North America 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: KSI061610095 Pages: 120

The North American Gas Turbine market is projected to grow at a CAGR of 4.89% during the forecast period, reaching a total market size of US$6.824 billion in 2027 from US$4.887 billion in 2020.

Gas turbines are used in manufacturing plants to produce power and run mechanical drives, and in the aviation industry to turn the compressor. An increase in the number of manufacturing plants or capacity is expected to fuel the demand for energy and hence 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 plants). Effective waste heat management brings an added advantage to the use of gas turbines. But, due to government regulations towards achieving renewable means of manufacturing and safer environmental conditions for workers, the gas turbine market stands to face roadblocks in its growth. The technological innovations in gas turbines are expected to bring a positive change in the capabilities and uses of gas turbines.

Building a gas-run plant is an economical exercise with a  long-term supply of natural gas, and this causes a less detrimental impact on the environment. Apart from using gas turbines in the air and on land, they can also be used in the sea as mechanical drive gas turbines.

The growing adoption of energy-efficient technologies coupled with a declining dependence on coal-fired power plants at the global level is expected to contribute to the market growth of the North American Gas Turbine Market in terms of volume in the forecast period.

But, the current demand for gas turbines is below capacity, creating pressure on the companies to compromise on the prices which are already below predicted values. So, the North America Gas Turbines Market is estimated to grow in terms of volume and, at the same time, fall in terms of revenue. Power generation through the gas is also facing tough competition from low-cost renewable sources of energy while companies are trying to remain competitive in the gas turbine market.

Nevertheless, the development of large combined facilities in industrialized countries might have a positive impact on the recovery of installed capacity in the long run. Besides, the replacement of inefficient and old turbines installed during the 1960s and 1970s might also support the recovery of this market. Additionally, the shale revolution in North America is a major contributor to the sales of gas turbines in this region.

The North American region is expected to show a declining trend in the forecast period as it is a mature market with prices falling steadily. It is expected to hold a significant market share of the Gas Turbines Market across the globe in terms of capacity and value.

In the US, the emphasis is being given to the reduction of electricity consumption to control pollution emissions, which might hamper the growth of this market. As a highly coal-dependent country, the US is moving towards natural gas to meet its needs, though, on the flip side, administrators in America are also pushing for the development of eco-friendly ways of using coal as a fuel. This might impact this market in an unprecedented way.

Key Developments

  • In June 2021, Bakken Energy LLC, and Mitsubishi Power Americas, Inc signed a strategic partnership agreement to create a clean hydrogen hub in North Dakota, the U.S. Through this partnership Mitsubishi aims to bring hydrogen-enabled gas turbine technology to Entergy in Southeast Texas.
  • A global leader in industrial gases and megaproject development, Air product announced a strategic global collaboration with Baker and Hughes in September 2021. Through this collaboration, Baker Hughes has agreed to provide Air products with advanced hydrogen compression and gas turbine technology for Air’s global projects which include a net-zero hydrogen energy complex in Edmonton, Canada, and Alberta.

COVID-19 Impact on North America Gas Turbines Market

The pandemic had a significant impact on the North American Gas Turbine market owing to the collapse in demand for oil and gas, and energy generation. As per the IEA Oil 2021 fuel report published in March 2021, oil demand in North America experienced a declining trend from 2019 to 2020. The total oil demand was reduced from 25.3 mb/d in 2019 to 22.2 mb/d in Q2 of 2020. The declining oil demand and the uncertainties caused by the pandemic in the end-user- oil and gas industry led to poor market growth for the North American gas turbine market.

North America Gas Turbines Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$4.887 billion
 Market Size Value in 2027  US$6.824 billion
 Growth Rate  CAGR of 4.89% 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  United States of America, Canada, Mexico
 Companies Covered General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Man Energy Solutions, Solar Turbines Inc., Kawasaki Heavy Industries Ltd, Ansaldo Energia S.p.A, Toshiba America Energy Systems 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
    • United States of America
    • Canada
    • Mexico

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. North America Gas Turbines Market Analysis, by Type

5.1. Introduction

5.2. Gas Cycle

5.3. Combined Cycle

5.4. Cogeneration

5.5. Others

 

6. North America 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. North America Gas Turbines Market Analysis, by Application

7.1. Introduction

7.2. Power Generation

7.3. Oil & Gas

7.4. Others

 

8. North America Gas Turbines Market Analysis, by Technology

8.1. Introduction

8.2. Heavy Duty

8.3. Light Industrial

8.4. Aero-derivative

 

9. North America Gas Turbines Market Analysis, by Country

9.1. Introduction

9.2. United States of America

9.3. Canada

9.4. Mexico

 

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. Man Energy Solutions

11.5. Solar Turbines Inc.

11.6. Kawasaki Heavy Industries Ltd

11.7. Ansaldo Energia S.p.A

11.8. Toshiba America Energy Systems Corporation

General Electric

Siemens AG

Mitsubishi Heavy Industries Ltd

Man Energy Solutions

Solar Turbines Inc.

Kawasaki Heavy Industries Ltd

Ansaldo Energia S.p.A

Toshiba America Energy Systems Corporation

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