Report : North America Gas Turbine Market Forecast to 2027 - COVID-19 Impact and Regional 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
Above 300 MW Segment to Dominate North America Gas Turbine Market during 2018–2027
According to The Insight Partners market research study on “North America Gas Turbine Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Capacity, and Application,” is expected to reach US$ 9,334.79 Million by 2027 from US$ 6,723.37 Million in 2018. The market is estimated to grow at a CAGR of 3.7% from 2019 to 2027. The report provides trends prevailing in the North America gas turbine market along with the drivers and restraints pertaining to the market growth. Coal and nuclear driven turbines have been substituted by gas turbines which has been the major factor driving the growth of the North America gas turbine market. However, the present gas and electricity sectors linkage is adversely affecting the growth of North America gas turbine market. The improvement and maintenance of flexibility of the natural gas systems with the help of gas storage with high deliverability or gas electricity flexibility solutions such as adding natural gas pipeline capacity, electric demand response, dual fuel capability, and end-use energy efficiency can fix the problems of reliability and resilience of natural gas delivery and electric system.
The market for gas turbine market is segmented into technology, capacity, application and country. Based on technology, the market is segmented into open cycle and combined cycle. In 2018, combined cycle segment held the largest share North America gas turbine market. On the basis of capacity the gas turbine market is divided into below 40 MW, 40-120 MW, 120-300 MW, above 300MW. Above 300 MW is expected to be the fastest growing segment over the forecast period. Based on application the market is segmented into power generation, oil and gas and also industrial. Power generation segment accounts for largest market share in the 2018. The recent COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The energy and power industry is one of the major industries that is suffering serious disruptions. In addition to this, North America travel bans are affecting the business collaborations and partnerships opportunities. US is the worst affected country in terms confirmed cases and reported deaths.
Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), General Electric Company, Harbin Electric Company Limited, Kawasaki Heavy Industries, Ltd., Man Energy Solutions, Mitsubishi Hitachi Power Systems, Ltd., Siemens AG, Solar Turbines Incorporated and Wärtsilä Corporation are among the leading companies in the North America mineral gas turbine market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Ansaldo Energia will manage the executive design phase, the supply of the gas turbine, generators and set-up transformers, heat recovery vapor generator, the implementation of the civil works, the assembly and supply of ancillary electrical and mechanical installations Emerson announced the investment of about US$ 100 Million for expanding manufacturing operations in Colorado.
North America Gas Turbine Market, By Country, 2018 and 2027 (%)
The report segments the North America Gas Turbine Market as follows:
Gas Turbine Market – By Technology
Gas Turbine Market – By Capacity
Gas Turbine Market – By Application
Gas Turbine Market – By Country