Growing Demand of Gas Turbine Equipment Market and Huge Future Opportunities by 2030 – Travel Adventure Cinema

0

The global gas turbine equipment market the size should go from $21.2 billion in 2020 at USD 31.4 billion by 2027at a CAGR of 6.8% from 2021 to 2027. A gas turbine is an engine that generates mechanical energy by rotating turbine blades by heating a mixture of fuel and outside air to a very high temperature. The mechanical energy is then used to power a generator, producing electricity. The main purpose of these systems is to generate electricity. It is much more expensive to operate a simple cycle turbine plant to supply electricity to industry than to buy it from outside. As a result, combined cycle power plants are commonly used, as they are more efficient.

A cogeneration plant is an example of a combined cycle power plant that can generate electricity and a mechanical drive. Due to increased government support for power generation technologies that aim to reduce carbon dioxide (CO2) emissions, the market in the United States is expected to witness significant growth. According to the Energy Information Administration, natural gas was the most common source of electricity generation in the United States in 2019, accounting for 38% of total electricity generation.

Proper economics and supportive policies for the establishment of gas-fired power plants are the main factors driving the shift from coal-fired power generation to gas-based power generation. Additionally, long-term secure supply of fuel in the United States is one of the factors driving the growth of the country’s market. Gas turbines contribute significantly to the reduction of greenhouse gas (GHG) emissions. These are highly efficient compared to other combustion-based power generation applications and reduce carbon emissions.

Get PDF for more business and technical information: https://www.marketstatsville.com/request-sample/gas-turbine-equipment-market

Global Gas Turbine Equipment Market Dynamics

Drivers: Gas turbine technology reduces greenhouse gas emissions

Coal-fired power plants emit large amounts of toxic gases and contribute significantly to global warming. Coal-fired power plants are one of the main sources of emissions. Rising greenhouse gas emissions require the development of cleaner methods of generating electricity, which is expected to increase the demand for industrial gas turbines over the next decade.

Natural gas, used as the primary fuel in gas turbines, contains very little sulfur, resulting in almost no sulfur dioxide emissions. Gas turbines that burn natural gas emit very little CO2 – 0.37 kilograms of CO2 per kWh of electricity produced. This compares to 1.01 kg/kWh for lignite and 0.8 kg/kWh for anthracite. Due to the factors mentioned above, the industrial gas turbine market is expected to grow over the forecast period.

Constraints: Natural Gas Price Volatility

Actions that can disrupt natural gas supply affect natural gas prices. Geopolitical tensions are disruptive factors that challenge gas supply and demand. Gas prices may become more volatile as a result. Due to the exploitation of shale gas, gas prices have fallen dramatically in the United States, but they remain relatively high elsewhere in the world. The majority of countries in the Middle East region have significant natural gas reserves. Due to political and cultural problems, it is a very unstable region. In addition, due to the Covid-19 pandemic, the demand for natural gas has decreased significantly in recent months. Thus, gas costs have also come down, which has had a negative impact on the growth of the market.

You can buy full [email protected]https://www.marketstatsville.com/buy-now/gas-turbine-equipment-market?opt=2950

Report scope

The study categorizes the Gas Turbine Equipment market based on capacity, technology and end-use regionally and globally.

By capacity outlook (thousand units, turnover, million USD, 20172027)

  • Less than 200 megawatts (≤200 MW)
  • More than 200 megawatts (>200 MW)

By Technology Insights (thousand units, turnover, million USD, 20172027)

  • Open cycle
  • Combined cycle

By end-use outlook (thousand units, turnover, million USD, 20172027)

  • Power and utility
  • Industrial

Outlook by region (thousand units, turnover, million USD, 20172027)

  • North America (United States, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

The combined cycle segment expected to account for the largest market share by technology

Global gas turbine equipment market is divided into open and combined cycles based on technology. In 2020, the combined cycle technology segment accounted for the largest market share of 75.0% in the global gas turbine equipment market. The conversion to combined cycle technology is forced by stricter regulations for coal-fired power plants, low gas prices and the integration of renewable energies. Combined cycle power plants (CCPP) complement solar and wind power because they can start and stop quickly and are therefore able to compensate for variations in the power of renewables.

Favorable government policies regarding clean fuels for power generation and reduction of GHG emissions are expected to increase the demand for natural gas power plants. Additionally, a decline in gas prices and the discovery of shale gas reserves are expected to propel the market over the projected timeframe.

Request for complete table of contents and figures and graphs @ https://www.marketstatsville.com/table-of-content/gas-turbine-equipment-market

North America represents the highest CAGR over the forecast period

On the basis of regions, the global gas turbine equipment market has been segmented into North America, AsiaPacific, Europe, South America, Middle East and Africa. North America is expected to grow at a significant CAGR during the forecast period. Demand is mainly driven by the shale gas reserve and technological development in extraction and mining technology, which is steadily reducing the operational costs of gas extraction in the region. In addition, North America has seen a large-scale introduction of gas-fired electricity.

Technological advances in completion techniques, such as multi-stage hydraulic fracturing, and drilling techniques, such as horizontal wellbores, have enabled oil and gas companies to produce shale gas commercially. According to the trends, the aforementioned technological developments and commercial production of shale gas are expected to drive the regional gas turbine market over the forecast period.

Main market players

Gas turbine equipment market is slightly concentrated with few global players operating in the market such as General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Ansaldo Energi, Bharat Heavy Electricals ltd. and MAN. Energy solutions. Each company follows its business strategy to achieve the maximum market share.

Share.

About Author

Comments are closed.