Europe Gas Turbine Market Forecast to 2027 - COVID-19 Impact and Analysis - by Technology (Open Cycle and Combined Cycle), Capacity (Below 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), and Application (Power Generation, Oil and Gas, and Industrial) and Country

The gas turbine market in Europe is expected to grow from US$ 5,011.4 million in 2018 to US$ 6,625.6 million by 2027; it is estimated to grow at a CAGR of 3.2% from 2019 to 2027.

Gas turbines are included in the portfolio of distributer power technologies. The emergence of innovative aero-derivative gas turbines has increases the strength of distributed power systems. During natural disasters, gas turbines are used as a generate power to avoid blackouts and restore power. Moreover, the gas-powered mobile distributed power technologies can easily be connected to the existing natural gas pipelines to avoid the diesel supply issues during natural disasters. The gas turbines can be used in standalone applications and combined heat and power (CHP) applications that can offer high pressure and electricity to commercial and industrial facilities. In distributed power generation, these turbines produce greater quantities of power in a given space. Thus, an increase in the trend for distributed power generation is expected to bolster the demand for gas turbines in the near future.

In Europe, UK is the hardest-hit country by the COVID-19 outbreak, followed by Italy. It is expected to suffer an economic hit due to a lack of revenue from various industries. Other European Union member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact the gas turbine market growth in Europe.

The combined cycle segment led the gas turbine market, based on technology, in 2018. The combined cycle power system technology is a well-known and traditional choice for most of the large onshore power generation plants. A combined cycle power system consists of gas turbines, steam turbines, and waste heat recovery units for steam generators, and auxiliary equipment and condensers. The combined cycle technology mainly uses a gas turbine for driving an electrical generator and recovers the waste heat produced in the turbine exhaust in order to generate steam. Then this steam from the waste heat is made to run through a steam turbine for the purpose of providing additional electricity. Combined cycle technology is suitable for stable load applications, which ultimately drives the gas turbine market in European countries.

The overall Europe gas turbine market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe gas turbine market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe gas turbine market. Ansaldo Energia S.p.A.; General Electric Company; Harbin Electric Company Limited; Kawasaki Heavy Industries, Ltd.; Man Energy Solutions; Mitsubishi Hitachi Power Systems, Ltd.; Siemens AG; Solar Turbines Incorporated; Wärtsilä Corporation; and Bharat Heavy Electricals Limited (BHEL) are among the players operating in the market in Europe.