Asia Pacfic 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)

The gas turbine market in APAC is expected to grow from US$ 4031.3 million in 2018 to US$ 6,154.5 million by 2027; it is estimated to grow at a CAGR of 4.9% from 2019 to 2027.

The demand for electricity is growing in this region as a result of the escalating population and increase in per capita consumption of electricity. In the coming years, the electricity demand is expected to increase hugely of the current demand. Industrial establishments and manufacturing plants are also adding to the demand for electricity. Gas turbines are simple to design and construct compared to steam power stations as they require no boilers. Despite being of the same capacity as that of other turbines used for electricity production, the gas turbines are smaller in size and need less water as they have no condensers. Moreover, gas turbines have low maintenance costs, no stand by losses, and quick start-up process, which is further driving the demand for gas turbines in APAC. To lower carbon emissions by substituting coal and nuclear by natural gas for power generation is among the other factors expected to positively influence the demand for gas turbine.

The COVID-19 pandemic is anticipated to cause a loss of more than 3 billion lives in the Asia Pacific region. The consequences are likely to worsen depending on the spread of the virus. The governments of Asia Pacific counties are taking possible steps to curb the effects of this crisis by imposing lockdown. The Airports Council International (ACI) Asia-Pacific has warned that the prolonged duration of the COVID-19 outbreak would drastically impact the region’s airport connectivity and economic sustainability, significantly restricting them from achieving previously estimated growth prospects.

The combined cycle led the gas turbine market, based on technology, in 2018. The combined cycle technology mainly uses a gas turbine for driving an electrical generator and reuses the waste heat produced in the turbine exhaust to generate steam. This steam is then allowed to pass through a steam turbine for providing supplemental electricity. The electrical efficiency of combined cycle power system ranges from 50% to 60%, which is 13% more efficient than the open cycle technology. Combined cycle technology is suitable for stable load applications, which, in turn, drives the gas turbine market in APAC.

The overall APAC 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 APAC 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 APAC 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, and Solar Turbines Incorporated are among the market players operating in this region