Europe Gas Turbine Market Outlook 2031:
The Europe gas turbine market size was valued at USD 5.67 Billion in 2022 and is projected to reach USD 7.53 Billion by 2031, expanding at a CAGR of 3.2% during the forecast period 2023 - 2031. The growth of the market is attributed to impact of the shale gas revolution.
A gas turbine is also called a combustion turbine. It is a type of continuous and internal combustion engine. The main elements of gas turbine engine are upstream rotating gas compressor, combustor, downstream turbine, and turbine electric generator.
Gas turbine technology has advanced since its inception and continues to evolve. Technological developments are leading to production of both smaller gas turbines and powerful and efficient engines. Advancements includes usage of computer simulation model, such as computational fluid dynamics and finite element analysis.
The development of advanced materials with superior high-temperature strength or thermal barrier coatings that protect the structural material from high temperature. These advances allow higher compression ratios and turbine inlet temperatures, which leads to efficient combustion and better cooling of engine parts. Gas turbines are used to power aircraft, trains, ships, electrical generators, pumps, gas compressors, and tanks.
Gas Turbine Market Trends, Drivers, Restraints, and Opportunities:
- Increasing demand for electricity is expected to boost the gas turbine market growth.
- Availability of efficient power generation technology has positively the impact the growth of market.
- Rising demand for natural gas-fired power plants is anticipated to propel the growth of the market.
- Growing industrialization in emerging economies is speculated to proliferate the market growth.
- Increasing shift toward renewable energy can hinder the growth of the gas turbine market.
- Technological advancements in the gas turbine industry coupled with upcoming gas-fired power plants is expected to create lucrative opportunities during the forecast period.
Scope of the Gas Turbine Market Report
The report on the Europe gas turbine market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|gas turbine market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
|End-user Industries (Oil & Gas, Power, and Others), Types (Combined Cycle and Open Cycle)
|UK, Germany, France, and Rest of Europe
|Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|Key Players Covered in the Report
| General Electric Company, Mitsubishi Hitachi Power Systems Ltd, Siemens AG, Kawasaki Heavy Industries Ltd, and Solar Turbines Europe SA
Europe Gas Turbine Market Segment Insights
Power segment to account a major market share
Based on end-user industries, the market is segmented into oil & gas, power, and others. The power segment is anticipated to account for a major market share during the forecast period owing to rising energy demand across the globe. Conversely, the oil & gas segment is expected to grow at a steady rate in the projected timeline.
In the oil & gas industry, gas turbines are used to pump natural gas through pipelines where a small part of the pumped gas serves as the fuel. Industrial gas turbines range from 2,000 to 50,000 HP, with a majority installed in the oil & gas industry. Industrial applications use gas turbines to run compressors or mechanical drives, which help in various industrial processes.
Combined cycle segment to account a considerable market share
On the basis of types, the Europe gas turbine market is divided into combined cycle and open cycle. The combined cycle segment is expected to account for a considerable market share during the forecast period.
Increasing demand for combined cycle from power plants due to the release of low carbon dioxide and higher efficiencies provided by combine cycle plants. This type of plant is integrated with heavy duty turbines, which enable high flexibility and low emissions, even in part load operations.
Germany to dominate the market
In terms of regions, the market is segregated into UK, Germany, France, and Rest of Europe. Germany is anticipated to dominate the market share in the projected timeline. Germany launched one of Europe’s most modern gas-fired power plants, replacing coal-fired power stations.
Stadtwerke Kiel, the country’s municipal utility, launched the most modern and flexible gas engine-based combined heat and power (CHP) plants on the eastern shore of the Kieler Förde inlet in northern Germany.
The Market Europe gas turbine has been segmented on the basis of
- Combined Cycle
- Open Cycle
- Rest of Europe
Key players operating in the Europe gas turbine market includes General Electric Company, Mitsubishi Hitachi Power Systems Ltd, Siemens AG, Kawasaki Heavy Industries Ltd, and Solar Turbines Europe SA.