Asia Pacific Gas Turbine Market
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Asia Pacific Gas Turbine Market was valued at USD 5.5 billion in 2023 and is set to grow at a CAGR of 5.7% from 2024 to 2032. Growing environmental concerns and strict government regulations on GHG emissions have driven the industry towards adopting effective energy conservation measures, enhancing the industry potential. For instance, in first quarter of 2024, gas-based power plants have an installed capacity of 24.8 GW and contribute approximately 2 to 3 % of India's overall power generation.
A gas turbine is a type of internal combustion engine that converts the energy of burning fuel into mechanical energy through a series of stages involving compression, combustion and expansion. Air is drawn into the turbine and compressed to high pressure by a series of compressor blades. The compressed air then mixes with fuel and is ignited in the combustion chamber, creating high-temperature and high-pressure gas. This gas flows through the turbine blades, causing them to spin and generate mechanical power. The rotating turbine drives a shaft connected to a generator or other machinery, producing electricity or mechanical work.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Asia Pacific Gas Turbine Market size in 2023: | USD 5.5 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.7 |
| 2023 Value Projection: | USD 9.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 125 |
| Tables, Charts & Figures: | 8 |
| Segments Covered: | Capacity, Product, Technology, Application & Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Rising electricity demand along with growing demand for cleaner energy solutions will positively impact the gas turbine market. The growing share of renewable energy sources, combined with rigorous energy efficiency agreements will drive the product adoption. Additionally, the rising demand for electricity and substantial investments in natural gas extraction and trade will enhance the business outlook.
The aero derivative gas turbine market will exceed over USD 2 billion by 2032. The product provides significant benefits comprising of reduced weight, environmental friendliness, higher rotational speed, operational versatility, and low water consumption, thereby boosting industry potential. Moreover, the rapid growth of co-generating units to support energy and heat needs in small commercial, industrial, and isolated grid networks will positively sway the business potential.
The > 70 MW to 200 MW gas turbine market size will witness about 5% CAGR through 2032. Wide applicability in direct and mechanical drive applications owing to its operational versatility, rapid startup, and reduced reliance on cooling water will boost the industry dynamics. Additionally, the expansion of energy generation applications to the offshore platforms and the growing use in aircraft will enhance the business landscape. Stringent government regulations to limit emissions coupled with the stabilization of gas prices, will drive increased adoption of technology.
The China gas turbine market is set to surpass USD 3.5 billion by 2032. The continuous growth of manufacturing and processing facilities will drive the expansion of self-regulated power generating plants. Additionally, government efforts to integrate a sustainable energy mix will positively impact the industry landscape. Stringent emission regulations will increase the emphasis on clean power generation leading to the replacement of inefficient coal-fired power plants with more efficient gas-fired plants, thus accelerating the business growth.
Strong focus on reducing greenhouse gas emissions along with transition toward cleaner energy sources will fuel the Japan gas turbine market. The rising demand for energy, combined with a growing emphasis on renewable energy generation, will boost the prospects for the industry. The surge in industrialization coupled with investments in modernizing infrastructure through gas-fired distributed energy will enhance gas power generation which in turn will strengthen the industry outlook.
Ansaldo Energia is one of the prominent players in the energy sector renowned for its expertise in gas turbine technology. The company specializes in the design, manufacturing, and servicing of advanced gas turbines for power generation. Its turbines are known for their high efficiency, reliability, and performance in a variety of applications, from combined cycle power plants to industrial settings. Their portfolio includes a range of products that cater to both large-scale utility and smaller-scale distributed power generation needs. Ansaldo Energia continues to lead in developing cutting-edge turbine solutions that meet the growing demands for cleaner and more efficient energy production.
The key industry players include:
Market, By Capacity
Market, By Product
Market, By Technology
Market, By Application
The above information has been provided for the following countries:
Ansaldo Energia, Bharat Heavy Electricals Limited (BHEL), Capstone Green Energy Corporation, Doosan, and Flex Energy Solutions, among others.
China gas turbine market is projected to exceed USD 3.5 billion by 2032, stimulated by the ongoing expansion of manufacturing and processing facilities spurring the growth of self-regulated power generating plants.
The aero derivative gas turbine market segment is projected to exceed USD 2 billion by 2032, fuelled by its benefits and the rising need for co-generating units.
The Asia Pacific market for gas turbine was worth USD 5.5 billion in 2023 and is expected to grow at a 5.7% CAGR from 2024 to 2032, driven by the growing environmental concerns and strict government regulations on GHG emissions.