Report : Europe 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) and Country
Combined Cycle Segment to Dominate Europe Gas Turbine Market during 2018–2027
According to a new market research study on “Europe Gas Turbine Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Capacity, and Application,” is expected to reach US$ 6,625.6 Mn by 2027 from US$ 5,011.4 Mn in 2018. The market is estimated to grow at a CAGR of 3.2% from 2019 to 2027. The report provides trends prevailing in the Europe gas turbine market along with the drivers and restraints pertaining to the market growth. 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. Substitution of coal and nuclear driven turbines by gas turbines are the major factor driving the growth of the Europe gas turbine market. However, coordination between gas and electricity industries hinder the growth of Europe gas turbine market. Additionally, in Europe, Italy is the hardest-hit country by the COVID-19 outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.
The market for gas turbine market is segmented into technology, capacity, application, and country. Based on technology, the market is segmented into open cycle, and combined cycle. In 2018, the combined cycle segment held the largest share Europe gas turbine market. On the basis of capacity the market is segmented into below 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. The 120-300 MW capacity segment accounts for largest market share in the 2018. Similarly, based on application, the market is bifurcated into power generation, oil and 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, Wärtsilä Corporation, and Bharat Heavy Electricals Limited (BHEL) are among the leading companies in the Europe 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 2020, General Electric (GE) announced the successful completion of the first battery energy storage assisted black start of a GE 7F.03 gas turbine at the 150 megawatt (MW) simple cycle unit at Entergy Louisiana’s Perryville Power Station.
Europe Gas Turbine Market, By Country, 2018 and 2027 (%)
The report segments the Europe Gas Turbine market as follows:
Gas Turbine Market – By Technology
- Open Cycle
- Combined Cycle
Gas Turbine Market – By Capacity
- Below 40 MW
- 40-120 MW
- 120-300 MW
- Above 300 MW
Gas Turbine Market – By Application
- Power Generation
- Oil and Gas
Gas Turbine Market – By Country
- Rest of Europe