March 26, 2020
According to the research report titled ‘Middle East Gas Turbine Market Size By Capacity, Product, Technology, Application, Industry Analysis Report, Country Analysis, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Middle East gas turbine market was worth USD 900 million in 2017 and is expected to record an annual deployment of 4 GW by the year 2024.
Favorable government regulations regarding the use of sustainable sources of energy coupled with restructured trade reforms are major factors fostering the demand for gas turbines in the Middle East. Increasing renovation and refurbishment activities in the power sector with respect to technological advancements in aerodynamics, cooling, combustion, and materials is also driving the market growth.
Rising incorporation of efficient energy mix and growing demand for energy in manufacturing sector are also stimulating the industry outlook. There has been an upsurge in adoption of co-generation units in transmission & distribution networks, small scale industries, and commercial sectors to withstand the surging consumption of energy, which in turn is favoring the deployment of gas turbine across Middle East region.
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Gas turbine offers various benefits such as effective waste heat usage, efficient environmental proximity, low operational costs, and better efficiency. Moreover, stability in gas prices and growing industrial headway are fueling the market expansion. Several small-scale industries are increasingly utilizing gas instead of coal. Strict government regulations pertaining to emission mitigation are contributing towards Middles East gas turbine market scenario.
Supportive federal initiatives for improving the power capacity in order to meet the growing energy demand are further boosting the market growth. Shifting inclination towards energy-efficient technologies and focus towards replacing inefficient coal-based power plants are augmenting the demand for gas turbines in the Middle East.
The prominent companies operating in Middle East gas turbine industry are Ansaldo Energia, Score Group, Solar Turbines, Capstone Turbine, Toshiba, MAPNA, General Electric, Wartsila, Siemens AG, and Centrax.
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