Europe Gas Turbine Market size is slated to witness remarkable growth from 2021 to 2027 owing to strict government norms pertaining to the adoption of gas-fired turbines over the conventional power generating units. Increasing adoption of more efficient and clean energy fuels when compared to available counterparts along with ongoing advancements in combustion technology will fuel the product adoption. Abundant natural gas availability coupled with growing environmental to curtail emissions will augment the market landscape.
COVID-19 hindered the development and operations of various industries since 2020 and has impacted production facilities throughout the region. It has resulted in delay of projects by some margin based on geographic locations and government regulations. However, the industry is set to regain its lost strength by the early 2021 on account of upliftment of lockdown by the respective government authorities and robust growth across the healthcare sector.
The heavy-duty gas turbine market is anticipated to register significant growth till 2027, on account of rising industrialization and surging investments in the expansion of the manufacturing sector. The product offers key features including high efficiency, reliability, and smooth operational performance. Increasing applicability across heat recovery and utility aided power generating stations due to maximum cycle efficiency & lower turbine dimensions will favor the market demand.
The > 70 MW - 200 MW gas turbine market is projected to gain substantial momentum in the coming years as more countries, with reduced cost, are witnessing investment in clean energy. Ongoing expansion of co-generating units to endure energy & heat consumption across commercial, industrial, and isolated grid networks will foster the product penetration. Stringent environmental norms toward the replacement of existing turbines with new technologies will energize the industry dynamics.
Power plant application is expected to dominate market share by 2027, led by rapid industrialization and stringent energy efficiency mandates to deploy effective power generating systems. Government reforms to limit emissions in line with stalling of gas prices in the recent industrial regime will propel the technological adoption. The increasing demand for manufactured goods has led to the expansion of processing plants, which, in turn, will drive the expansion of self-regulated generating plants.
Germany gas turbine market is projected to grow at an exponential CAGR through 2027, driven by the ongoing replacement of existing coal-fired power plants and increasing electricity demand. Increasing shale supply owing to heavy exploration and production activities along with its low carbon emission levels as compared to other fossil fuels will positively impact the overall industry. For instance, in 2021, Siemens Energy announced to build a 300 MW gas-fired power plant to ensure grid stability in Southern Germany.
Key players across the Europe gas turbine market include Siemens Energy, General Electric, Mitsubishi Power, Wärtsilä, OPRA Turbines, VERICOR, MAN Energy Solutions, Capstone Green Energy Corporation, UEC-Saturn, and Kawasaki Heavy Industries. The players are focusing on research & development activities and advancing product portfolio to meet the competition prevailing in the industry.