A type of turbine that can be used to generate mechanical or electrical energy in a variety of industrial applications is the industrial gas turbine. By converting fuel energy into mechanical energy, which can then be utilized to power machines directly or to run a generator to produce electricity, these turbines function. Their efficiency, adaptability, and high-power output make them suitable for a wide range of applications.
Europe Industrial Gas Turbine Market Driving Factors and Challenges
Drivers: Gas turbine technology reduces greenhouse gas emissions, which is driving the market's growth. Conventional coal-fired power stations, which generate most of the heat, are known to release significant amounts of hazardous gases into the atmosphere. Power plants that burn coal are one of the main sources of pollution. Because greenhouse gas emissions are increasing and there is a growing demand to discover cleaner ways to obtain power, it is expected that over the next ten years, there will be a higher need for industrial gas turbines. Furthermore, the world's fastest growing economy, a booming industrial sector, and a rise in infrastructure construction activities have all contributed to a sharp increase in the demand for energy.
Challenges: Volatility in natural gas prices could hinder market growth. The price of natural gas could be impacted by a disruption in the supply. Geopolitical conflicts are a disruptive factor that makes the supply and demand of gas uncertain. This could lead to higher price volatility for gas. Although gas prices have dramatically decreased in the United States due to the shale gas boom, they are still rather high internationally. Most of the countries in the Middle East have significant reserves of natural gas. The region is very insecure due to political and cultural issues.
Impact of COVID-19 on Europe Industrial Gas Turbine Market
The industrial gas turbine industry in Europe has been significantly impacted by the COVID-19 pandemic, presenting both opportunities and challenges. Due to the severe disruptions in supply chains, the scarcity of personnel, and the temporary shutdown of industrial facilities, there was initially a stop to new installations and a delay in project completion in several industries. A major hindrance to the gas turbine market outlook was the reduction in energy consumption, particularly in sectors such as manufacturing and aviation.
Europe Industrial Gas Turbine Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Ansaldo Energia SpA, General Electric Company, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd, Man Diesel and Turbo SE, Mitsubishi Heavy Industries Ltd, Siemens AG, Solar Turbines, and others.
Europe Industrial Gas Turbine Market Segmentation:
By Capacity: Based on the Capacity, Europe Industrial Gas Turbine Market is segmented as; 1 to 40 MW, 41 to 120 MW, 121 to 300 MW, Above 300 MW.
By Type: Based on the Type, Europe Industrial Gas Turbine Market is segmented as; Combined Cycle, Simple Cycle.
By Application: Based on the Application, Europe Industrial Gas Turbine Market is segmented as; Power, Oil and Gas, Others.
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.