Today Gas turbines and combined-cycle power plants are making a significant contribution to reducing greenhouse gas emissions. Simply due to their efficiency, which is pushing 60%, combined-cycle power plants produce notably lower levels of pollutant emissions than do steam-turbine plants of comparable output.
The market is witnessing the implementation of gas turbine combined cycle (GTCC) and integrated gasification combined cycle (IGCC) technologies for power generation. The adoption of these technologies will increase the efficiency of power production and reduce carbon emissions. The surge in carbon emission concerns due to prominence of coal-based power generation has propelled the demand for gas turbines in the market. The growing need to replace coal-fired plants with natural gas-based gas turbine plants will positively influence the market’s growth.
Clean fuel and increased efficiency give gas turbine technology an advantage over other generation technologies in emissions reduction. The primary fuel of gas turbines, natural gas, contains very little sulphur, meaning that virtually no sulphur dioxide is emitted. CO2 emission from gas turbines burning natural gas is also very low of 0.37 kilograms of CO2/kWh of electricity generated. This compares to 1.01 kg/ kWh for lignite and 0.8 kg/kWh for hard coal.
Expanding interest for electric power worldwide and ensuing interests in making new generating capacity, high productivity and low carbon discharge characteristics of petroleum gas terminated power plants, and shale gas boom are driving the gas turbines market.
The global gas turbine market for power generation is expected to reach an estimated US$ 19.9 billion by 2021 at a CAGR of 3.3%
As we all know, power generation was the biggest concern from many years and is probably going to proceed with the same pattern in the estimated time frame especially in developing nations. In recent years, several nations over the globe have faced power shortage issues. To counter such issues, administrative bodies are on their path to redesign framework for electricity generation. Subsequently, new power plants to compensate for this energy deficiency are probably going to be commissioned, with increasing demand of gas turbine.
From past many years, North America has the highest installed capacity and it is now considered to be developed market. It is probably going to witness less number of capacity addition when compared with other regions. Major players in this region are required to concentrate on maintenance and after sales services. This area is probably going to develop at an expected CAGR of 4.1% from 2016 to 2025. Europe growth was at USD 4.6 bn in 2016. Asia Pacific is expected to maintain its leading position during the forecast period with an estimated CAGR of 4.8% from 2016 to 2025.
Gas turbines market had already captured major market area in region to be specific, North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. With increasing demand of power in Asia-Pacific will keep on dominating the market of gas turbine in near future.