Industrial Gas Turbines Market Scope
Industrial Gas Turbine is widespread in many industries that require power. The power is used to generate electricity or drive equipment such as pumps and process compressors. Industrial Gas turbines are used extensively in naval propulsion and in this case, are often referred to as naval gas turbines. In any of these applications, the performance of the gas turbines is the end product that strongly influences the profitability of the business that employs them. Industrial gas turbines often have to operate for prolonged periods at conditions that do not correspond to their design conditions. Therefore, understanding the performance of gas turbines under such operating conditions is particularly important, especially in a deregulated market. Hence, these are factors hampering the market over the forecast period.
Attributes | Details |
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Study Period | 2015-2026 |
Base Year | 2019 |
Unit | Value (USD Million) |
Key Companies Profiled | Kawasaki Heavy Industries, Ltd, MTU Aero Engines AG, Siemens Energy (Germany), Access Intelligence, LLC, Energy Solutions Center (United States), ALSTOM (Switzerland), MAN Energy Solutions (Germany), Solar Turbines Incorporated (United States), MITSUBISHI HEAVY INDUSTRIES, LTD (Japan), Ansaldo Energia (Italy), GE Power (United States), Caterpillar (United States), Capstone Turbine Corporation (United States), OPRA Turbines (Netherlands), Wärtsilä (Finland), OC Oerlikon Management AG (Switzerland), Praxair S.T. Technology, Inc (United States) and Others |
CAGR | % |
The local and major companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new services as well as product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market is expected to grow in the oil and gas industries. Several companies Siemens Energy (Germany), and MTU Aero Engines AG (Germany), and many more are operating in the market to provide end-user with various features & unique offerings. The market is a partially fragmented market with the presence of several market players and local players.
Kawasaki Heavy Industries, Ltd, MTU Aero Engines AG, Siemens Energy (Germany), Access Intelligence, LLC, Energy Solutions Center (United States), ALSTOM (Switzerland), MAN Energy Solutions (Germany), Solar Turbines Incorporated (United States), MITSUBISHI HEAVY INDUSTRIES, LTD (Japan), Ansaldo Energia (Italy), GE Power (United States), Caterpillar (United States), Capstone Turbine Corporation (United States), OPRA Turbines (Netherlands), Wärtsilä (Finland), OC Oerlikon Management AG (Switzerland), Praxair S.T. Technology, Inc (United States) and Others are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Industrial Gas Turbines market and Region with country level break-up.
On the basis of geography, the market of Industrial Gas Turbines has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2019.
Market Leaders and their expansionary development strategies
On June 2021 Hanwha has completed its Acquisition of the Aftermarket Gas Turbine Business of Ansaldo Energia. The main advantage of acquiring after service the Ansaldo Energia is expanding its product portfolio.
On May 2021 Mitsubishi power establishes a new gas turbine business in Dubai
Market Trend
- Rising demand for Dry Low Emission (DLE) combustion in order to minimize Nox emission with leading-edge turbine technology offers broad fuel flexibility and outstanding efficiencies for economic fuel consumption and low CO2 emissions
Market Drivers
- A reliable, environmentally friendly, and cost-effective power supply is a key driver for a profitable and sustainable business and is the main factor that is driving the growth of the market
Opportunities
- Rising demand for the product in many industrial verticals is the key factor that is driving the market over the forecast period
Restraints
- Frequently changing Cost of raw material is the main factor that is hampering market growth due to political war
Challenges
- Within the last decade, the rising global demand for renewable energy has increased rapidly, which leads to new challenges for conventional power generation systems. For nuclear and coal power plants it is very difficult to be part of the power generation in the future, especially in Europe. In case of overcoming the new challenges, the gas turbine technology has realistic chances to solidify and expand its role in the future power generation
Key Target Audience
Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments /council, OEM (Original Equipment Manufacturer), Raw Material Supplier and End-use Industries