European Gas Turbine Market size is predicted to observe accelerated CAGR between 2021 and 2027, according to a latest forecast report by Graphical Research.
The market growth is on account of significant increase in clean energy sources in the energy mix and the rising concerns to curb climatic changes. Increasing investments toward replacement of traditional power generation units with the advanced systems will propel the business outlook. Abundant natural gas reserves along with measures to curb carbon footprint will fuel the adoption of gas-based power stations.
The aero derivative segment is estimated to grow over the forecast period due to rapid growth of captive generating stations to suffice the electricity demand across industrial establishments. The product features key benefits including less space occupancy, lighter weight configuration favored by low over time operational costs, complementing the business growth. In addition, stringent regulatory mandates toward emissions and energy optimization will positively expand the industry dynamics.
Browse detailed statistical insights from the report, “Europe Gas Turbine Market Forecast 2027 By Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine), By Capacity (< 50 KW, 50 KW to 500 KW, > 500 KW to 1 MW, > 1 MW to 30 MW, > 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), Research Report, Country Outlook (UK, France, Germany, Russia, Italy, Finland, Netherlands, Ukraine), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Stringent regulatory mandates toward emissions and energy optimization will positively sway the 50 KW to 500 KW rated gas turbine industry. Lesser number of moving parts, light weight, compact size, improved efficiency, lower electricity costs, lower emissions, and potential to utilize waste fuels are a few indispensable parameters driving the adoption of these products. In addition, rising energy demand coupled with stabilization of gas prices will favor the industry scenario.
The heavy-duty segment is projected to witness steep growth during the forecast timeframe owing to climate change awareness leading to more eco-friendly generation units and low cost of net unit rate generation. Growing product demand across heat recovery and utility aided power generating plants on account of lower turbine dimensions and economic scale will further drive the business landscape. Ongoing technological enhancements with respect to efficiency and flexibility improvements across both un-recuperated and recuperated systems will augment the business landscape.
Increasing fleet count along with rapid technological enhancements to cater to a large consumer base through maintaining the reliability and efficiency will amplify the open cycle gas turbine industry. The public and private players are investing extensively in renewable energy integration, which, in turn, will result in a shift from coal to gas power generation. Government targets to reduce GHG emissions in line with growing population and urbanization rate will energize the business dynamics.
The gas turbine in European market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Europe Market, By Capacity
- < 50 kW
- 50 kW to 500 kW
- > 500 kW to 1 MW
- > 1 MW to 30 MW
- >30 MW to 70 MW
- > 70 MW to 200 MW
- > 200 MW
Europe Market, By Product
- Heavy Duty
Europe Market, By Technology
- Open Cycle
- Combined Cycle
Europe Market, By Application
- Power Plants
- Oil & Gas
- Process Plants
The above information has been provided for the following countries:
- Russia, Italy