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, capacity to reduce cost of power generation is becoming a critical factor for success. As of the current market scenario in the energy sector, it is becoming increasingly important to explore solutions that offer rapid return on investment without sacrificing on reliability, sustainability and flexibility.

For the purpose of this study, the global gas turbine electrical power generation market is studied for turbine types and power-generating fuels. Open cycle gas turbine and combined cycle gas turbine are the two system types used for power-generation. Additionally, fuel oil, natural gas, kerosene, diesel and diesel are the chief fuel types considered for estimating the gas turbine electrical power generation market. Market size ad forecast for each segment for the period 2020-2030 along with respective CAGRs for the period 2023-2030 are provided in this report.

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 proposition are presented in this study for scrutinizing competition in the global gas turbine electrical power generation market. This study concludes with company profiles section that highlights information about the key companies engaged in development, manufacture and provision of gas turbine electrical power generation systems.

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 which is used for electricity generation. Fuel oil is obtained from petroleum distillation and hence is known as petroleum residue or distillate. Fuel oil is burned in a boiler for generating heat or is used in the engines for power generation. Fuel oil accounts as the second largest power generating fuels for gas turbine market. Natural gas accounted as the largest power generating fuel and is expected to retain its position in the market during the forecast period. Over the time, the electricity mix gradually has shifted towards low carbon options, led by the growth in natural gas and renewable generation.

A gas turbine is an internal combustion engine, which uses air as the working fluid. Chemical energy is extracted by the engine of the gas turbine to convert it into mechanical energy using the gaseous energy of working fluid. This mechanical energy drives the engine and propeller that in turn propel the airplane. In electricity generating application, gas turbine is known as the heart of the power plant that produces electric current. In year 2020, it was observed that open cycle gas turbine was leading the overall market million due to high adoption rate, initial technology, and affordable price compared to combination cycle. However, the groundbreaking advantages of combination cycle such as high energy efficiency, and energy output are expected assist the significant growth of this segment throughout the forecast period.

North America despite the global movements towards renewable will experience a robust dash for gas-turbine power generation, due to factors such as economic viability of building gas plants and long-term favorable experience. Closedown of approximately 70 GW coal power generations 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, easy permits, economic cost of building and higher efficiency with requirement of less staff.  With forecasted prices of gas between USD 4 to USD 6 MMBTU for the recent future, and CO2 emissions within the EPA 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 received for grid-connected capacity in North America for this decade will come from gas power generation.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Gas Turbine Electrical Power Generation market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Gas Turbine Electrical Power Generation market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Gas Turbine Electrical Power Generation market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Gas Turbine Electrical Power Generation market?
• Which is the largest regional market for Gas Turbine Electrical Power Generation market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Gas Turbine Electrical Power Generation market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Gas Turbine Electrical Power Generation market worldwide?