The industrial gas turbine market is expected to register a CAGR of over 1% during the forecast period. Factors, such as rapid urbanization and increasing demand for electrical energy, are expected to be the major drivers for the market. The rising demand for cleaner energy from gas turbines, over concerns of the environmental impact of energy generation from coal-fired plants, is expected to boost the industrial gas turbine market. However, increasing shift toward renewable energies, such as solar and wind, for power generation has hampered the growth of the market.
– The power sector is expected to witness significant growth during the forecast period, owing to various factors, such as increase in power generation from gas-based plants due to rising concerns over greenhouse gas emissions and economic aspects.
– The meet the increasing demand for electrical energy to sustain global development, there is a need for consistent heavy investments in power supply generation. This has helped the market for gas turbines grow significantly in recent years, and it is expected to continue to do so during the forecast period.
– Asia-Pacific is expected to dominate the market growth, with majority of demand coming from China and India, owing to the factors, like economic growth in the emerging nations, increase in the number of gas-based power generation plants, and rising industrial activities.
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Key Market Trends
Power Sector to Dominate the Market
– The increase in the production of natural gas has shifted the global focus on the development of gas-fired power plants. The greenhouse gases emitted from gas-fired power plants are comparatively lower than that emitted from coal-fired power plants. Moreover, the demand for peak power is increasing globally, which can be most effectively met by gas-based power generation.
– The high efficiency in power generation from gas turbines has given this technology an upper hand in comparison to the conventional power generation plants. Electricity generation from natural gas amounted to 23.22% of the global electricity generation in 2018, all the while there has been a steady decline in the share of global coal-based electricity generation.
– The electricity consumption rose more than primary energy consumption, with increases at 4% and 2.3%, respectively. The electricity demand increased more than the overall energy growth, as more people got access to electricity.
– Furthermore, the electricity demand is expected to increase in the future, fueled by the electrification of the automobile. Several countries have adopted targets of phasing out the sale of passenger cars running on fossils. Among the first to set targets are Costa Rica and Norway, with 2021 and 2025 defined as targets, respectively.
– Therefore, factors, such as increased access to electricity, rise in the number of electric vehicles, and increased concerns over greenhouse gas emissions from coal-based power plants, are expected to help drive the market during the forecast period.
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