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.
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.
|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|
|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|
1.1. Market Introduction
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
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
5.2. Gas Cycle
5.3. Combined Cycle
6. Asia Pacific (APAC) Gas Turbines Market Analysis, by Power Rating
6.2. <100 MW
6.3. >100 MV- <300 MV
6.4. >300 MV
7. Asia Pacific (APAC) Gas Turbines Market Analysis, by Application
7.2. Power Generation
7.3. Oil & Gas
8. Asia Pacific (APAC) Gas Turbines Market Analysis, by Technology
8.2. Heavy Duty
8.3. Light Industrial
9. Asia Pacific (APAC) Gas Turbines Market Analysis, by Country
9.5. South Korea
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
11.6. Hangzhou Steam Turbine Co., Ltd.
11.7. Doosan Enerbility
11.9. TOSHIBA CORPORATION
Mitsubishi Heavy Industries Ltd
Kawasaki Heavy Industries Ltd
Hangzhou Steam Turbine Co., Ltd.
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