Report : Asia Pacfic Gas Turbine Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Technology (Open Cycle and Combined Cycle), Capacity (Below 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), and Application (Power Generation, Oil and Gas, and Industrial)
Power generation Segment to Dominate APAC Gas Turbine Market during 2019–2027
According to a new market research study on “APAC Gas Turbine Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Capacity, and Application,” is expected to reach US$ 6,154.5 Million by 2027 from US$ 4031.3 Million in 2018. The market is estimated to grow at a CAGR of 4.9% from 2019 to 2027. Gas Turbine is an internal combustion engine comprising combustion chambers that releases expanding gases, which further drive the blades of a turbine. The gas turbine converts natural gas and other liquids into mechanical energy. This energy then fuels generators to produce electrical energy. The various advantages associated with gas turbines are high power to weight ratio and low operations pressure. Despite being small in size, the gas turbines possess a high power rating. They reduce carbon emissions and release fewer emissions into the air as compared to other engines. The report provides trends prevailing in the APAC Gas Turbine Market along with the drivers and restraints pertaining to the market growth. To lower carbon emission by harnessing natural gas instead of coal and nuclear, and incremental rise in demand for electricity in APAC due to rapid urbanization and industrialization are the major factor driving the growth of the APAC Gas Turbine Market. However, inconsistent supply chain of natural gas for energy generation hinder the growth of APAC gas turbine market.
The gas turbine market is segmented into cable technology, capacity, application and country. Based on technology, the market is segmented into open cycle and closed cycle. In 2018, the combined cycle segment held the largest share in APAC gas turbine market. Based on sheath capacity gas turbine market is divided into below 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. Above 300 MW is expected to the fastest growing segment over the forecast period. Similarly, based on application, the market is bifurcated into power generation, oil & gas, and industrial. The power generation segment contributed a substantial share in 2018.
Ansaldo Energia S.p.A., General Electric Company, Harbin Electric Company Limited, Kawasaki Heavy Industries, Ltd., Man Energy Solutions, Mitsubishi Hitachi Power Systems, Ltd., Siemens AG, Solar Turbines Incorporated are among the leading companies in the APAC gas turbine market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, GE to invest up to US$60 million over 10 years in its current Global Repair Service Center in Singapore to create a new HA Global Repair Engineering and Development Center.
APAC Gas Turbine Market, By Country, 2019 and 2027 (%)
The report segments the APAC Gas Turbine Market as follows:
APAC Gas Turbine Market – By Technology
- Open Cycle
- Combined Cycle
APAC Gas Turbine Market – By Capacity
- Below 40 MW
- 40-120 MW
- 120-300 MW
- Above 300 MW
APAC Gas Turbine Market – By Application
- Power Generation
- Oil and Gas
- Industrial
APAC Gas Turbine Market– By Country
- China
- Australia
- Japan
- India
- South Korea
- Rest of APAC