(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific (APAC) gas Turbines market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific (APAC) gas turbines market is evaluated at US$5.611 billion for the year 2022 growing at a CAGR of 8.00% reaching the market size of US$9.619 billion by the year 2029
A gas turbine is a combustion engine that is at the heart of a power plant which helps in converting Natural gas or other liquid fuel into mechanical energy. This is then used to drive generators that produce electrical energy that moves in the power lines into commercial and residential sectors. The increasing demand for power generation systems in the growing industrial sector coupled with the increased demand for energy-efficient solutions is one of the reasons attributing to Asia Pacific (APAC) gas turbine market growth.
Upsurge in power plants in the Asia Pacific region
In the Asia Pacific region, there is an upsurge in power plants and there are favorable policies by the government that support cleaner power production, that can replace coal-fired power plants. Taking advantage of this situation many companies are entering into strategic partnerships to increase their presence. For instance, in March 2022, General Electrics was awarded a 9HA gas turbine order to deliver approximately 2 gigawatts (GW) of electricity in Guangdong, China. GE joint-ventured with Harbin Electric announced that the new power plant will have three 9HA.31 gas turbines and will be able to deliver 2 gigawatts (GW) of electricity to approximately 126 million people in the region. Hence, in the forecasted period many such projects are anticipated to happen and are one of the reasons for the high demand for gas turbines in the region.
Increasing demand for electricity
In countries such as India, and China where almost one-third of the population in the world lives, there is an increasing electricity demand. Additionally, the rapid urbanization in major countries in the region is one of the factors driving the Asia Pacific (APAC) gas turbine market growth. For instance, according to TERI, the Rockefeller Foundation there were 410 million people in India living in the urban areas which is anticipated to double to 814 million by 2050.
Moreover, rapid industrialization, enormous power plants, and increased power generation projects in the regions are boosting Asia Pacific (APAC) gas turbine market growth. For instance, in May 2023, Mitsubishi Power announced to equip Singapore's Open Cycle Gas Turbine power station with state-of-the-art hydrogen-ready gas turbines.
The power plant will have a capacity of 680 MW open cycle gas turbine (OCGT) power station that will be developed by a consortium led by Jurong Engineering Limited with Mitsubishi Power and will reach 100% load in early 2025. Hence, many such projects are anticipated to increase the market for power generation which in turn are anticipated to increase the use of gas turbines in the region in the projected period.
Electricity generation in India
According to, the Government of India's Ministry of Power the electricity generation in India increased by 7.96% in 2021-22 and reached 1,491.86 BU whereas in 2022-23 the growth was 8.87% and the total electricity generation was 1,624.16 BU. Still, the electricity demand is much greater in the country and the target set for 2023-24 is 1,750.0 BU in India. Hence, the increased demand for electricity in countries such as India and China that have large population are expected to increase the demand for gas turbine in the region in the coming years.
The gas turbine market in China will grow steadily.
The need for gas turbines in China is anticipated to be boosted by factors such as the increase in electricity consumption brought on by high levels of urbanization, industrialization, and infrastructure development, as well as the consequent investments in creating massive new gas-fired combined cycle power generation.
Further, as per the U.S. Energy Information Administration, domestic natural gas production increased quickly between 2010 and 2022, more than doubling from 8.9 Bcf/d to 20.5 Bcf/d, covering approximately half of the rise in demand. These favorable outlooks for clean energy along with the ongoing construction of large-capacity gas-fired power facilities around the country and the production of gas have increased the demand for gas turbines.
Increasing import of natural gas in China
China is the world's largest importer of natural gas, and as the country works to lessen its reliance on coal-fired power plants to produce electricity, natural gas demand rises to meet the country's energy needs. Additionally, Global Energy Monitor estimates that China is on record to double its utility-scale solar and wind power capacity and surpass the central government's driven 2030 target of 1,200 gigawatts (GW) five years earlier than expected. These advancements are probably going to influence the China gas turbine market during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 84 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $5.61 Billion |
| Forecasted Market Value (USD) by 2029 | $9.62 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Asia Pacific |
Companies Featured
General Electric Siemens AG Mitsubishi Heavy Industries Ltd Kawasaki Heavy Industries Ltd Doosan Enerbility BHEL
Segmentation:
By Type
Gas Cycle Combined Cycle Cogeneration Others
By Power Rating
< 100 MW >100 MV- < 300 MV >300 MW
By Application
Power Generation Oil & Gas Others
By Technology
Heavy Duty Light Industrial Aero-Derivatives
By Country
Japan China India South Korea Indonesia Others
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Global Asian Pacific (APAC) Gas Turbines Market
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