Europe Gas Turbine Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.97 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Gas Turbine Market Analysis
The European gas turbine market is expected to register a CAGR of more than 2.97% during the forecast period 2020-2025. The gas turbine is an instrument that utilizes the energy stored in gas either in the form of the kinetic energy of the flowing gas stream or the potential energy of a gas under pressure to produce rotary movement. The CO2 emissions from the European power industry reduced by 4%, about 1,018 million metric ton of CO2. Owing to coal plant closures and an increase in carbon price support, over 50% of the shift happened was observed in the United Kingdom. Countries, such as Italy, the Netherlands, Germany, and Greece witnessed significant switch over from coal to gas. Such developments in gas-based power infrastructure are expected to drive the demand for gas turbines in Europe during the forecast period. However, increasing shift toward renewable energy is expected to restrain the growth of the gas turbine market.
- The biggest shift in the European electricity system was the significant change from coal generation to gas generation. This has considerably reduced coal generation by almost 12% by 2018, thus, increasing the natural gas generation by around 20%. As a result, the CO2 emissions from the European power industry reduced by 4%, about 1,018 million metric ton of CO2.
- Technological advancements in the gas turbine industry coupled with upcoming gas-fired power plants are expected to create an ample opportunities for the market in the near future.
- Europe is projected to witness significant growth in the global industrial gas turbine market, with majority of the demand coming from Germany, Italy, the United Kingdom, etc.
Europe Gas Turbine Market Trends
This section covers the major market trends shaping the Europe Gas Turbine Market according to our research experts:
Gas-based Power Generation to Drive the market
- The EU power market has made a significant shift away from coal generation, but mainly to the benefit of gas-based power generation. The EU transition to a low-carbon economy, the gas industry will face significant transformations over the next decades up to 2050 and beyond.
- A gas generation grew from 610.9 TWh in 2015 to 731.3 TWh in 2018, thereby, increasing its share in the European electricity mix. This switch from coal to gas is one of the major factors that is expected to propel the European gas turbine market.
- In 2016, around 8 GW coal plants were closed in the European Union. These plants include 4.9 GW in the United Kingdom, 1.6 GW in the Netherlands, 0.6 GW in Italy, 0.6 GW in Belgium, 0.6 GW in Germany, and 0.2 GW in Poland. Also, Europe has announced the closure of an additional 7 GWs of coal power plants during 2017-2020, which represents less than 5% of the total coal fleet in the region.
- Share of gas-fired power generation in Europe grew from 15.5% in 2015 to 20.8% in 2018. This switch from coal to gas is one of the major factors that is expected to propel the European gas turbine market.
Germany to Dominate the Market
- Germany is expected to dominate the gas turbine market in Europe. Germany launches one of Europe's most modern gas-fired power plants replacing coal-fired power stations, which helps to drive the gas turbine market.
- German municipal utility, Stadtwerke Kiel, launched the most modern and flexible gas engine-based combined heat and power (CHP) plants on the eastern shore of the Kieler Förde inlet in northern Germany.
- Representatives of Stadtwerke Kiel, Kraftanlagen München GmbH (KAM) and INNIO celebrated the launch with a ceremony marking the culmination of a five-year project. Collectively, the 20 Jenbacher J920 FleXtra gas engines provide a total electrical output of 190 megawatts (MW) and a thermal output of 192 MW.
- Around 40GW of Germany's 40-year-old installed power plant capacity will need to be replaced by 2021. New gas power plants currently being built will primarily replace coal power, which causes much more pollution.
Europe Gas Turbine Industry Overview
The European gas turbine market industry is moderately consolidated. Some of the key players are General Electric Company, Mitsubishi Hitachi Power Systems Ltd, Siemens AG, Kawasaki Heavy Industries Ltd, and Solar Turbines Europe SA.
Europe Gas Turbine Market Leaders
-
General Electric Company
-
Mitsubishi Hitachi Power Systems Ltd
-
Siemens AG
-
Kawasaki Heavy Industries Ltd
-
Solar Turbines Europe SA
*Disclaimer: Major Players sorted in no particular order
Europe Gas Turbine Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
-
4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 End-User Industry
- 5.1.1 Oil and Gas
- 5.1.2 Power
- 5.1.3 Other End-user Industries
-
5.2 Type
- 5.2.1 Combined Cycle
- 5.2.2 Open Cycle
-
5.3 Geography
- 5.3.1 United Kingdom
- 5.3.2 Germany
- 5.3.3 France
- 5.3.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 General Electric Company
- 6.3.2 Mitsubishi Hitachi Power Systems Ltd
- 6.3.3 Siemens AG
- 6.3.4 Kawasaki Heavy Industries Ltd
- 6.3.5 Solar Turbines Europe SA
- 6.3.6 Harbin Electric International Company Limited
- 6.3.7 Bharat Heavy Electricals Limited
- 6.3.8 Man Diesel and Turbo SE
- 6.3.9 MTU Aero Engines Ag / Vericor Power Systems LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityEurope Gas Turbine Industry Segmentation
The European gas turbine market report includes:
| End-User Industry | Oil and Gas |
| Power | |
| Other End-user Industries | |
| Type | Combined Cycle |
| Open Cycle | |
| Geography | United Kingdom |
| Germany | |
| France | |
| Rest of Europe |
Europe Gas Turbine Market Research FAQs
What is the current Europe Gas Turbine Market size?
The Europe Gas Turbine Market is projected to register a CAGR of greater than 2.97% during the forecast period (2024-2029)
Who are the key players in Europe Gas Turbine Market?
General Electric Company , Mitsubishi Hitachi Power Systems Ltd, Siemens AG , Kawasaki Heavy Industries Ltd and Solar Turbines Europe SA are the major companies operating in the Europe Gas Turbine Market.
What years does this Europe Gas Turbine Market cover?
The report covers the Europe Gas Turbine Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Gas Turbine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Gas Turbine Industry Report
Statistics for the 2024 Europe Gas Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Gas Turbine analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
