North America Gas Turbine market will decline from US$4.827 billion in 2019 to US$4.417 billion by 2025. Gas turbines are used in the 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 plant). 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 the 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 the uses of gas turbines.
Building a gas run plant is an economical exercise with a commitment of long term supply of natural gas, and this causes less detrimental impact on environment. Apart from using gas turbines in air and on land, they can also be used in the sea as mechanical drive gas turbines.
The growing adoption of energy-efficient technologies with a declining dependence on coal-fired power plants at the global level is expected contributing to the market growth of the North America 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 gas is also facing tough competition from low-cost renewable sources of energy while the companies are trying to remain competitive in gas turbines 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, 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 Gas Turbines Market across the globe in terms of capacity and value. In the US, the emphasis is being given to reduction of electricity consumption for controlling pollution emissions, which might hamper the growth of this market. 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.