2024 Gas turbine industry market: Amazing analysis of the current status and supply and demand pattern

2024 Gas turbine industry market: Amazing analysis of the current status and supply and demand pattern

Analysis of the current status and supply and demand pattern of the gas turbine industry market in 2024

A gas turbine is an internal combustion power machine that uses a continuously flowing gas as a working fluid to drive the impeller to rotate at high speed, converting the energy of the fuel into useful work. It is a rotating impeller heat engine. In the field of ship propulsion, gas turbines are widely used, using their high efficiency and power density to drive huge propellers to propel modern ships through the ocean.

With the development of renewable energy and the increasing demand for clean energy, the gas turbine industry market will usher in new development opportunities.

Gas turbine industry market

Against the background of increasing global environmental awareness, gas turbines, as a low-carbon and clean way of power generation, will be favored by more governments and enterprises. With the continuous strengthening of environmental control policies, the demand for gas turbines will further increase.

A gas turbine is an internal combustion power machine that uses a continuously flowing gas as a working fluid to drive the impeller to rotate at high speed, converting the energy of the fuel into useful work. It is a rotating impeller heat engine. A gas turbine is a rotary power machine that uses a continuously flowing gas as a working fluid and converts thermal energy into mechanical work.

In the main process of air and gas, only the gas turbine cycle consists of the compressor, combustion chamber, and gas turbine (these three major components are generally called simple cycles. Most gas turbines adopt a simple cycle scheme. Because its structure is the simplest, it can best reflect the unique advantages of gas turbines, such as small size, lightweight, fast start-up, and less or no cooling water.

Gas turbine is an advanced and complex set of power machinery equipment, and is a typical high-tech intensive product. As a carrier of high technology, the gas turbine represents the comprehensive level of development of multiple theoretical disciplines and multiple engineering fields and is a leading technology in the 21st century.

The development of the gas turbine industry that integrates new technologies, new materials, and new processes is one of the important signs of the country’s high-tech level and scientific and technological strength and has a very prominent strategic position. Gas turbines are composed of three major components: compressor, combustion chamber, and turbine. As the “crown jewel” of the equipment manufacturing industry, they have a significant role in promoting energy security and industrial development.

The four main applications of light gas turbines at present In the field, the products of China Power Company mainly involve two major directions: ship propulsion and pipeline power. Internal combustion engines in ship power systems play a key role here because they not only require efficient energy conversion but also need to adapt to the requirements of different ship types and operating environments.

Analysis of the current market development status and supply and demand pattern of the gas turbine industry

Global markets are expanding for products from the gas turbine industry
Global markets are expanding for products from the gas turbine industry

Gas turbines are widely used in many fields, including electricity, industry, aerospace, etc. In the power industry, gas turbines have the advantages of fast start-up, high efficiency, and low pollution, and have gradually replaced traditional thermal power plants and diesel generator sets. In terms of ship power, gas turbines also perform well. They are suitable for offshore environments because they can provide efficient and reliable power while reducing negative impacts on the environment, which is particularly important in ship transportation.

In the industrial field, gas turbines also play an important role, such as in petrochemical, steel manufacturing, and other industries. In addition, with the continuous improvement of aircraft manufacturing technology and the increase in demand, the aviation gas turbine industry market is also developing rapidly.

The global gas turbine industry market size has shown an upward trend in the past few years. According to relevant data, the global gas turbine industry market size reached US$23.31 billion in 2021, up 3.42% from 2020.

From 2019 to 2021, China’s demand for gas turbines is on the rise. In 2021, China’s demand for gas turbines reached 7.896 million kWh, an increase of 2.375 million kWh from 2020. In China, the market size of the gas turbine industry is also growing continuously, reaching 61.669 billion yuan in 2022.

According to data released by the China Machinery Industry Federation, the growth rate of the output of major products in the electrical and electrical industry varies. Among them, gas turbines grew faster, at 31.88%, and output increased by 145.79% year-on-year. It is not difficult to see that a new round of market boom in my country’s gas turbine industry is coming. It is expected to form explosive growth.

The development of China’s domestic gas turbine industry market depends on two major factors, the growth of natural gas supply and natural gas prices. Due to the “West-to-East Gas Transmission”, “West-to-East Power Transmission” and the adjustment of energy structure in coastal economically developed areas, as well as the need for the development of distributed energy, my country’s natural gas supply is constantly increasing.

The “2023-2028 China Gas Turbine Industry Market Supply and Demand Analysis and Development Prospect Forecast Report” released by China Research Institute of Puhua Industry, shows:

At present, the gas turbine market is mainly monopolized by foreign companies, such as General Electric, Siemens, Mitsubishi UFJ, and other large multinational companies. These companies have a dominant position in market competition with advanced technology, strong R&D strength, and perfect service systems.

However, some emerging companies are also emerging, intensifying market competition. To gain a competitive advantage in the market, various companies continue to innovate technology and improve product quality and service levels to meet user needs.

Forecast of future development prospects of the gas turbine industry

Gas turbines can replace old technologies of thermal facilities running on coal or oil because the carbon density of natural gas is lower than other traditional fuel types, so the government hopes to reduce its carbon footprint, which has stimulated the growth of the gas turbine market to a certain extent.

Therefore, it is predicted that the scale of China’s gas turbine market will continue to grow in the future, and it is expected that the scale of China’s gas turbine market will reach 205.13 billion yuan by 2026.

With the development of renewable energy and the increasing demand for clean energy, the gas turbine market will usher in new development opportunities. As an efficient and clean energy conversion equipment, gas turbines have broad application prospects in power generation, metallurgy, petrochemical, shipbuilding, and other industries. At the same time, with the continuous advancement of technology and the continuous expansion of the market, the gas turbine industry will also usher in more development opportunities and challenges.

In general, the gas turbine industry market has broad development prospects and potential, but it also faces some technical challenges and barriers. Enterprises need to strengthen technological research and development and innovation and improve product quality and service levels to adapt to market demand and changes in competition. At the same time, the government also needs to increase support to promote the healthy development of the gas turbine industry.

The gas turbine industry is experiencing rapid technological advancements in efficiency and performance
The gas turbine industry is experiencing rapid technological advancements in efficiency and performance


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