The Asia-Pacific gas turbine market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 3.5% during 2023–2031. The growth of the market is attributed to the increase demand for power generating due rising consumption in the region.
A gas turbine, often known as an internal combustion engine, is the heart of a power plant that converts liquefied or natural gas into mechanical energy to generate electricity. Ships, aircrafts, trains, generators, gas compressors, pumps, and other industrial gas turbines are all powered by industrial gas turbines.
Since the power generation sector has such a large social and economic impact, manufacturers are under pressure to improve power plant efficiency using cost-effective solutions that have a low environmental impact. As a result, the industrial gas turbine market is expected to increase at a healthy rate over the forecast period.
Air and sea travel have become significantly more intense as a result of globalization and the opening of Asian economies, particularly in China as a result, sea and air transportation now account for about 2% and 3% of total greenhouse gas (GHG) emissions3, respectively. Furthermore, the Sulphur and particulate matter produced by ship fuel oil is higher than that produced by road fuels.
For the good clean energy future, China is now investing in the development of new massive gas-fired combined cycle power generation, which is likely to boost demand for gas turbines.
However due to national security concerns, China can only produce heavy-duty gas turbines based on Ukrainian technology. Western countries, such as the United States and France, do not allow their manufacturers to export such items to China.
China's Aviation Industry Corporation has chosen the R0110 heavy-duty gas turbine from Ukraine, which has a heating capacity of 110 megawatts. This type of gas turbine, on the other hand, can only be used to generate electricity and cannot be used in ships.
Bharat Heavy Electricals Limited (BHEL) of India secured a deal in November 2021 for the local fabrication of components for "Zorya" - "Mashproekt" marine gas turbine engines in India.
Hindustan Aeronautics Limited (HAL) will construct four Limited Series Production (LSP) indigenous Light Utility Helicopters (LUHs) by 2022-23 and eight LSP LUHs by 2023-24 using gas turbine engine technologies.
Asia Pacific Gas Turbine Market Trends, Drivers, Restraints, and Opportunities
Increasing demand for electricity is projected to drive the market during the forecast period.
Rising industrialization and electrification of transportation is anticipated to boost the market in the coming years.
Infrastructure development projects such as providing clean air, reducing greenhouse gas emissions, providing safe water systems, and promoting renewable energy plants is expected to boost the market.
Growing local manufacturing capabilities is expected to push the market growth.
Development of gas-fired power plants is projected to fuel the market.
Increasing need for uninterrupted power supply is expected to spur the market expansion during the forecast period
Rapid growth in aviation and maritime industries is key factors boosting driving the market in the coming years.
Majority of the world's natural gas production and supply is concentrated in a few countries, resulting in price differences. act as major challenges that can hamper the market growth.
Research and development (R&D) initiatives to build turbines that can run on a variety of fuels, function at high temperatures, and have no turbine failures. is expected to create immense opportunities for the market players.
Scope of Asia Pacific Gas Turbine Market Report
The report on the Asia-Pacific gas turbine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Asia-Pacific Gas Turbine Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Open Cycle, and Combined Cycle), Applications (Power, Oil and Gas, and Other), Capacities (Less than 30 MW, 31-120 MW, and above 120 MW)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Siemens AG; Kawasaki Heavy Industries Ltd; Ansaldo Energia SpA; General Electric Company; Mitsubishi Heavy Industries Ltd
Asia-Pacific Gas Turbine Market Segment Insights
The combined cycle segment is projected to represent a large market share
Based on types industries, the Asia Pacific gas turbine market is divided into open cycle, and combined cycle. The combined cycle segment is expected to account for a key share of the market during the forecast period owing to it is cost effective and better efficiency also it has a lower carbon dioxide emission.
The power turbine segment is expected to expand at a significant pace
In terms of applications, the Asia Pacific gas turbine market is segmented into power, oil and gas, and other. The power segment is expected to represent a key share of the market in the coming years due to increasing urbanization and industrialization in the region.
The above 120 MW segment is anticipated to register at a rapid CAGR
Based on capacities, the Asia Pacific gas turbine market is divided into less than 30 MW, 31-120 MW, and above 120 MW. The above 120 MW segment is expected to hold a key share of the market during the forecast period owing to these capacity gas turbines are majorly in demand by power generation industry.
The Asia Pacific gas turbine market has been segmented on the basis of
- Open Cycle
- Combined Cycle
- Less than 30 MW
- 31-120 MW
- above 120 MW
- Siemens AG
- Kawasaki Heavy Industries Ltd
- Ansaldo Energia SpA
- General Electric Company
- Mitsubishi Heavy Industries Ltd
Key players competing in the Asia Pacific gas turbine market include Siemens AG; Kawasaki Heavy Industries Ltd; Ansaldo Energia SpA; General Electric Company; Mitsubishi Heavy Industries Ltd.
Some of these players are coming with several market including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.