Global Combined Cycle Gas Turbine Market, By Design Type (Heavy Duty, Aeroderivative), By Rating Cap

Published Date: | Report Code : EP1958540

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Global Combined Cycle Gas Turbine Market, By Design Type (Heavy Duty, Aeroderivative), By Rating Capacity (Less Than 40 MW, 40-120 MW, 120-300 MW, Above 300 MW), By End User Industry (Power, Oil & Gas, Others), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & forecasting (2016-2025)

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Domain : Energy

Report Code : EP1958540

Status : Upcoming

The Combined Cycle Gas Turbine Market is projected to register high demand during the forecast period with increasing demand from major end-use industries such as Increasing demand due to growing inclination towards the use of renewable energy during the forecast period.

A combined cycle power plant is a heat engine assembly that works in conjunction from the same heat source, converting it into mechanical energy that generally drives electrical generators in turn. The concept is that the operating fluid temperature in the system is still high enough after completing its cycle that a second subsequent heat engine extracts energy from the heat generated by the first engine. By infusing these various workflows with a single mechanical shaft turning an electrical generator, the system's overall net effectiveness can be improved by 50–60%. That is, from the overall efficacy of say 34% to the overall efficiency of possibly 62%, 84% theoretical efficiency. This can be done because only a portion of the energy that their fuel generates can be used by heat engines. The remaining combustion energy is wasted in an ordinary heat engine. The combination of two or more thermodynamic cycles leads to the increased overall effectiveness and lower fuel expenditures. A commonly used combination in stationary power plants is a gas turbine that burns natural gas or coal synthesis gas, whose warm exhaust power a steam power plant. This is named a gas turbine combined cycle (CCGT) plant.

Segment Insights:

The power industry is expected to be the principal end user of CCGT during the forecast period. During the forecast period, the segment of power generation applications is anticipated to be the fastest-growing segment. Due to urbanization and industrialization, the demand for electricity is growing. In open cycle plants and combined cycle plants, gas turbines are used. Since they produce more energy, combined cycle power plants are more efficient than steam turbines. Gas turbines are used in applications for standby power base load and peak load. The power generated from combined cycle power plants has reduced emissions of carbon dioxide and governments are enforcing more stringent emission standards. Increasing demand for natural gas power plants will, therefore, lead to growth in the segment of power generation.

During the forecast period, the Asia Pacific market is envisaged to dominate the CCGT market. The demand for electricity in the Asia Pacific is growing dramatically; however, utilities face difficulties such as meeting energy efficiency ambitions and adhering to federal carbon policies. The demand for electricity in myriad countries in the region is driven by factors such as urbanization, industrialization, and rapid economic growth. This has resulted in new power plants, notably gas-fired ones, being developed. The Middle East is still emergent concerning this market.

Key Factors Impacting Market Growth:

  • Increasing demand due to growing inclination towards the use of renewable energy.

  • Strict government regulations directing various industries towards reducing their carbon footprint

  • New developments in the clean energy sector, prompting companies to expand the horizon for CCGT market globally

Key Developments:

  • In 2015, General Electric announced the acquisition of Alstom’s power and grid businesses. The completion of the transaction follows the regulatory approval of the deal in over 20 countries and regions including the EU, U.S., China, India, Japan and Brazil. It is GE’s largest-ever industrial acquisition.

  • In 2018, General Electric and the private equity group Advent International completed Advent’s acquisition of GE’s Distributed Power business. The unit, now rebranded as INNIO, is best known for manufacturing the Jenbacher and Waukesha gas engines that generate electricity for towns and factories around the world.

  • In 2017, Doosan Heavy Industries & Construction announced that Doosan Heavy Industries & Construction America (DHIA) completed the acquisition of US gas turbine service provider ACT Independent Turbo Service (ACT). ACT is called one of the world's leading gas turbine service technology companies. Headquartered in Houston, Texas of the US, the company provides maintenance services for core components for gas turbines such as combustions, turbines, and rotors.

Regional Outlook:

The regional outlook for combined cycle gas turbine market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for combined cycle gas turbine market during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of combined cycle gas turbine market in these regions. Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on. Asia Pacific is estimated one of the fastest growing regions for combined cycle gas turbine market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

Companies Covered: Solar Turbines International Co., Doosan Heavy Industries & Construction Co Ltd., Mitsubishi Hitachi Power Systems (MHPS), Kawasaki Heavy Industries, Siemens, and General Electric

Market Segmentation:

By Design Type:

  • Heavy Duty

  • Aeroderivative

By Rating Capacity:

  • Less Than 40 MW

  • 40-120 MW

  • 120-300 MW

  • Above 300 MW

By End User Industry:

  • Power

  • Oil & Gas

  • Others

By Region:

  • North America

    • By Country (US, Canada, Mexico)

    • By Design Type

    • By Rating Capacity

    • By End User Industry

  • Western Europe

    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)

    • By Design Type

    • By Rating Capacity

    • By End User Industry

  • Eastern Europe

    • By Country (Russia, Turkey, Rest of Eastern Europe)

    • By Design Type

    • By Rating Capacity

    • By End User Industry

  • Asia Pacific

    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)

    • By Design Type

    • By Rating Capacity

    • By End User Industry

  • Middle East

    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)

    • By Design Type

    • By Rating Capacity

    • By End User Industry

  • Rest of the World

    • By Region (South America, Africa)

    • By Design Type

    • By Rating Capacity

    • By End User Industry

Reasons To Buy This Report:

  • Market size estimation of the global combined cycle gas turbine market on regional and global basis

  • Unique research design for market size estimation and forecast

  • Profiling of major companies operating in the market with key developments

  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment

  • By Sub-segment

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