Market Size of Asia-Pacific Gas Turbine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Gas Turbine Market Analysis
Asia-Pacific gas turbine market is projected to register a CAGR of over 3.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the market is witnessing significant growth driven by the increasing demand for natural gas-fired power plants, demand for liquefied natural gas (LNG) supplied through both pipelines and ships, increasing demand for electricity, and targets to carbon dioxide emission reductions in major countries.
- On the other hand, the increasing shift toward renewable energies, such as solar and wind for power generation, is expected to restrain the growth of the market in the coming years.
- Nevertheless, advancements in technology are crucial to reducing turbine costs and emissions, especially of combined cycle gas turbines, which will be the dominant gas-based technology for intermediate and base-load power generation in the near future. This, in turn, is expected to create significant opportunities in the gas turbine manufacturers in the coming years.
- China is expected to dominate the market in the forecast period, owing to the increasing demand for clean and efficient power and gas-fired power capacity could see faster growth in the 14th Five-Year Plan, likely adding 40 to 50 GW of new capacity by 2025.
Asia-Pacific Gas Turbine Industry Segmentation
Gas turbines are combustion engines that convert natural gas or other liquid fuels into mechanical energy. This mechanical energy is then used to operate a generator that produces the electricity delivered to homes and businesses.
The Asia-Pacific gas turbine market is segmented by capacity, type, application, and geography. By capacity, the market is segmented into less than 30 MW, 31-120 MW, and above 120 MW). By type, the market is segmented into a combined cycle and an open cycle. By application, the market is segmented into power, oil and gas, and other industries. The report also covers the market size and forecasts for the gas turbine market across the countries in the region. For each segment, the market size and forecasts have been done based on revenue (USD billions).
| Capacity | |
| Less than 30 MW | |
| 31-120 MW | |
| Above 120 MW |
| Type | |
| Combined Cycle | |
| Open Cycle |
| Application | |
| Power | |
| Oil and Gas | |
| Other Industries |
| Geography | |
| China | |
| Japan | |
| India | |
| Rest of Asia-Pacific |
Asia-Pacific Gas Turbine Market Size Summary
The Asia-Pacific gas turbine market is experiencing a resurgence, having rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The market is poised for moderate growth, driven by the increasing demand for natural gas-fired power plants and liquefied natural gas (LNG) imports. This demand is fueled by rapid urbanization, industrialization, and the need for efficient electricity generation to meet the energy requirements of the region's burgeoning population. The shift towards combined cycle gas turbines, which offer higher efficiency and lower carbon emissions, is expected to dominate the market. However, the growing emphasis on renewable energy sources like solar and wind power poses a challenge to the market's expansion. Technological advancements aimed at reducing turbine costs and emissions are anticipated to create significant opportunities for gas turbine manufacturers in the coming years.
China is expected to lead the Asia-Pacific gas turbine market, supported by its ambitious plans to expand gas-fired power capacity as part of its 14th Five-Year Plan. The country's focus on clean energy and the reduction of coal-fired power generation are key drivers for this growth. Significant projects, such as the construction of new natural gas-fired power plants, underscore China's commitment to enhancing its gas power infrastructure. Other countries in the region, including Vietnam and Thailand, are also making strides in expanding their gas turbine capacities, albeit with a strong focus on integrating renewable energy sources into their energy mix. The market is moderately consolidated, with major players like General Electric, Siemens, and Mitsubishi Heavy Industries playing pivotal roles in shaping its future trajectory.
Asia-Pacific Gas Turbine Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Capacity
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2.1.1 Less than 30 MW
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2.1.2 31-120 MW
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2.1.3 Above 120 MW
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2.2 Type
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2.2.1 Combined Cycle
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2.2.2 Open Cycle
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2.3 Application
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2.3.1 Power
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2.3.2 Oil and Gas
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2.3.3 Other Industries
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2.4 Geography
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2.4.1 China
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2.4.2 Japan
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2.4.3 India
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2.4.4 Rest of Asia-Pacific
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Asia-Pacific Gas Turbine Market Size FAQs
What is the current Asia-Pacific Gas Turbine Market size?
The Asia-Pacific Gas Turbine Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Gas Turbine Market?
General Electric Company , Mitsubishi Heavy Industries Ltd , Siemens AG , Kawasaki Heavy Industries Ltd and Ansaldo Energia SpA are the major companies operating in the Asia-Pacific Gas Turbine Market.
