Power Generation Gas Turbines Market is projected to grow at a CAGR of 4.2% from 2021 to 2027

The global power generation gas turbines market was projected to grow at a CAGR of 4.2% from 2021 to 2027. Industrial gas turbines' frames, blading, and bearings are heavier than aeronautical designs. They're also much more closely linked to the devices they power-typically an electric generator-and the secondary energy equipment used to recover wasted energy. One of the most widely used power generation technologies is gas turbines. Gas turbines are internal combustion (IC) engines in which hot gases are produced when an air-fuel mixture is burned, spinning a turbine to generate power. Gas turbines get their name from the hot gas produced during fuel combustion, not from the fuel itself.

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Turbines with a capacity of 120 MW are commonly used in power plants. In the forecast period, gas-fired power plants with turbines with more than 120 MW capacity will dominate the market due to rising electricity demand. Due to an increase in demand for natural gas-fired plants and global initiatives across countries to reduce carbon dioxide emissions, the combined cycle segment is expected to dominate the market by 2030, with overall electrical efficiency typically ranging from 50-60% compared to around 33% for an open cycle.

Global Power Generation Gas Turbines Market Dynamics
Drivers: Efficient Power Generation Technology
The global power generation gas turbines market is driven by rapid technological advancements in the energy sector and increased focus toward distributed power generation technologies. Because of the rise in government support for power generation technologies that aim to reduce carbon dioxide emissions worldwide, the gas turbine market is expected to grow significantly during the forecast period. The paradigm shift from coal-based power generation to gas-based power generation in developed and developing countries such as Japan, the United States, China, and India, and supportive government policies for gas-based power plants, is a major factor driving the market's growth.

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Scope of the Power Generation Gas Turbines
The study categorizes the power generation gas turbines market based on power generation capacity and application at the regional and global levels.

By Power Generation Capacity Outlook (Sales, USD Million, 2017-2027)
Less than 40 MW
40-120 MW
120-300 MW
Above 300 MW
By Application Outlook (Sales, USD Million, 2017-2027)
Residential
Commercial
Industrial
By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The above 300 MW segment is projected to account for the largest market share by power generation capacity
Based on type, the global power generation gas turbines market is divided into Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW. Due to the shift from coal to gas-based power plants in some major countries worldwide, such as the United States, China, and India, the above 300 MW segment accounted for a significant share in 2020. Furthermore, product demand is boosted by increased power generation activities worldwide due to a surge in demand for electricity due to population growth and rapid urbanization. As a result, demand for gas turbines is increasing, particularly for turbines with more than 300 MW rating capacity. The power generation sector is expanding, and a greater emphasis is placed on generating electricity using sustainable energy resources.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global power generation gas turbines market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global power generation gas turbines market during the forecast period. Rapid industrialization and urbanization are generating a massive and ever-increasing power demand in the region, necessitating the construction of multiple power-producing facilities. As a result, China's need for gas turbines is increasing.

In addition, the India Brand Equity Foundation (IBEF) reports that coal-fired generation dominates India's power sector, accounting for 61.3 percent of total installed capacity in June 2021. The country highlighted the potential of renewable energy and gas-based generation for decarbonization and reaching the Paris Agreement's targets to cut global greenhouse gas emissions to limit global warming significantly. The demand for gas turbines is predicted to rise as the share of gas-based generation grows. Furthermore, countries with a rising social consensus against nuclear power, such as Japan, Australia, New Zealand, Italy, and Malaysia, are potential markets in this regard.

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Key Market Players
The power generation gas turbines market is mildly concentrated in nature with few numbers global players operating in the market, such as Kawasaki Heavy Industries Ltd, Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd, Wartsila Oyj Abp, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, IHI Corporation, and Ansaldo Energia SpA. Every company follows its business strategy to attain the maximum market share.

Recent Developments
In 2020, Natural gas generated 247 TWh of electricity in China. The Chinese gas turbine market is expected to expand, owing to the country's clean energy outlook and the ongoing expansion of large-scale gas-fired power plants.
In June 2020, Northwest Power Generation Company Ltd signed a contract with Shanghai Electric Group and Ansaldo Energia to design, procure, and construct an 880 MW combined cycle power plant in Bangladesh.

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