Gas Turbine Electrical Power Generation Market By Turbine (Open Cycle Gas Turbine (OCGT), Combined Cycle Gas Turbine (CCGT)), By Power Generating Fuels (Fuel Oils, Kerosene, Natural Gas, Diesel) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2022

Changes in the present-day energy markets are giving rise to new drivers and opportunities in the global energy market. In a competitive and market-driven economy, the ability to reduce the cost of power generation is becoming a critical factor for success. As a result of the current market scenario in the energy sector, it is becoming increasingly important to explore solutions that offer a rapid return on investment without sacrificing reliability, sustainability, or flexibility.

For this study, the global gas turbine electrical power generation market is studied for turbine types and power-generating fuels. Open-cycle and combined-cycle gas turbines are the two system types used for power generation. Additionally, fuel oil, natural gas, kerosene, diesel, and diesel are the chief fuel types for estimating the gas turbine electrical power generation market. Market size and forecast for each segment for the period 2014–2022, along with respective CAGRs for the period 2016–2022, are provided in this report.

The global gas turbine electrical power generation market is studied for the following regional markets based on how they are spread out around the world:

  • North America
  • U.S.
  • Canada
  •  Europe
  • U.K.
  • Germany
  • Franc
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • India
  • Rest of Asia-Pacific
  • Latin America
  • Brazil
  • Mexico
  • rest of Latin America
  • Middle East and Africa
  • South Africa
  • Saudi Arabia
  • Rest of the Middle East and Africa

The market size and forecast for the period 2014–2022, along with the CAGRs for the period 2016–2022, are also provided in this report. These sections also include a cross-sectional analysis of the cumulative regional markets regarding turbine type and power-generating fuels.

Qualitative information such as drivers, restraints, and future opportunities, impact analysis of market dynamics, and market inclination insights for the global gas turbine electrical power generation market are included in this report. Competition assessment tools such as competition analysis (company market share) and attractive investment propositions are presented in this study to scrutinize competition in the global gas turbine electrical power generation market. This study concludes with a company profiles section that highlights information about the key companies engaged in the development, manufacture, and provision of gas turbine electrical power generation systems.

Based on the type of power-generating fuel used, the global gas turbine electrical power generation market is categorized into:

  • Fuel Oil
  • Kerosene
  • Natural Gas
  • Diesel
  • Others

Gas turbines can operate using a wide range of liquid fuels. For instance, fuel oil, which is also known as heating oil, is another common fuel that is used for electricity generation. Fuel oil is obtained from petroleum distillation and is known as petroleum residue or distillate. Fuel oil is burned in a boiler to generate heat or is used in engines for power generation. Fuel oil is the second largest power-generating fuel for the gas turbine market. Natural gas accounted for the largest power-generating fuel and is expected to retain its position in the market during the forecast period. Over time, the electricity mix has gradually shifted towards low-carbon options, led by the growth of natural gas and renewable generation.

Based on turbine types, the global gas turbine electrical power generation market is categorized into:

  • open-cycle gas turbine
  • Combined cycle gas turbine

A gas turbine is an internal combustion engine that uses air as the working fluid. The engine of the gas turbine extracts chemical energy to convert it into mechanical energy using the gaseous energy of the working fluid. This mechanical energy drives the engine and propeller, which propel the airplane. In electricity-generating applications, a gas turbine is the heart of the power plant that produces an electric current. In the year 2015, it was observed that open-cycle gas turbines were leading the overall market due to the high adoption rate, initial technology, and affordable price compared to combined cycles. However, the groundbreaking advantages of combination cycles, such as high energy efficiency and energy output, are expected to contribute to the significant growth of this segment throughout the forecast period.

Based on geographical segmentation, the gas turbine electrical power generation market is studied for:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

The regional classification is further elucidated as follows:

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, and the Rest of Europe)
  • Asia-Pacific (Japan, China, India, and the Rest of Asia-Pacific)
  • Middle East and Africa (South Africa, Saudi Arabia, and the Rest of the Middle East and Africa)
  • Latin America (Brazil, Mexico, and the Rest of Latin America)

North America, despite the global movements towards renewable energy, will experience a robust dash for gas-turbine power generation due to factors such as the economic viability of building gas plants and long-term favorable experience. The shutdown of approximately 70 GW of coal power generation in the country by the end of this year represents a great amount of energy and capacity retiring from the US market.

This retired capacity is anticipated to be replaced by gas turbine power generation, particularly natural gas combined cycle units. Usually, a natural gas combined cycle plant is easy to operate, has easy permits, has an economic cost of building, and is more efficient with fewer staff requirements. With forecasted gas prices between USD 4 and USD 6 MMBTU for the near future and CO2 emissions within the EPA's prescription, natural gas combined cycle plants will be the obvious choice for large-scale power generation. Coal retirement and low natural gas prices are thus fueling the need for both open and combined cycle capacity incorporation. GE anticipates that half of its orders for grid-connected capacity in North America for this decade will come from gas power generation.

 Frequently Asked Question:

The market for Gas Turbine Electrical Power Generation is expected to reach USD$ 21,180.5 Mn in 2022

The Gas Turbine Electrical Power Generation Market is expected to see significant CAGR growth over the coming years, at 3.4%.

The report is forecasted from 2016 -2022.

The base year of this report is 2015.

Doosan Heavy Industries & Construction Co Ltd, Mitsubishi Heavy Industries, Ltd,MJB International, Siemens AG, General Electric (GE). are some of the major players in the global market.

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Published Date:  Jul 2016
Category:  Energy Utilities
Report ID:   57985
Report Format:   PDF
Pages:   120
Rating:    4.5 (65)
Delivery Time: 24 Hours to 48 Hours   
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