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Market Snapshot

CAGR:8.52

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	8.52

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Report Overview

Gas Turbines in Thermal Power Market Analysis By Application (Power Generation, Oil & Gas, Industrial, Aviation, Marine), By Type (Heavy-Duty, Aeroderivative), and By Region Forecast to 2032:

The Gas Turbines in Thermal Power Market is poised for substantial growth with a projected Compound Annual Growth Rate (CAGR) of 6.85% from 2022 to 2032. This growth is expected to result in an estimated increase of USD 14,567.89 million in market size. The expansion of this market can be attributed to several key factors, including the demand for efficient and clean energy solutions, the growth of industrial sectors, and advancements in turbine technology. Gas turbines are vital components in thermal power plants, offering a reliable source of electricity generation.

Gas Turbines in Thermal Power Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Gas Turbines in Thermal Power Market is the increasing demand for power generation. As economies grow and urbanization continues, there is a constant need for electricity. Gas turbines provide an efficient and flexible solution for power generation, especially in regions with varying energy demands.

Furthermore, the adoption of gas turbines in the oil and gas industry for various applications, including compressors and pumps, is driving market growth. The reliability and high power-to-weight ratio of gas turbines make them suitable for demanding oil and gas operations.

Trends:

An emerging trend in the Gas Turbines in Thermal Power Market is the development of more environmentally friendly gas turbines. Efforts are being made to reduce emissions and improve the overall efficiency of gas turbines. This trend aligns with the global focus on clean energy and sustainability.

Additionally, the use of aeroderivative gas turbines in aviation and marine applications is positively impacting market growth. Aeroderivative turbines, originally derived from aircraft engines, offer high power density and are well-suited for mobile and marine power generation.

Restraints:

One of the key challenges hindering the growth of the Gas Turbines in Thermal Power Market is the fluctuation in natural gas prices. Gas turbines primarily run on natural gas, and the volatility in gas prices can affect the operating costs of power plants and industrial facilities. Developing strategies to mitigate this price sensitivity is essential for market stability.

Moreover, the capital-intensive nature of gas turbine projects can be a barrier to entry, particularly for smaller companies or regions with limited infrastructure. Financing and investment considerations can impact the pace of market expansion.

Gas Turbines in Thermal Power Market Segmentation By Application:

The power generation segment is anticipated to witness substantial growth during the forecast period. Gas turbines are widely used in thermal power plants to generate electricity efficiently. Their ability to start quickly and provide flexible power output makes them essential for balancing energy grids.

The oil and gas industry also represents a significant application area for gas turbines. These turbines power various equipment in upstream, midstream, and downstream operations, contributing to the industry's productivity and reliability.

Gas Turbines in Thermal Power Market Segmentation By Type:

The heavy-duty gas turbines segment is expected to drive market growth significantly. These turbines are designed for continuous and base-load power generation, making them suitable for large-scale power plants.

Aeroderivative gas turbines are gaining prominence, particularly in aviation and marine applications. Their compact size, high power density, and rapid response capabilities make them valuable in mobile and decentralized power generation.

Regional Overview:

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North America is poised to be a key contributor to the global Gas Turbines in Thermal Power Market, accounting for approximately 35% of the market's growth during the forecast period. The region's extensive power generation infrastructure, including combined cycle power plants, and the presence of leading turbine manufacturers drive market expansion.

The Middle East and Asia-Pacific regions are also significant players in the market due to their growing energy demands and investments in power generation projects. The use of gas turbines for desalination and industrial applications further supports market growth in these regions.

Gas Turbines in Thermal Power Market Customer Landscape:

The Gas Turbines in Thermal Power Market report encompasses a diverse customer landscape, ranging from utility companies to industrial manufacturers. It delves into adoption rates across different regions based on energy needs and includes key factors influencing purchase decisions to assist companies in formulating effective growth strategies.

Major Gas Turbines in Thermal Power Market Companies:

Companies in the gas turbines in thermal power market are actively pursuing strategies such as technology innovation, partnerships, and global expansion to enhance their market presence.

Example companies include:

General Electric (GE): GE is a leading provider of heavy-duty and aeroderivative gas turbines for various applications. Their advanced turbine technology focuses on efficiency and reduced emissions.
Siemens Energy: Siemens Energy offers a wide range of gas turbines, including those for power generation and industrial use. Their expertise in turbine technology contributes to sustainable energy solutions.
Mitsubishi Power: Mitsubishi Power specializes in gas turbines for power generation and industrial applications. They emphasize reliability and efficiency in their turbine designs.

The competitive landscape analysis in the report provides insights into 20 key market players, including:

Siemens AG
Mitsubishi Power, Ltd.
Ansaldo Energia S.p.A.
Kawasaki Heavy Industries, Ltd.
Wärtsilä Corporation
Solar Turbines Incorporated
MAN Energy Solutions SE
Bharat Heavy Electricals Limited
Vericor Power Systems LLC
PW Power Systems LLC

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Gas Turbines in Thermal Power Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Power Generation
Oil & Gas
Industrial
Aviation
Marine

Type Outlook (USD Million, 2019 - 2032):

Heavy-Duty
Aeroderivative

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Gas turbines in thermal power MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Gas turbines in thermal power MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Gas turbines in thermal power Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Gas turbines in thermal power Of Suppliers

4.5.2. Gas turbines in thermal power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. Gas turbines in thermal power MARKET BY capacity landscape

SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Less than 30 MW

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 31-120 MW

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.4 Greater than 120 MW

5.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Gas turbines in thermal power MARKET BY type INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Combined Cycle

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Open Cycle

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Gas turbines in thermal power MARKET REGIONAL OUTLOOK

7.1. Gas turbines in thermal power Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027 (USD Million)

7.2.2. North America Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Gas turbines in thermal power Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Gas turbines in thermal power Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Gas turbines in thermal power Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Gas turbines in thermal power Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Gas turbines in thermal power Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 General Electric Company

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 Siemens AG

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 Mitsubishi Heavy Industries Ltd

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Kawasaki Heavy Industries, Ltd

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 Bharat Heavy Electricals Limited

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Company 6

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Company 7

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 Company 8

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 Company 9

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10 Company 10

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Gas Turbines In Thermal Power Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032