LONDON--(BUSINESS WIRE)--#GasTurbinesMarketforPowerIndustry--The new gas turbines market for power industry research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the increase in CCGT power plants,” says a senior analyst for the Industrials industry at Technavio. "The demand for combined-cycle gas turbines for power plants is on the rise due to increased efficiency and better output. Also, the introduction of the US government’s Clean Power Plan will further propagate a shift from simple-cycle to combined-cycle plants, which have lower carbon dioxide (CO2) emissions. This is because meeting the new performance standards for CO2 emissions will be difficult with simple cycle plants. Many upcoming projects for the construction of power plants have propelled the demand for CCGT. As the markets recover Technavio expects the gas turbines market for power industry size to grow by USD 1.65 billion during the period 2020-2024."

Gas Turbines Market for Power Industry Segment Highlights for 2020

• The gas turbines market for power industry is expected to post a year-over-year growth rate of 0.86%.
• The CCGTs segment led the gas turbines market share for power industry in 2019.
• The CCGTs segment is mainly driven by the increasing demand for energy-efficient gas turbines and due to the replacement of coal-fired power plants. CCGT consists of both gas turbines and steam turbines. In this system, the natural gas is the primary fuel, which powers the gas turbines to generate electricity.
• The gas turbines market share growth for the power industry by the CCGTs segment will be significant during the forecast period.

Regional Analysis

• 56% of the growth will originate from the APAC region.
• China, Japan, and India are the key markets for Gas Turbines Market for Power Industry in APAC. Market growth in this region will be slower than the growth of the market in other regions.

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Notes:

• The gas turbines market for power industry size is expected to accelerate at a CAGR of almost 2% during the forecast period.
• The gas turbines market for power industry is segmented Technology (CCGT and OCGT) and Geography (APAC, North America, Europe, MEA, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG.

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