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Global European Middle Eastern and African (Emea) Gas Turbines Market
Global European Middle Eastern and African (Emea) Gas Turbines Market
Dublin, July 10, 2024 (GLOBE NEWSWIRE) — The “Europe Middle East and Africa (Emea) Gas Turbines Market – Forecasts from 2024 to 2029” report has been added to ResearchAndMarkets.com’s offering.
The Europe Middle East And Africa (EMEA) gas turbines market is evaluated at US$8.62 billion for the year 2022 growing at a CAGR of 4.19% reaching the market size of US$11.491 billion by the year 2029
Gas turbines are used in the aviation industry and in manufacturing plants among others to produce power and run mechanical drives. An increase in the number of manufacturing plants or capacity is fueling the demand for energy and hence gas turbines. Improved efficiency and high reliability at a low capital cost are major reasons for the rising demand for gas turbines. The gas turbine plant can be run in a shorter time, and it requires less water as compared to other alternatives (like condensing steam plants).
Effective waste heat brings an added advantage to the use of gas turbines. However, due to government regulations towards achieving a renewable means of manufacturing and a safer environmental condition for workers, the gas turbine market stands to face roadblocks in its growth. Emission control norms and rising gas prices are expected to hamper the growth of the market.
The growing adoption of energy-efficient technologies coupled with a declining dependence on coal-fired power plants at the global level is contributing to the EMEA Gas turbine market growth
Rising industrialization, urbanization, and henceforth growing income are driving the demand for an uninterrupted power supply to sustain the needs of the region. Meeting the growing need for electricity while keeping a check on emissions, is expected to shift focus to natural gas-fired power plants. The technological innovations in gas turbines are expected to bring a positive change to the use of gas turbines. Apart from the uses of gas turbines in the air and on land, they are also being used in the sea as mechanical drive gas turbines.
The aviation sector is expected to witness a substantial rise in the use of gas turbines
The aviation sector will witness significant growth due to increasing investments and rising air travel. There is a newly emerging sector that would drive the growth of gas turbines, which is aerospace. The number of diverse applications of gas turbines is on the rise, which is the major contributor to the growth of this industry.
Central and Eastern Europe region is expected to show higher growth prospects in the forecast period.
The rising number of innovations and projects being carried out in power generation and, the replacement of obsolete and depreciated equipment across regions in Europe and the Middle East are expected to boost the demand for gas turbines in this region. EMEA region is also witnessing hefty investments in power generation and oil and gas sectors. This is driving the growth of the gas turbine market. The rising population and increasing consumption of electricity are strengthening the demand for this market in this region. Though renewable energy is becoming a new trend, it cannot meet the rising demand for energy.
Key Development
Story continues
In October 2023:the HYFLEXPOWER consortium successfully installed a gas turbine operating on 100% renewable hydrogen at the Smurfit Kappa’s Saillat-sur-Vienne’s facility in France. The consortium consisting of Siemens Energy, ENGIE Solutions and four European universities aimed to demonstrate hydrogen usage for energy storage and using the same to operate gas turbines.
In June 2023:Kawasaki Gas Turbine Europe launched its state-of-the-art hydrogen-capable technology which caters to the production, storage and transportation of hydrogen via gas turbine. The new technology represents a breakthrough for the usage of hydrogen in power & heat generation infrastructure.
Key Attributes:
Report Attribute
Details
No. of Pages
95
Forecast Period
2022 – 2029
Estimated Market Value (USD) in 2022
$8.62 Billion
Forecasted Market Value (USD) by 2029
$11.49 Billion
Compound Annual Growth Rate
4.1%
Regions Covered
Africa, Europe, Middle East
Competitive Environment And Analysis
Major Players And Strategy Analysis
Market Share Analysis
Mergers, Acquisitions, Agreements, And Collaborations
Competitive Dashboard
Company Profiles
Siemens Ag
General Electric
Mitsubishi Power Ltd.
Toshiba Corporation
ABB
Baker Hughes
Ansaldo Energia S.P.A.
Centrax Gas Turbines
Man Energy Solutions
Segmentation:
By Type
Gas Cycle
Combined Cycle
Cogeneration
Others
By Power Rating
By Application
Power Generation
Oil & Gas
Others
By Country
United Kingdom
Germany
France
Spain
Denmark
Saudi Arabia
Others
For more information about this report visit https://www.researchandmarkets.com/r/q6c3jr
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ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Source link : https://finance.yahoo.com/news/europe-middle-east-africa-emea-100900152.html
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Publish date : 2024-07-10 10:09:00
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