The Europe Middle East and Africa (EMEA) Gas Turbines Market is projected to grow at a CAGR of 2.33% to reach US$9.947 billion by 2025, from US$8.663 billion in 2019. Gas turbines are used, among others, in the aviation industry to turn the compressor, in manufacturing plants to produce power and run mechanical drives. An increase in the number of manufacturing plants or capacity is fueling the demand for energy and hence gas turbines. Improved efficiency and high reliability at a low capital cost are a major reason for the rising demand for gas turbines. The gas turbine plant can be run in a shorter time, and it requires less water as compared to other alternatives (like condensing steam plant). Effective waste heat brings an added advantage to the use of gas turbines. But, due to government regulations towards achieving a renewable means of manufacturing and a safer environmental condition for the workers, the Gas Turbine Market stands to face roadblocks in its growth. Emission control norms and rising gas prices are expected to hamper the growth of the market.
The growing adoption of energy-efficient technologies with a declining dependence on coal-fired power plants at the global level is contributing to the market growth of the EMEA Gas Turbine Market in the forecast period. The rising industrialization, urbanization and henceforth growing income are driving the demand for uninterrupted power supply to sustain the needs of the region. Meeting the growing need for electricity while keeping a check over the emissions, is expected to shift focus to natural gas-fired power plants. The technological innovations in gas turbines are expected to bring a positive change towards the use of gas turbines. Apart from uses of gas turbines in air and on land, they are also being used in the sea as mechanical drive gas turbines.
The aviation sector is expected to witness a substantial rise in the use of gas turbines due to increasing investments and rising airplane journeys. There is a newly emerging sector that would drive the growth of the gas turbines, which is aerospace. The number of diverse applications of the gas turbines is on a rise, which is the major contributor to the growth of this industry.
The Central and Eastern Europe region is expected to show higher growth prospects in the forecast period. The rising number of innovations and projects being carried out in power generation and, replacement of obsolete and depreciated equipment across regions in Europe and the Middle East is expected to boost the demand for gas turbines in this region. EMEA region is also witnessing hefty investments in power generation and oil and gas sectors. This is driving the growth of Gas Turbines Market. The rising population and increasing consumption of electricity are strengthening the demand for this market in this region. Though renewable energy is becoming a new trend, it cannot meet the rising demand for energy.
o Gas Cycle
o Combined Cycle
o <100 MW
o >100 MV- <300 MV
o >300 MW
o Power Generation
o Oil & Gas
o United Kingdom
o Saudi Arabia
Mitsubishi Hitachi Power Systems Europe, Ltd.
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