North America Gas Turbine Industry Forecasts Report 2024-2029: Increased Shale Gas Exploration and Improvements in Capacity to Bolster Growth
North American Gas Turbine Market
Dublin, Sept. 30, 2024 (GLOBE NEWSWIRE) -- The "North America Gas Turbine Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
North American gas turbine market is expected to grow at a CAGR of 4.99%, reaching a market size of US$7.463 billion in 2029 from US$5.821 billion in 2024
The North American market is anticipated to expand due to increased shale gas exploration efforts and quick improvements to industrial gas turbine capacities in the area.However, market expansion would be limited by an increasing preference for wind power and solar power among other renewable energy sources for electricity generation. Technological advancements in the oil and gas industry have increased recoveries per well and shale gas production, heralding many prospects for gas turbine manufacturers.
The growing adoption of energy-efficient technologies and a declining dependence on coal-fired power plants.
The firms are under pressure to lower their already low prices, though, as the demand for gas turbines is below capacity. Therefore, the North American gas turbine market is expected to grow while revenue is expected to decrease. Businesses are struggling to stay afloat in an increasingly competitive gas turbine sector, with cheap renewables representing the most formidable challenge to gas-powered electricity generation.
On the other hand, constructing sizable combined facilities in developed nations may eventually help with installed capacity recovery. Additionally, the recovery of this market may be aided by replacing outdated and inefficient turbines installed in the 1960s and 1970s. Furthermore, the North American shale revolution plays a significant role in its gas turbine sales.
Increasing demand for power generation
Natural gas prices have been under pressure due to increased production, which is likely to result in a rise in the proportion of power produced using natural gas. Both combined-cycle and open-cycle plants use gas turbines. Due to their higher power output, combined-cycle power plants are more efficient than steam turbines.
Governments are enforcing stronger regulations on carbon dioxide emissions, which are reduced in power produced by combined cycle power plants. Therefore, the power generation segment will grow as there is a greater demand for natural gas power plants.
High use of heavy duty technology
Growing together with the integration of large-scale economic zones across developing nations is the rapid growth of manufacturing plants. The growing need for electricity in the industrial sector is driving the global expansion of captive-generating power plants. The electricity demand is met in part by these power plants, which will promote growth in the heavy-duty market.
The expansion of the aero-derivative market is fueled by the widespread availability of extremely flexible and mobile technologies. The application portfolio of the aero-derivative segment is broad and includes district heating, marine propulsion, and utility generation.
Reduction of electricity consumption to control pollution emissions
This market's growth is restricted by the U.S.'s focus on decreasing power use so that pollution emissions are minimized. The country is transitioning from coal to natural gas, which it heavily relies on. However, its authorities are finding ways of using it as an environmentally sustainable source of energy, which could have an unprecedented effect on this market.
The United States is expected to grow rapidly during the forecast period.
The expectant demand for gas turbines is due to the expansion in production activities in the natural gas industry. The maritime industry, which propels ships using aero-derivative gas turbines, is another potential market for gas turbine producers in the USA.
These gas turbines are expected to be highly demanded as the natural gas industry intensifies its production activities. Additionally, vessels operating on Aero-derivative Gas Turbines power the marine sector, presenting a big market base for American Turbine manufacturers. This will make natural gas more popular in power generation areas, which is anticipated to generate a massive demand for gas turbines over the forecast period.
Key Attributes:
Report Attribute | Details |
No. of Pages | 85 |
Forecast Period | 2024 - 2029 |
Estimated Market Value (USD) in 2024 | $5.82 Billion |
Forecasted Market Value (USD) by 2029 | $7.46 Billion |
Compound Annual Growth Rate | 4.9% |
Regions Covered | North America |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. NORTH AMERICA GAS TURBINE MARKET BY TYPE
5.1. Introduction
5.2. Gas Cycle
5.3. Combined Cycle
5.4. Cogeneration
6. NORTH AMERICA GAS TURBINE MARKET BY POWER RATING
6.1. Introduction
6.2. < 100 MW
6.3. >100 MV- < 300 MV
6.4. >300 MW
7. NORTH AMERICA GAS TURBINE MARKET BY APPLICATION
7.1. Introduction
7.2. Power Generation
7.3. Oil & Gas
7.4. Others
8. NORTH AMERICA GAS TURBINE MARKET BY TECHNOLOGY
8.1. Introduction
8.2. Heavy Duty
8.3. Light Industrial
8.4. Aero-derivative
9. NORTH AMERICA GAS TURBINE MARKET BY COUNTRY
9.1. Introduction
9.2. United States of America
9.3. Canada
9.4. Mexico
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Market Share Analysis
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Competitive Dashboard
11. COMPANY PROFILES
11.1. General Electric
11.2. Siemens AG
11.3. Mitsubishi Heavy Industries Ltd
11.4. Man Energy Solutions
11.5. Solar Turbines Inc.
11.6. Kawasaki Heavy Industries Ltd
11.7. Ansaldo Energia S.p.A
11.8. Toshiba America Energy Systems Corporation
For more information about this report visit https://www.researchandmarkets.com/r/rxxlfi
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