The report, now available on ASDReports, “Gas Turbines Market by Design Type (Heavy Duty & Aeroderivative), Rated Capacity (1-40 MW,40-120 MW,120-300 MW, & Above 300 MW), Application (Oil & Gas, Power & Other), Technology (Open Cycle & Combined Cycle), and Region - Forecast and Trends to 2020”, defines and segments the global gas turbines market with an analysis and forecast of the market size.
The gas turbines market is expected to grow from an estimated USD 16.2 Billion in 2015 to USD 19.6 Billion by 2020, at a CAGR of 3.9% from 2015 to 2020. Factors such as increasing demand for electric power worldwide and subsequent investments in creating new generating capacity, high efficiency and low carbon emission characteristics of natural gas-fired power plants, and shale gas boom are driving the gas turbines market worldwide.
Combined cycle power plants to be the dominant technology in global gas turbines market
Gas turbines find application mainly in open cycle and combined cycle power plants. The global market, in terms of value, for gas turbines used in the combined cycle power plants was the highest and it accounted for more than two-third of the value of the total market. Though the initial cost and the subsequent investments till the commissioning of combined cycle power plants are relatively high, it offers nearly one-third more power for approximately the same fuel costs, when compared to the open cycle power plants. It also has lower total emissions since the exhaust is utilized for other operational purposes.
Increasing preference for above 300 MW gas turbines
The report also segments the gas turbines market on the basis of its rated capacity, which includes 1-40 MW, 40-120 MW, 120-300 MW, and above 300 MW. Above 300 MW rated gas turbines have been widely accepted in the past few years. The market for 300MW rated gas turbine would be driven by the many combined cycle power plants that are planned to come up in Asia-Pacific and North America. Replacement of old coal-fired power generation capacity in the U.S. with new large capacity gas-fired power plants would also give a major boost to the market. The above 300 MW rated gas turbines market is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific is the dominant market for gas turbines
In this report, the gas turbines market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Asia-Pacific will continue to dominate the market. Factors such as urbanization, industrialization, and fast economic growth necessitates huge requirement for electric power from various countries in this region, which demands development of new power plants, especially gas-fired ones.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the gas turbines market including General Electric Company (U.S.), Siemens AG (Germany), Mitsubishi Hitachi Power Systems, Ltd. (Japan), and Alstom S.A. (France) among others. Dominant players are trying to penetrate developing economies and are adopting various methods to grab the market share.
Market share analysis by revenue for key companies is included in the report. The scope aids market participants to identify high growth markets and help managing key investment decisions. For this report, major players in the gas turbines market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing personnel. Based on this research, the market shares have been evaluated and validated.
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Source: ASDReports - Market Research
Date: Jan 19, 2016