Asia Pacfic Gas Turbine Market to Grow at a CAGR of 4.9% to reach US$ 6154.5 Million from 2020 to 2027

The gas turbine market in Asia Pacfic is expected to grow from US$ 4031.3 Mn in 2018 to US$ 6154.5 Mn by 2027; it is estimated to grow at a CAGR of 4.9% from 2019 to 2027.

The China, Australia, Japan, India and South Korea are major economies in APAC. To lower carbon emission by harnessing gas-fired turbines are faster, more efficient, and less polluting than coal-fired and nuclear power plants. Gas turbines make use of natural gas, light gas, and bioethanol for its working. An increase demand for natural gas fired power plants, rising concerns regarding emissions released by GHG and stringent government norms for the adoption of gas-fired turbines have stimulated the demand for gas turbines. Thus, with need and swift towards cleaner energy source is expected to create a significant demand for gas turbine in the coming years, which is further anticipated to drive the market in APAC. Furthermore, the COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 (COVID-19) outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Until now, China has the highest number of COVID -19 confirmed cases.

A gas turbine is also referred to as the engine at the heart of the power plant that works for the production of electric current or power generation. A gas turbine converts the liquid fuels or natural gas that is fed to it, into mechanical energy. This energy then drives the generator that produces electrical energy. The electrical energy is then supplied to homes and businesses through the power lines. Various fuel such as natural gas, fuel oils, and synthetic fuels are used in gas turbines for power generation.  The major players in the Asia Pacific gas turbine market are focused on strategies such as collaborations, business strategies, and product launches to increase the geographical presence and consumer base globally. For instance, in November 2019, GE Announces planned to invest up to $60Mn to create new global repair engineering and development center in Singapore for its industry-leading ha gas turbines. With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the gas turbine market. The APAC gas turbine market is expected to grow at a good CAGR during the forecast period.

APAC Gas Turbine Market Segmentation

By Technology

• Open Cycle
• Combined Cycle

By Capacity

• Below 40 MW
• 40-120 MW
• 120-300 MW
• Above 300 MW

By Application

• Power Generation
• Oil and Gas
• Industrial

By Country

• China
• Australia
• Japan
• India
• South Korea
• Rest of APAC

APAC Gas Turbine Market-Companies Mentioned

• Ansaldo Energia S.p.A.
• General Electric Company
• Harbin Electric Company Limited
• Kawasaki Heavy Industries, Ltd.
• Man Energy Solutions
• Mitsubishi Hitachi Power Systems, Ltd.
• Siemens AG
• Solar Turbines Incorporated
• Wärtsilä Corporation
• Bharat Heavy Electricals Limited (BHEL)

Asia Pacfic Gas Turbine Report Scope