Gas Turbine Generators Market Size, Share, Growth and Industry Analysis by Type (Gas Turbine Generators Rated 1.00 To 2.00 MW, Gas Turbine Generators Rated 2.00 To 10.00 MW, And, Gas Turbine Generators Rated More Than 10 MW) By Application (Oil and Gas Industry, And, Industrial Companies) Regional Forecast By 2031

Updated On: 08 April 2024

Gas Turbine Generators Market Report Overview

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The global gas turbine generators market size is anticipated to be worth USD 47.97281 billion in 2022. As per our research, the market is projected to touch USD 176.41 billion by 2031 with a CAGR of 13.75 % during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A gas turbine generator is basically a combustion engine which is situated at the heart of a power plant. Gas turbines can assist in converting liquid fuels and even natural gases to mechanical energy. This mechanical energy is later utilized for driving a generator that helps in producing electrical energy. This machinery is very useful in producing electricity.

Environmental concerns have resulted in a paradigm shift from the usage of coal to gas. Many countries have adopted the usage of gas to produce electricity. This is considered as the latest trend in the market.   

Gas generators are very efficient when compared to fuel-based electricity generators. These generators are available in smaller sizes making them suitable to be used in offshore locations.  All of these factors are prone to bring vast growth and development to the gas turbine generators market.

COVID-19 impact: Decrease in Production Capacity of Industries Reduced Market Growth

The pandemic of COVID-19 posed major challenges to all the industries and factories. Electrical energy is the most used form of energy in all the industries and factories. This energy is required for the operation of machines and production of the end products.

However, during the pandemic industries operated at half of their capacity. This was due to certain restrictions like social distancing norms, and lockdowns. As the operation and production capacity of industries reduced the requirement of electrical energy also reduced. This in turn reduced the demand for gas turbine generators during the pandemic time.

LATEST TRENDS

"Shift of Energy Production from Coal to Gas to Increase Market Growth"

One of the latest developments that can witnessed in the energy production market is the shift in the usage of raw materials. Key industry players have shifted their focus from coal to gas. Many well-developed as well as developing countries like Japan, China, and India are preferring to use gas for energy generation rather than coal.

Coal is a fossil fuel and is a non-renewable source of energy. There has been an intense scarcity of coal recently. Many government policies have come to action that are supporting the usage of gas for the production of energy. This has become the latest trend in the market supporting the growth of gas turbine generators market share.

Gas Turbine Generators Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Gas turbine generators rated 1.00 to 2.00 MW, gas turbine generators rated 2.00 to 10.00 MW, and, gas turbine generators rated more than 10 MW. The Gas turbine generators rated 1.00 to 2.00 MW segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Oil and gas industry, and, Industrial companies. The oil and gas segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Reduction in Green House Effect Due to the Usage of Gas Turbines to Accelerate Market Growth"

It has been observed that the usage of gas turbine generators has very less impact on environment. They do not emit as much pollution as compared to fossil fuel-based energy generators. This helps in reducing the green house effect to a great extent. Also, the gas generators are very efficient when compared to combustion-based electricity generators. 

Emission of harmful gases like carbon, carbon monoxides and dioxides are prevented with the usage of gas turbine generators. Many companies have taken the initiative to execute several climate change programs and are also trying to reduce CHGs emissions. Such companies are increasingly adopting gas turbine generators. This has helped in accelerating gas turbine generators market growth.

"Need for Power Generation to Propel Market Growth "

Post pandemic, the requirement for power has increased more than ever. There was a temporary halt in the operations of numerous industries and factories during the pandemic. Once the economy recovered from pandemic, all the industries started functioning with full capacity. This increased the demand for power and electricity.

Urbanization, industrialization, and increase in population have further added to the need for power. However, there is also a growing emphasis on using renewable resources to produce energy. This is increasing the demand for gas turbine generators. These turbines are now available in smaller size, with less weight. This makes the machine much more suitable to be used in offshore locations. All of these factors are propelling the gas turbine generators market share.

RESTRAINING FACTOR

"Fluctuations in the Price of Natural Gases to Bring Down Market Growth"

Natural gas prices are constantly fluctuating and this can negatively impact the market growth. The prices fluctuate due to disruption in supply chain and other geo political issues. There is always uncertainty regarding the availability of natural gas. This can restrain the market growth.

They are also expensive as they have to spin at extreme speeds. The operating temperature is also very high. The designing and manufacturing of gas turbines is also a very challenging task. All of these factors can hamper the market growth.

Gas Turbine Generators Market Regional Insights

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"North America to Dominate the Market in Upcoming Years"

North America is predicted to dominate the gas turbine generators market. Some of the most important factors contributing to the development of market in North America are the easy availability of necessary raw materials, and integration of the required technologies.

More emphasis is being provided on the implementation of CCGT power technology. The presence of numerous industries in North American countries will drive the need for more power. Initiatives taken up by government and companies themselves to promote the usage of renewable sources is another crucial factor promoting the market growth in North America.  

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Softing Industrial Automation GmbH (Germany)
• Solar Turbines (U.S.)
• MAN Diesel & Turbo (U.K.)
• MHPS (Japan)
• Rolls-Royce (U.K.)
• Siemens (Germany)
• Alstom (France)
• AVIC (China)
• GE Power Generation (U.S.)
• Kawasaki (Japan)
• Power Machines (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations