Gas Turbine Industry - Regional Synopsis
APAC Market Statistics
The Asia Pacific gas turbine market share is set to exceed 38% by 2037, propelled by rapid growth of the industrial sector that requires high power output, and the increasing demand for natural gas-fired gas turbines. It was observed that as of April 2021, India's industrial production reached an all-time high of 134%, an increase of 6% from 1994 to 2023. The total industrial production of China reached a record high of 35% in January of 2021, with an average growth rate of 11% between 1990 and 2023.
Gas turbines are considered to be the most efficient and cost-effective type of power generation. As the industrial sector expands, businesses are compelled to invest in power generation to meet the increased demand for energy. These turbines are a viable option as they provide a consistent level of energy with low emissions. Additionally, the increasing focus on renewable energy sources, such as wind and solar, will boost the market growth in the region. Governments in the region are making huge investments in the development of renewable energy technology, and this is expected to contribute to an increase in the adoption of natural gas turbines as a source of energy.
North American Market Forecast
The North America gas turbine market is estimated to account for 31% share by the end of 2037. The market growth is led by increasing adoption of natural gas as a source of electricity, backed by presence of oil wells in the countries, such as, Canada, and United States. Energy Information Administration figures show that in 2020, the power sector consumed about 38% of total U.S. natural gas consumption, totaling 30.48 trillion cubic feet.
Natural gas is a relatively clean burning fuel and can be used to generate electricity more efficiently than other sources of energy. As such, it has become increasingly popular in region as a way to generate electricity, which in turn is driving the demand for gas turbines. Moreover, rising demand for efficient and cost-effective gas turbine systems from the power generation sector, as well as the increasing demand for natural gas-based power generation as well as the abundance of natural gas supply is anticipated to fuel regional market growth.
Europe Market Forecast
The gas turbine market in the Europe is anticipated to witness moderate growth rate till 2037. The increasing demand for efficient and reliable electricity supply, rising investments in the power sector, and the growing need for sustainable sources of energy are some of the major factors driving the market in Europe. As the demand for electricity increases, governments and businesses are investing more in power infrastructure, such as gas turbines. This increased investment in the power sector has driven the demand for gas turbines as they are necessary to generate electricity. Additionally, the increasing adoption of advanced technologies such as combined cycle plants, heat recovery steam generators, and advanced combustors will drive the market revenue.
