Industrial Gas Turbine Market Precise Outlook – General Electric Company, Siemens AG, Harbin Electric International Company Limited
The industrial gas turbine market is expected to register a CAGR of over 1% during the forecast period. Factors, such as rapid urbanization and increasing demand for electrical energy, are expected to be the major drivers for the market. The rising demand for cleaner energy from gas turbines, over concerns of the environmental impact of energy generation from coal-fired plants, is expected to boost the industrial gas turbine market. However, increasing shift toward renewable energies, such as solar and wind, for power generation has hampered the growth of the market.
- The power sector is expected to witness significant growth during the forecast period, owing to various factors, such as increase in power generation from gas-based plants due to rising concerns over greenhouse gas emissions and economic aspects.
- The meet the increasing demand for electrical energy to sustain global development, there is a need for consistent heavy investments in power supply generation. This has helped the market for gas turbines grow significantly in recent years, and it is expected to continue to do so during the forecast period.
- Asia-Pacific is expected to dominate the market growth, with majority of demand coming from China and India, owing to the factors, like economic growth in the emerging nations, increase in the number of gas-based power generation plants, and rising industrial activities.
Top leading Manufacturers Profiled in Industrial Gas Turbine Market Report are: General Electric Company, Siemens AG, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd, Bharat Heavy Electricals Limited, and Solar Turbines.
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Regional Analysis for Industrial Gas Turbine Market:
For a comprehensive understanding of market dynamics, the global Industrial Gas Turbine market is analyzed across key geographies namely the United States, Europe, China, Japan, Southeast Asia, India, Central & South America. Each of these regions is analyzed based on market findings across major countries in these regions for a macro-level understanding of the market.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the fastest-growing market during the forecast period, due to an increase in the energy demand and the usage of natural gas in the region.
- There has been a major increase in the use of gas for power generation and transportation in the region, aiming at reducing greenhouse gas emissions. Asia-Pacific crossed its expected LNG import, with China importing three times the expected LNG in 2018.
- China's gas demand grew from around 240 BCM in 2017 to around 280 BCM, with a lot of demand coming from the industrial and transportation sectors. Chinas gas consumption increased by 18% in 2018 and reached 22% of global gas consumption.
- With the rising pollution concerns across the world due to industrialization, especially in Asia-Pacific, the shift toward clean energy generation from gas turbines has gained considerable momentum.
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What is the Impact of Covid-19 Outbreak on the Industrial Gas Turbine?
- Optimistic Scenario: COVID-19 is contained by May or June, With Normalcy returning to global operations through the End of Q2.
- Conservative Scenario: COVID-19 Remains Prevalent, with Continued Impacts Lasting into Q4.
- Estimated Impact of the Coronavirus (COVID-19) Epidemic on the Global Industrial Gas Turbine.
- Industrial Gas Turbine Market Size in 2021
- Corporate Strategy the Manufacturers Should Be Thinking About Right Now.
Frequently Asked Questions about the Industrial Gas Turbine market:
- What are the recent developments and government policies?
- What are the top trends in the Industrial Gas Turbine market?
- What is the growth rate of the market?
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- Which are the top industry players in the Industrial Gas Turbine market?
- Which region would offer high growth for vendors in the market?
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