Europe Gas Turbine Market Size (2024 - 2029)

The European gas turbine market is anticipated to experience growth driven by the transition from coal to gas generation, which has been significant in countries like the United Kingdom, Italy, the Netherlands, Germany, and Greece. This shift, alongside technological advancements and the development of new gas-fired power plants, is expected to enhance the market's scale. However, the increasing focus on renewable energy sources may pose challenges to the market's expansion. Despite these challenges, the market is poised for growth, particularly in the industrial sector, with substantial demand projected from key European nations.

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Market Size of Europe Gas Turbine Industry

Europe Gas Turbine Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.97 %

Major Players

Europe Gas Turbine Market 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 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
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Europe Gas Turbine Market Size Summary

The European gas turbine market is poised for growth, driven by a significant transition from coal to gas-based power generation. This shift is largely attributed to the closure of coal plants and the rise in carbon pricing, particularly in countries like the United Kingdom, Italy, the Netherlands, Germany, and Greece. These developments have led to a notable increase in natural gas generation, which has become a major component of the European electricity mix. Technological advancements and the establishment of new gas-fired power plants are expected to further bolster the demand for gas turbines across the region. However, the growing emphasis on renewable energy sources poses a challenge to the market's expansion.

Germany is anticipated to lead the European gas turbine market, with initiatives such as the launch of modern gas-fired power plants replacing older coal-fired stations. This transition is part of a broader movement towards a low-carbon economy within the European Union, which is expected to undergo significant transformations in the coming decades. The market is moderately consolidated, with key players including General Electric Company, Mitsubishi Hitachi Power Systems Ltd, Siemens AG, Kawasaki Heavy Industries Ltd, and Solar Turbines Europe SA. These companies are well-positioned to capitalize on the opportunities presented by the ongoing shift towards gas-based power generation in Europe.

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Europe Gas Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-User Industry

      1. 2.1.1 Oil and Gas

      2. 2.1.2 Power

      3. 2.1.3 Other End-user Industries

    2. 2.2 Type

      1. 2.2.1 Combined Cycle

      2. 2.2.2 Open Cycle

    3. 2.3 Geography

      1. 2.3.1 United Kingdom

      2. 2.3.2 Germany

      3. 2.3.3 France

      4. 2.3.4 Rest of Europe

Europe Gas Turbine Market Size FAQs

The Europe Gas Turbine Market is projected to register a CAGR of greater than 2.97% during the forecast period (2024-2029)

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.

Europe Gas Turbine Market Report Snapshots

Europe Gas Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)