Power Sector to Dominate the Market
The increase in the production of natural gas has shifted the global focus on the development of gas-fired power plants. The greenhouse gases emitted from gas-fired power plants are comparatively lower than that emitted from coal-fired power plants. Moreover, the demand for peak power is increasing globally, which can be most effectively met by gas-based power generation. The high efficiency in power generation from gas turbines has given this technology an upper hand in comparison to the conventional power generation plants. Electricity generation from natural gas amounted to 23.22% of the global electricity generation in 2018, all the while there has been a steady decline in the share of global coal-based electricity generation. The electricity consumption rose more than primary energy consumption, with increases at 4% and 2.3%, respectively. The electricity demand increased more than the overall energy growth, as more people got access to electricity. Furthermore, the electricity demand is expected to increase in the future, fueled by the electrification of the automobile. Several countries have adopted targets of phasing out the sale of passenger cars running on fossils. Among the first to set targets are Costa Rica and Norway, with 2021 and 2025 defined as targets, respectively. Therefore, factors, such as increased access to electricity, rise in the number of electric vehicles, and increased concerns over greenhouse gas emissions from coal-based power plants, are expected to help drive the market during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific is expected to be the fastest-growing market during the forecast period, due to an increase in the energy demand and the usage of natural gas in the region. There has been a major increase in the use of gas for power generation and transportation in the region, aiming at reducing greenhouse gas emissions. Asia-Pacific crossed its expected LNG import, with China importing three times the expected LNG in 2018. China's gas demand grew from around 240 BCM in 2017 to around 280 BCM, with a lot of demand coming from the industrial and transportation sectors. China's gas consumption increased by 18% in 2018 and reached 22% of global gas consumption. With the rising pollution concerns across the world due to industrialization, especially in Asia-Pacific, the shift toward clean energy generation from gas turbines has gained considerable momentum. Therefore, the aforementioned factors are expected to drive the market during the forecast period, similar to the trend witnessed in recent years.
Competitive Landscape
The industrial gas turbine market is consolidated, with major players holding a big share of the market.
Some of the major companies are General Electric Company, Siemens AG, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd, Bharat Heavy Electricals Limited, and Solar Turbines.
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November 30, 2020 at 05:31PM
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Global Industrial Gas Turbine Market Growth, Trends, and Forecasts Report 2020-2025 - ResearchAndMarkets.com - Oklahoman.com
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