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Gas Turbine Market Estimated To Grow $30.08 Billion by 2025 | Grand View Research, Inc.

Gas Turbine Market Estimated To Grow $30.08 Billion by 2025 | Grand View Research, Inc.

December 14
16:28 2019
Gas Turbine Market Estimated To Grow $30.08 Billion by 2025 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global gas turbine market size was valued at USD 19.81 billion in 2016 and is expected to register a CAGR of 4.8% over the forecast period.

The global gas turbine market size is projected to reach USD 30.08 billion by 2025, according to a new report by Grand View Research, Inc., witnessing a CAGR of 4.8% during the forecast period. The market is expected to be driven by increasing pressure from international agencies to reduce carbon footprint, along with low shale gas prices.

Incentives provided by regional governments to gas-based power generation companies to combat increasing carbon footprints are likely to drive market growth. Gas turbines witnessed a distinctive increase in 2015, hinting a change in policies by power generators to capitalize on low gas prices. Some of the largest gas turbine shipments are estimated to be heading toward Latin America, U.S., and Europe. However, Asia Pacific will likely exhibit the fastest growth rate in the foreseeable future.

Post 2016, steam turbine orders are picking up as well, mimicking the trend in gas turbines, owing to rising CHP installations across the globe. Combined cycle power generation is the most efficient form of technology to generate electricity. This technology segment also accounts for the largest share in the gas turbine market.

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In January 2017, Siemens and Marubeni announced plans to build a 1,200 MW combined cycle power plant in Thailand. In 2015, the company sold approximately 18 models of SGT-800 industrial gas turbines to Thailand. Six of these turbines had a capacity of 53 MW each, while the capacity of the remaining twelve units was 50.5 MW each. The units were intended to be installed in nine combined cycle cogeneration power plants with a total installed electrical capacity of 1100 MW.

U.S. gas turbine market size, by application, 2014 - 2025 (USD Billion)

Further key findings from the report suggest:

  • The global capacity addition for gas turbines in 2016 was estimated to be 62.87 GW and is expected to reach 91.81 GW by the end of the forecast period
  • There is rising investment in Latin America for CHP-based power generation where gas turbine orders account for the majority share in comparison to steam turbine orders
  • China’s market size for gas turbine orders was estimated to be 8.07 GW in 2016. This regional market is likely to expand at a CAGR of 5.2%
  • Asia Pacific excluding China will likely witness stunted growth owing to established infrastructure of thermal-based power generation and Japan’s economic slowdown
  • Europe will witness an increase in gas turbines as majority of the thermal-based power generations are likely to shut down by the end of the forecast period
  • Siemens is currently the leader in the gas turbine market. This market operates on aggressive mergers and acquisitions
  • The service-oriented market for gas turbines is also an excellent contributor to overall revenue.

Global gas turbines market share, by application, 2016 (%)

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Key Topics Covered 

Table of Contents

Chapter 1. Methodology and Scope
                  1.1. Research Methodology
                  1.2. Research Scope & Assumptions
                  1.3. List of Data Sources
Chapter 2. Executive Summary
                  2.1. Market Snapshot
Chapter 3. Gas Turbine Market Variables, Trends & Scope
                  3.1. Market segmentation
                  3.2. Market size and growth prospects, 2014 – 2025
                  3.3. Value chain analysis
                  3.4. Demand & Supply Landscape
                  3.5. Industry Cost Structure
                  3.6. Total Cost of Ownership
                  3.7. Market dynamics
                     3.7.1. Market driver analysis
                     3.7.2. Market restraint analysis
                  3.8. Industry analysis – Porter’s
                  3.9. PESTEL analysis, 2015
Chapter 4. Gas Turbine Market: Capacity Estimates & Trend Analysis
                  4.1. Global gas turbine market share by capacity, 2015 & 2025
                  4.2. ≤200 MW


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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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