September 14, 2021
According to the report titled, ‘Asia Pacific Gas Turbine Market Forecast 2026 By Technology, By Capacity, By Product, By Application, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Asia Pacific gas turbine market is anticipated to register significant growth through 2026.
Increasing emphasis on power optimization, and deployment of new electrical infrastructure to cater to the high renewable energy consumption rate are the major factors boosting Asia Pacific gas turbine market progression.
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Rising emphasis towards the integration of cycle gas turbine technology, and surging application of gas-powered systems in drilling & extraction processes are further creating lucrative opportunities in the market.
Moreover, initiatives undertaken by various regional governments to upgrade existing power systems are augmenting industry development. Notably, South Korea and Bangladesh announced the adoption of gas turbines in June 2021. South Korean firm Doosan Heavy Industries & Construction Co. Ltd. signed an agreement with three local companies to introduce a hydrogen gas turbine project. Likewise, Bangladesh’s Summit Meghnaghat II Co. revealed installation of the first heavy-duty gas turbine in the country.
On the basis of product gamut, Asia Pacific gas turbine market share from aero-derivative segment is expected to witness considerable expansion during 2020-2026, owing to the growing integration of regenerative turbines in district heating facilities. These units are also being widely adopted across utility generation, marine propulsion, and grid stability due to rising investments in sustainable power generation plants. They ensure improved turbine inlet temperature, better turbo machinery efficiency, and enhanced cooling blades.
With respect to application spectrum, power plants segment is likely to record substantial gains over the next five years due to the ongoing initiatives to enhance and modernize overall industry infrastructure. Besides, stringent regulations to minimize GHG emissions are also adding to the rapid expansion of the segment.
Considering geographical ambit, India is anticipated to contribute significantly to the gas turbine market in Asia Pacific, attributable to increasing focus towards combined cycle gas turbine power plant capacity development. Initiatives undertaken by the government to promote clean energy in the wake of increasing air pollution arising from rapid industrialization are also adding to the regional market growth. Escalating demand for replacing high carbon footprint power plants with alternatives to ensure low GHG emission rates is further positively swaying the industry dynamics.
Vericor Power Systems, Capstone Green Energy Corporation (CGRN), Opra Turbines B.V., Ansaldo Energia S.p.A., Harbin Electric Machinery Company Ltd., Bharat Heavy Electricals Ltd. (BHEL), Kawasaki Heavy Industries Ltd., Wartsila Corporation, Mitsubishi Power, Ltd., Siemens AG, and General Electric Company (GE) are major players profiled in Asia Pacific gas turbine market report.