power plants were the largest contributor of emissions in 2018, increasing at a rate of 2.9% from 2017. Moreover, the report also states that 30% of global CO2 emissions in 2018 were as a result of coal-generated electricity. Thus, the urgency to develop cleaner techniques to generate electricity is expected to ramp up the demand for industrial gas turbines in the coming decade.
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“Africa to Emerge as a Highly Lucrative Region; North America to Lead the Pack”
Low economic development and deficient power infrastructure are factors that present excellent business opportunities for players in the global industrial gas turbine market till 2026. North America is expected to hold a dominant section of the global industrial gas turbine market share owing to rising shale gas exploration activities and rapid enhancement of industrial gas turbine capacities in the region. Low operating costs is anticipated to drive the market in the Middle East.