The gas turbine market has witnessed consistent advancements over the past couple of decades due to evolving dynamics of the market. Due to the growing pressure by the regulatory bodies and mounting environmental concerns, natural gas continues to gain worldwide popularity among power producers as an efficient fuel of choice. While power producers continue to invest in new technologies in tandem with the evolving industrial and regulatory requirements, participants of the gas turbine market are expected to stay abreast with these developments. At present, players involved in the current gas turbine market landscape are primarily focusing on improving the reliability of their products and minimizing carbon emission.
Over the past decade, gas turbine manufacturers have increasingly invested noteworthy resources in research and development to accelerate various processes in the new product cycle, wherein new designs are being launched. Moreover, market players are also emphasizing on improving the efficiency and performance of their products to gain an advantage in the current market ecosystem. At present, market players are also inclined toward increasing their manufacturing prowess to cater to the ever-growing demand for gas turbines around the world. In their bid to attain that objective, market players are forging strategic alliances and partnerships with other players in the current market landscape.
At the back of these factors, along with the growing demand for renewable energy power production, the gas turbine market is expected to attain a market value of US$ 53.8 Bn by the end of 2030.
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Technological Advancements to Propel Market Growth during Assessment Period
Over the past few decades, technological advancements have played an imperative role in revolutionizing the gas turbine market and the trend is set to continue over the course of the forecast period. The aviation sector was at the forefront in terms of innovations as aero-derivative technology entered the fray– a major step in the power production sphere and an imperative development in combine heat and power (CHP) generation. These advancements continue to play an important role in balancing the integration of different power sources, including wind and solar.
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Similar to the aero derivative technology, technological advancements are expected to open gates to new possibilities for the players operating in the current gas turbine market landscape. At present, gas turbines are primarily designed for gas-fired power generation due to which, efficiency levels have reached new heights. Market players are increasingly emphasizing on addressing some major barriers in power generation such as grid fluctuation caused by multiple power sources. Market players are launching cutting-edge digital solutions to enhance performance of gas turbine operations.
Market Players Launch New Technologies, Forge Partnerships to Gain Advantage
As technological advancements continue to remain key for players operating in the gas turbine market, considerable investments have been made to develop new mobile and improved gas turbine models or units. In recent years, several companies have launched cutting-edge technologies and models. For instance, ENGIE offered a contract to Emerson– a deal initiated to replace legacy combustion turbine controls with new turbine control technologies. In terms of innovations, GE has consistently remained at the forefront and spearheads the gas turbine market as far as rolling out innovative gas turbines is concerned. For instance, the DLN-2.6e combustion was launched by GE in recent years, wherein fuel nozzles could influence pressure oscillations, emissions, and dynamic pressures.
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The growing global interest in liquefied natural gas is expected to pave the way for lucrative opportunities for players operating in the gas turbine market, particularly in developing regions, including India, China, and Indonesia.
Delay in Project Completion Likely amid COVID-19 Pandemic
The advent of the novel COVID-19 pandemic is expected to have a short-term impact on the growth of the global gas turbine market. Although the demand for gas turbines is projected to remain lower than initial projections due to the ongoing COVID-19 pandemic, the upcoming years are likely to present an array of opportunities for market players. Furthermore, various barriers across the supply chain due to stringent regulations on cross-border trade and transportation are likely to have a negative impact on the operations across the gas turbine market. Gas and wind turbine OEMs, particularly in India and China, are likely to address the hurdles in the manufacturing processes caused by the COVID-19 pandemic to mitigate losses. Delays in the completion of several gas turbine projects around the world are anticipated to occur in 2020 due to a host of factors.
