The global gas turbine equipment market size was US$ 22.2 billion in 2021. The global gas turbine equipment market is forecast to grow to US$ 36.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Gas turbines are used to develop mechanical energy through turbine blades for electricity. A mixture of fuel and outside air is heated at a high temperature to generate electricity.
Factors Influencing the Market
The primary factor influencing the growth of the gas turbine equipment market is the steadily rising demand for electricity across the globe. Moreover, the fact that coal-fired power plants emit large amounts of toxic gases will surge the demand for gas turbines in the coming year, thereby propelling the global gas turbine equipment market forward.
Gas turbines use natural gases with significantly less amount of sulfur. Moreover, gas turbines emit 0.37 kilograms of CO2 per kWh of electricity generated, whereas lignite emits 1.01 kg/kWh and anthracites emit 0.8 kg/kWh. This factor is expected to drive the growth of the global gas turbine equipment market. Stringent government measures and crucial steps aiming at lowering carbon emissions will benefit the global gas turbine equipment market. Moreover, rising awareness related to the benefits of natural gas coal will offer ample growth opportunities for the market during the forecast period.
The growing range of innovative strategies will also drive the demand for gas turbine equipment. For instance, Ansaldo Energia and Shanghai Electric Group inked an agreement with Bangladesh Power Development Board's North-West Power Generation Company Ltd. Through this, the companies aim to design and build an 880 MW combined cycle power plant in Bangladesh through the consortium they signed.
Fluctuations in the cost of natural gas may limit the growth of the global gas turbine equipment market.
COVID-19 Impact Analysis
The COVID-19 pandemic halted maximum industrial work, which reduced the electricity demand. As a result, it also hampered the growth of the gas turbine equipment market. Moreover, mining work was also reduced due to the wake of the pandemic. Labor shortage and unavailability of raw materials ultimately impeded the growth of the gas turbine equipment market.
Regional Analysis
North America is expected to hold dominance in the gas turbine equipment market in terms of revenue. It is attributed to the rising demand for gas turbine equipment from shale gas reserves in the region. Furthermore, growing technological development in extraction and mining technology will benefit the market in the coming years. Moreover, technological advancements in multistage hydraulic fracturing techniques will also contribute to the growth of the market.
Competitors in the Market
Market Segmentation
The global gas turbine equipment market segmentation focuses on Capacity, Technology, End-Use, and Region.
By Capacity Outlook
By Technology Outlook
By End-Use Outlook
By Regional Outlook
