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Global Industrial Gas Turbine Market By Application Type (Oil & Gas, Power Generation, and Other Industrial Applications); By Product (Heavy Duty and Aero derivative); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Industrial gas turbine market size was valued 15.7 Bn in 2021 and is expected to reach 24.2 Bn by 2031, at a CAGR of 4.5% in the forecast period.
Industrial gas turbine is a combustion motor, which uses different sources such as natural gas or fluid fuels to produce mechanical energy. This mechanical energy produced is used to power an integrated power generator. In lowering carbon emissions turbines play a significant role. They have lower emissions compared to other combustion-based energy generation systems. Their demand is estimated to grow in the coming years, with the introduction of various policies on climate change and legislation to minimize GHGs emissions. Gas turbines have been an important part of energy and heat production over the years. In pace with the growth and technological advances in combustion, aerodynamics, materials, and cooling, the constant changes across key energy markets have been crucial to this development.
This growth can be attributed to expanding energy demand, the adequacy of energy-efficient technology, surging demand for natural gas power plants, the effect of the shale gas revolution, and a decrease in carbon dioxide emissions. Growing cash flow to replace conventional energy systems with improved units would further accelerate market demand. Enhanced power to weight, modular size, and high power rating plays an important role in driving dynamics in the industry. The recent shale trend has led to increased investments in research and drilling in inland and onshore remote basins, which in turn complements the business growth.
Global Industrial Gas Turbine Market has been segmented based on product type, application type, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
Aeroderivative dominated the market with over XX% of the market share in 2019
global industrial Gas TurbineMarket is segmented by product into Heavy Duty and Aeroderivative Owing to the high accessibility of highly scalable and mobile technologies, aero-derivative units have gained considerable traction in the industrial gas turbine industry. The product line includes a range of applications such as marine propulsion, electricity, and local heating. Also, the manufacturers' emphasis on cost productivity and the development of high capacity turbines has appeared to be technical advances compared to the conventional aero-derivative systems.
A commendable business opportunity is produced by the increasing number of production plants and the incorporation of diverse economic zones throughout developing countries. The heavy-duty industrial gas turbine market will be stimulated by the rise in the integration of captive generating stations to meet the electricity demand from industrial institutions. The lightweight design of space preferred by low operating costs over time would increase product demand compared with less room space usage.
Power generation dominated the market with XX% Market share in 2019 and is anticipated to witness significant growth in the forecasted period
Global Industrial Gas Turbine market is segmented by Application type into oil & gas, power generation, and other industrial applications During the projected timeline, the power generation section will rise at the highest rate. The market for combined cycle power plants is anticipated to accelerate, with low emissions of carbon dioxide and greater efficiencies. Gas turbines are used in the oil & gas application to pump natural gas into pipelines where the fuel is a small portion of the pumped gas. Industrial gas turbines vary between 1000 and 50 000 HP and are primarily used in the gas and petroleum industry. For the operation of compression systems or mechanical drives, other industrial applications use gas turbines that support various industrial processes.
Environmental issues:
Growing environmental issues and stringent regulatory commitments to minimize GHG emissions have centered on energy conservation, which would have a beneficial impact on the market worldwide. Due to Raising environmental concerns, gas turbines have emerged as a critical factor for power & heat delivery systems. In line with rapid technological developments in combustion, aerodynamics, matter, and cooling, ongoing changes have been vitally important to this development in essential power markets.
Investment to replace traditional energy system:
Growing cash flow to replace conventional energy systems with improved units would further accelerate market demand. Enhanced power to weight, modular size, and high power rating play an important role in driving dynamics in the industry. The recent shale trend has led to increased investments in research and drilling in inland and onshore remote basins, which in turn complements the business growth.
Strict government policies and law
Strict government policies and laws and orders to carry out the energy production by gas turbines in the industry hinder the market growth over the forecasted period.
North America is anticipated to dominate the market with an XX% market share in 2019 growing at a CAGR of XX% over the forecasted period.
The North American market is anticipated to witness the highest growth due to the growing emphasis on Combined Cycle Gas Turbine (CCGT) capacity additions, the availability of enormous gas reserves, improved production, and a lower build-up period helps power generation by CCGT.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
These actors adapt policies to further improve their footprints in the market, such as providing multi-annual services contracts for current and emerging power plant shareholders. Competition among the leading suppliers is based on their gas turbines 'productivity and effectiveness, as well as their customers' associated services. To boost its market dominance due to the rapid technological change and fierce competition, technical capability and R&D are some of the most important focus areas of the industry.
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