Asia Pacific (APAC) Gas Turbines Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Gas Cycle, Combined Cycle, Cogeneration), 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 2022 To 2027

Published:  Oct 2022 Report Code: KSI061610146 Pages: 114

The Asia Pacific (APAC) gas turbine market is estimated to grow from US$5.030 billion in 2020 to US$7.590 billion by 2027, at a CAGR of 6.05% over the forecast period.

During the past few years, there has been exponential growth with regard to the gas turbine market. This is because of the technological progress that has effectuated the design and development of highly efficient gas turbine units for varied capacities. This class of equipment finds its application in a variety of spaces. To name a few, supersonic wind tunnels, advanced gas lasers, jet engines, as well as mechanical drives are used on land, sea, or air. Gas turbines are increasingly being used in power generation plants for their huge power generation capacity. It is also the most sought-after due to its compactness, flexibility, operational compatibility, and high performance. Its unique characteristic of having multiple fuel capabilities is another aspect that makes it a great choice for power generation. The application of gas turbines in aerospace is inclusive of but not limited to jets, turbofans, turbojets, as well as turboprops. Thus, such a wide range of applications is poised to power the growth of the APAC gas turbine market.

Recent market developments

Considering the market development of gas turbines in the APAC region, a notable among many is the construction of a high-efficiency HL-class power island for a new combined cycle power plant (CCPP) in South Korea, that would be set up by Siemens. This was announced in November 2019. The end-user of this plant is independent power producer Yeoju Energy Services. The Yeoju plant can accommodate two gas turbines, among others. The two gas turbines are of the model SGT6-9000HL. This model is an up-gradation of the SGT-8000H series of gas turbines. The plant is set to be commissioned in 2022.

Earlier in July 2018, Siemens and State Power Investment Corp. (SPIC) of China entered into a Memorandum of Understanding (MoU) in Berlin, Germany in the presence of German Federal Chancellor Angela Merkel and Chinese Premier Le Keqiang to further confirm the intention of technology collaboration in the field of heavy-duty gas turbines. Being one of the world’s most prominent markets for large gas turbines and China is slated to make huge investments in large gas turbine technology.  This MoU is symbiotic and would help in the convergence of Siemens’ technological leadership and China’s vast experience in the Chinese market.

In January 2020, Doosan Heavy Industries & Construction (DHIC) announced it had signed an agreement with Korea Western Power Co. (KOWEPO) to supply a gas turbine to the power plant located in Gimpo city in the Gyeonggi Province. The large gas turbines have been successfully developed in-house since 2013. This joint effort was carried out to promote the subsequent growth of the domestic gas turbine industry. Furthermore, being in line with the 8th Basic Plan for Electricity Supply & Demand, which was announced by the Ministry of Trade, Industry, and Energy, the Government of South Korea.

Therefore, from the events leading to 2020, it could be delineated that there has been a surge in transactions pertaining to gas turbines. These conditions have fueled the gas turbine market in this region and are eventually projected to drive the APAC gas turbine market during the anticipated period.

Product Offerings

  • Siemens Energy offers a wide range of advanced gas turbines in the Asia Pacific region. SGT5-9000HL for 50Hz and for 60 Hz. These gas turbines have fast start-up capability coupled with advanced combustion systems for high efficiency which allows the end user higher firing temperatures and more operational flexibility.
  • GE Gas Power offers a high-efficiency, air-cooled gas turbine named 9HA gas turbine among H-Class offerings. Furthermore, the 9HA gas turbine not only offers the most cost-effective conversion of fuel to electricity but also provides industry-leading operational flexibility.

COVID-19 Impact on Asia Pacific (APAC) Gas Turbines Market 

During the pandemic, the Asia Pacific gas turbine market witnessed a significant impact. In order to reduce any capital expenditures, the power utilities focused on maintaining the gas turbines rather than buying a new gas turbine for their operations. This behavior led to lower demand for gas turbines in the Asia Pacific region. Furthermore, the growing preference for renewable power generation has further hampered the growth of the Asia Pacific gas turbine market.

Asia Pacific (APAC) Gas Turbines Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$5.030 billion
 Market Size Value in 2027  US$7.590 billion
 Growth Rate  CAGR of 6.05% from 2020 to 2027
 Base Year 2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Type, Power Rating, Application, Technology, And Country
 Regions Covered  Japan, China, India, Australia, South Korea, Indonesia, Others
 Companies Covered General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, ABB, Hangzhou Steam Turbine Co., Ltd., Doosan Enerbility, BHEL, TOSHIBA CORPORATION
 Customization Scope  Free report customization with purchase

 

Segmentation:

  • By Type
    • Gas Cycle
    • Combined Cycle
    • Cogeneration
  • 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-derivative
  • By Country
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Others

1. Introduction

1.1. Market Introduction

1.2. COVID-19 Scenario 

1.3. Market Definition

1.4. Market Segmentation

 

2. Research Methodology

2.1. Research Data

2.2. Assumptions

 

3. Executive Summary

3.1. Research Highlights

 

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters 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

 

5. Asia Pacific (APAC) Gas Turbines Market  Analysis, by Type

5.1. Introduction

5.2. Gas Cycle

5.3. Combined Cycle

5.4. Cogeneration

5.5. Others

 

6. Asia Pacific (APAC) Gas Turbines Market Analysis, by Power Rating

6.1. Introduction

6.2. <100 MW

6.3. >100 MV- <300 MV

6.4. >300 MV

 

7. Asia Pacific (APAC) Gas Turbines Market Analysis, by Application

7.1. Introduction

7.2. Power Generation

7.3. Oil & Gas

7.4. Others

 

8. Asia Pacific (APAC) Gas Turbines Market Analysis, by Technology

8.1. Introduction

8.2. Heavy Duty

8.3. Light Industrial

8.4. Aero-derivative

 

9. Asia Pacific (APAC) Gas Turbines Market Analysis, by Country

9.1. Introduction

9.2. Japan

9.3. China

9.4. India

9.5. South Korea

9.6. Indonesia

9.7. Others

 

10. Competitive Environment and Analysis

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

 

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. ABB

11.6. Hangzhou Steam Turbine Co., Ltd.

11.7. Doosan Enerbility

11.8. BHEL

11.9. TOSHIBA CORPORATION

General Electric

Siemens AG

Mitsubishi Heavy Industries Ltd

Kawasaki Heavy Industries Ltd

ABB

Hangzhou Steam Turbine Co., Ltd.

Doosan Enerbility

BHEL

TOSHIBA CORPORATION

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