Asia-Pacific Gas Turbine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Asia-Pacific Gas Turbine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Asia-Pacific gas turbine market is expected to register a CAGR of over 3.5% during the forecast period of 2020–2025. The market is witnessing a significant growth driven by the increasing demand for natural gas-fired power plants, demand for liquefied natural gas (LNG) supplied through both pipelines and ships, increasing demand for electricity, and targets to carbon dioxide emission reductions in major countries. However, increasing shift toward renewable energies, such as solar and wind for power generation, is expected to restrain the growth of the market in the coming years.

Key Highlights

• The power generation segment is expected to dominate the market in the forecast period, owing to the increasing demand for clean and efficient power across the world.
• Advancements in technology are crucial to reduce turbine costs and emissions, especially of combined cycle gas turbines, which will be the dominant gas-based technology for intermediate and base-load power generation in the near future. This, in turn, is expected to create significant opportunities in the gas turbine manufacturers in the coming years.
• The power generation segment is expected to dominate the market in the forecast period, owing to the increasing demand for clean and efficient power across the w.

APAC Gas Turbine Market TrendsThe Power Generation Segment is Expected to Dominate the Market

• The demand for electricity is increasing due to urbanization and industrialization. Gas turbines are used in an open cycle and combined cycle plants. Combined cycle power plants are more efficient than steam turbines as they generate more power.
• Gas turbines are used in utilities for baseload standby power and peak load applications. The power generated from combined cycle power plants have lower carbon dioxide emissions and governments are implementing stricter norms on such emissions. Thus, an increase in the demand for natural gas power plants will lead to the growth of the power generation segment.
• The overall electrical efficiency of a combined-cycle power system is typically in the range of 50–60% — a substantial improvement over the efficiency of a simple, open-cycle application of around 33%.

China to Dominate the Market

• Factors, such as the growth in demand for electricity fuelled by high levels of urbanization, industrialization, and infrastructural developments and subsequent investments in developing new large gas-fired combined cycle power generation is expected to spur the demand for gas turbines.
• The Chinese gas turbine market is anticipated to grow, owing to the positive clean energy outlook, coupled with the ongoing expansion of large capacity gas-fired power plants across the nation.
• Leading manufacturers have aligned their focus toward business expansion across the China industry. In 2018, Siemens fetched orders to supply two H-class gas turbines and associated components for the CCHP project of CHD Guangzhou Zengcheng.

APAC Gas Turbine Market Competitive Analysis

The Asia-Pacific gas turbine market is moderately consolidated. Some of the major companies are General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, and Ansaldo Energia SpA.

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• The market estimate (ME) sheet in Excel format
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