Russia – Ukraine War is Expected to Reshape Dynamics of Gas Turbine Industry in the Years to Come

The latest market report published by Credence Research, Inc.Global Gas Turbines Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Gas Turbines Market generated revenue of around USD 20,850 million in 2021 and is anticipated to grow a CAGR of over 4.13% during the forecast period from 2022 to 2028 to reach around USD 27,915 million in 2028. While, cumulative growth opportunity presented by the global Gas Turbines is around USD 173.75 billion during 2022 to 2028.

Global Gas Turbines Market, 2021 – 2028 (USD Million)

Browse the full report at Gas Turbines Market Size, Trends, Share and Growth Report Forecast to 2028 | Credence Research

An internal combustion engine that converts natural gas or any other fuel into energy is called as gas turbine. The energy generated by these turbines in then used to operate generator for the electricity generation. Gas turbine can be operated using different types of fuel including fuel oil, natural gas, synthetic fuel, etc. Shaft, compressor, combustion chamber and turbines are major parts of a gas turbine. Gas turbines have got lot of attention in last few years. Increasing demand for energy has been resulted into strong growth of gas turbines. Thousands of gas power plants have been installed all over the world during past two decades. Only U.S. has reported over 1,790 installation of gas turbines.

Impact of Russia – Ukraine War

Though not unexpected, Russia’s invasion of Ukraine has left the natural gas and gas turbine industry in turmoil. Russia being one of the prominent suppliers of gas turbine with controlling stake in Europe’s natural gas supply, poised to create energy crisis in Europe in the years to come. Though not leader in gas turbines, Russia has been remained prominent player in gas turbine industry for its allies. Increasing sanction of trade with Russia can potentially alter the market dynamics.

Heavy Duty Type Gas Turbines to Lead

Heavy Duty Type and Aeroderivative Type are major types of gas turbine. Heavy duty turbines hold the majority share of the global gas turbine market. Lower operational cost, less pollution created as compare to thermal power plant and durability of turbine coupled with abundance of natural gas fueling demand for heavy duty gas turbines. It accounted for over 80% share of the industry in terms of revenue. While, Aeroderivative Type gas turbines are also expected to grow at a considerable speed in the years to come.

40 to 120 MW to Grow at Rapid Pace

1 to 40 MW, 40 to 120 MW, 120 to 300 MW and Above 300 MW are major segments of the global Gas Turbines industry based on rated capacity. 40 to 120 MW is fastest growing segments for Gas Turbines. While, 1 to 40 MW segment held over 15% share in 2021. 40 to 120 MW segment dominated the demand with over a quarter share of global gas turbine industry.

Europe is Leading Gas Turbines Demand

Europe is leading the Gas Turbines industry in the world with over 30% share in 2021. While, India, Japan and South Korea are likely to advance at a rapid pace over the forecast period in Asia Pacific. On the other hand UK, Germany and France are dominating European market and expected to post attractive CAGR during the forecast period. However, U.S. is single largest market for Gas Turbines in world with over 30% share in 2021.

Major players operating in the global Gas Turbines  market include Shandong Ansaldo EnPower Machines, ergia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., United Engine Corporation, Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines and Siemens AG. Global Gas Turbines market is characterized by the presence of large number of manufacturers across the world.

 

Market Segmentation

Global Gas Turbines Market by Design Type, 2016 – 2028

  • Heavy Duty Type
  • Aeroderivative Type

Global Gas Turbines Market by Rated Capacity, 2016 – 2028

  • 1 to 40 MW
  • 40 to 120 MW
  • 120 to 300 MW
  • Above 300 MW

Global Gas Turbines Market by Technology, 2016 – 2028

  • Open Cycle
  • Combined Cycle

Global Gas Turbines Market by Company, 2016 – 2028

  • Ansaldo Energia Spa
  • Power Machines
  • Bharat Heavy Electricals Ltd.
  • Capstone Green Energy Corp.
  • Caterpillar Inc.
  • General Electric Co.
  • IHI Corp.
  • United Engine Corporation
  • Kawasaki Heavy Industries Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • OPRA Turbines
  • Siemens AG

Others