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Europe Middle East and Africa (Emea) Gas Turbines Market - Forecasts from 2024 to 2029

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    Report

  • 95 Pages
  • February 2024
  • Region: Africa, Europe, Middle East
  • Knowledge Sourcing Intelligence LLP
  • ID: 4986672

The Europe Middle East And Africa (EMEA) gas turbines market is evaluated at US$8.62 billion for the year 2022 growing at a CAGR of 4.19% reaching the market size of US$11.491 billion by the year 2029.

Gas turbines are used in the aviation industry and in manufacturing plants among others to produce power and run mechanical drives. An increase in the number of manufacturing plants or capacity is fueling the demand for energy and hence gas turbines. Improved efficiency and high reliability at a low capital cost are major reasons for the rising demand for 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 brings an added advantage to the use of gas turbines. However, due to government regulations towards achieving a renewable means of manufacturing and a safer environmental condition for workers, the gas turbine market stands to face roadblocks in its growth. Emission control norms and rising gas prices are expected to hamper the growth of the market.    

Market Drivers                

The growing adoption of energy-efficient technologies coupled with a declining dependence on coal-fired power plants at the global level is contributing to the EMEA Gas turbine market growth

Rising industrialization, urbanization, and henceforth growing income are driving the demand for an uninterrupted power supply to sustain the needs of the region.  Meeting the growing need for electricity while keeping a check on emissions, is expected to shift focus to natural gas-fired power plants. The technological innovations in gas turbines are expected to bring a positive change to the use of gas turbines. Apart from the uses of gas turbines in the air and on land, they are also being used in the sea as mechanical drive gas turbines.

The aviation sector is expected to witness a substantial rise in the use of gas turbines

The aviation sector will witness significant growth due to increasing investments and rising air travel. There is a newly emerging sector that would drive the growth of gas turbines, which is aerospace. The number of diverse applications of gas turbines is on the rise, which is the major contributor to the growth of this industry.

Central and Eastern Europe region is expected to show higher growth prospects in the forecast period.

The rising number of innovations and projects being carried out in power generation and, the replacement of obsolete and depreciated equipment across regions in Europe and the Middle East are expected to boost the demand for gas turbines in this region. EMEA region is also witnessing hefty investments in power generation and oil and gas sectors. This is driving the growth of the gas turbine market. The rising population and increasing consumption of electricity are strengthening the demand for this market in this region. Though renewable energy is becoming a new trend, it cannot meet the rising demand for energy.

Key Development

  • In October 2023: the HYFLEXPOWER consortium successfully installed a gas turbine operating on 100% renewable hydrogen at the Smurfit Kappa’s Saillat-sur-Vienne’s facility in France. The consortium consisting of Siemens Energy, ENGIE Solutions and four European universities aimed to demonstrate hydrogen usage for energy storage and using the same to operate gas turbines.
  • In June 2023: Kawasaki Gas Turbine Europe launched its state-of-the-art hydrogen-capable technology which caters to the production, storage and transportation of hydrogen via gas turbine. The new technology represents a breakthrough for the usage of hydrogen in power & heat generation infrastructure.

Segmentation:

By Type

  • Gas Cycle
  • Combined Cycle
  • Cogeneration
  • Others

By Power Rating

  • < 100 MW
  • >100 MV- < 300 MV
  • >300 MW

By Application

  • Power Generation
  • Oil & Gas
  • Others

By Country

  • United Kingdom
  • Germany
  • France
  • Spain
  • Denmark
  • Saudi Arabia
  • Others

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits to the stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. CXO Perspective
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s 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
4.5. CXO Perspective
5. EUROPE MIDDLE EAST AND AFRICA (EMEA) GAS TURBINE MARKET BY TYPE
5.1. Introduction
5.2. Gas Cycle
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Combined Cycle
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
5.4. Cogeneration
5.4.1. Market Trends and Opportunities
5.4.2. Growth Prospects
5.4.3. Geographic Lucrativeness
5.5. Others
5.5.1. Market Trends and Opportunities
5.5.2. Growth Prospects
5.5.3. Geographic Lucrativeness
6. EUROPE MIDDLE EAST AND AFRICA (EMEA) GAS TURBINE MARKET BY POWER RATING
6.1. Introduction
6.2. < 100 MW
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. >100 MW - < 300 MW
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
6.4. >300 MW
6.4.1. Market Trends and Opportunities
6.4.2. Growth Prospects
6.4.3. Geographic Lucrativeness
7. EUROPE MIDDLE EAST AND AFRICA (EMEA) GAS TURBINE MARKET BY APPLICATION
7.1. Introduction
7.2. Power Generation
7.2.1. Market Trends and Opportunities
7.2.2. Growth Prospects
7.2.3. Geographic Lucrativeness
7.3. Oil & Gas
7.3.1. Market Trends and Opportunities
7.3.2. Growth Prospects
7.3.3. Geographic Lucrativeness
7.4. Others
7.4.1. Market Trends and Opportunities
7.4.2. Growth Prospects
7.4.3. Geographic Lucrativeness
8. EUROPE MIDDLE EAST AND AFRICA (EMEA) GAS TURBINE MARKET BY COUNTRY
8.1. Introduction
8.2. United Kingdom
8.2.1. Market Trends and Opportunities
8.2.2. Growth Prospects
8.3. Germany
8.3.1. Market Trends and Opportunities
8.3.2. Growth Prospects
8.4. France
8.4.1 Market Trends and Opportunities
8.4.2 Growth Prospects
8.5. Spain
8.5.1. Market Trends and Opportunities
8.5.2. Growth Prospects
8.6. Denmark
8.6.1. Market Trends and Opportunities
8.6.2. Growth Prospects
8.7. Saudi Arabia
8.7.1. Market Trends and Opportunities
8.7.2. Growth Prospects
8.8. Others
8.8.1. Market Trends and Opportunities
8.8.2. Growth Prospects
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Siemens AG
10.2. General Electric
10.3. Mitsubishi Power Ltd.
10.4. Toshiba Corporation
10.5. ABB
10.6. Baker Hughes
10.7. Ansaldo Energia S.p.A.
10.8. Centrax Gas Turbines
10.9. Man Energy Solutions

Companies Mentioned

  • Siemens AG
  • General Electric
  • Mitsubishi Power Ltd.
  • Toshiba Corporation
  • ABB
  • Baker Hughes
  • Ansaldo Energia S.p.A.
  • Centrax Gas Turbines
  • Man Energy Solutions

Methodology

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Table Information