Asia Pacific (APAC) Gas Turbines Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Gas Cycle, Combined Cycle, Cogeneration, Others), By Power Rating (<100 MW, >100 MW - <300 MW, >300 MW), By Application (Power Generation, Oil & Gas, Others), By Technology (Heavy Duty, Light Industrial, Aero-derivative), And By Country - Forecasts From 2024 To 2029

  • Published : Feb 2024
  • Report Code : KSI061610146
  • Pages : 84

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.

Market Drivers

  • 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.

Market Key Developments

  • In October 2023: GE Gas Power and Harbin Electric built a new 2-GW natural gas-fired power plant in China to help replace a sizable regional coal-fired facility. For this project, three GE 9HA.01 gas turbines will be used. The equipment has been ordered by the Guangming combined cycle power plant in China's Guangdong province's Shenzhen Guangming.

Asia Pacific (APAC) Gas Turbines Market Scope:

 

Report Metric Details
Market Size Value in 2022 US$5.611 billion
Market Size Value in 2029 US$9.619 billion
Growth Rate CAGR of 8.00% from 2022 to 2029
Base Year 2022
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Billion
Segments Covered
  • Type
  • Power Rating
  • Application
  • Technology
  • Country
Companies Covered
  • General Electric
  • Siemens AG
  • Mitsubishi Heavy Industries Ltd
  • Kawasaki Heavy Industries Ltd
  • Doosan Enerbility
  • BHEL
Regions Covered Japan, China, India, South Korea, Indonesia, Others
Customization Scope Free report customization with purchase

 

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
 

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Russia-Ukraine War Impact Analysis

5. ASIA PACIFIC (APAC) GAS TURBINES MARKET BY TYPE

5.1. Introduction

5.2. Gas Cycle

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Combined Cycle

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

5.4. Cogeneration

5.4.1. Market Trends and Opportunities

5.4.2. Growth Prospects

5.4.3. Geographic Lucrativeness

5.5. Others

5.5.1. Market Trends and Opportunities

5.5.2. Growth Prospects

5.5.3. Geographic Lucrativeness

6. ASIA PACIFIC (APAC) GAS TURBINES MARKET BY POWER RATING

6.1. Introduction

6.2. <100 MW

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. >100 MW - <300 MW

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

6.4. >300 MW

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

6.4.3. Geographic Lucrativeness

7. ASIA PACIFIC (APAC) GAS TURBINES MARKET BY APPLICATION

7.1. Introduction

7.2. Power Generation

7.2.1. Market Trends and Opportunities

7.2.2. Growth Prospects

7.2.3. Geographic Lucrativeness

7.3. Oil & Gas

7.3.1. Market Trends and Opportunities

7.3.2. Growth Prospects

7.3.3. Geographic Lucrativeness

7.4. Others

7.4.1. Market Trends and Opportunities

7.4.2. Growth Prospects

7.4.3. Geographic Lucrativeness

8. ASIA PACIFIC (APAC) GAS TURBINES MARKET BY TECHNOLOGY

8.1. Introduction

8.2. Heavy Duty

8.2.1. Market Trends and Opportunities

8.2.2. Growth Prospects

8.2.3. Geographic Lucrativeness

8.3. Light Industrial

8.3.1. Market Trends and Opportunities

8.3.2. Growth Prospects

8.3.3. Geographic Lucrativeness

8.4. Aero-Derivatives

8.4.1. Market Trends and Opportunities

8.4.2. Growth Prospects

8.4.3. Geographic Lucrativeness

9. ASIA PACIFIC (APAC) GAS TURBINES MARKET BY COUNTRY

9.1. Introduction

9.2. Japa

9.2.1. Market Trends and Opportunities

9.2.2. Growth Prospects

9.3. China

9.3.1. Market Trends and Opportunities

9.3.2. Growth Prospects

9.4. India

8.4.1 Market Trends and Opportunities

8.4.2 Growth Prospects

9.5. South Korea

9.5.1. Market Trends and Opportunities

9.5.2. Growth Prospects

9.6. Indonesia

9.6.1. Market Trends and Opportunities

9.6.2. Growth Prospects

9.7. Others

9.7.1. Market Trends and Opportunities

9.7.2. Growth Prospects

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. General Electric

11.2. Siemens AG

11.3. Mitsubishi Heavy Industries Ltd

11.4. Kawasaki Heavy Industries Ltd.

11.5. Doosan Enerbility

11.6. BHEL


General Electric

Siemens AG

Mitsubishi Heavy Industries Ltd

Kawasaki Heavy Industries Ltd

Doosan Enerbility

BHEL