The gas turbine market in the Middle East and Africa (MEA) is expected to grow from US$ 3383.00 million in 2018 to US$ 5006.04 million by 2027; it is estimated to grow at a CAGR of 4.5% from 2019 to 2027.
Gas-fired turbines are faster, more efficient, and less polluting than coal-fired and nuclear power plants. High power-to-weight ratio and low operations pressure are among the various advantages associated with these turbines. Besides, the gas turbines are durable and efficient, and cheaper to install. They exhibit less downtime and functional failure compared to nuclear and coal-driven turbines. Increasing demand for natural gas-fired power plants, rising concerns regarding greenhouse gas emissions, and stringent government norms have stimulated the demand for gas turbines. Moreover, governments of the countries in this region offer incentives to companies using natural gas-based turbines for power generation. In several countries, nuclear power stations have been closed due to political pressure which has led to the use of gas turbines.. Thus, to reduce carbon footprints by harnessing natural energy sources, instead of coal and nuclear power, is expected to create significant demand for gas turbines in the coming years. Additionally, the introduction of innovative aero-derivative gas turbines has fuelled the adoption of distributed power systems. During uncertain events, gas turbines are used to prevent blackouts by restoring power. Moreover, gas-powered mobile distributed power technologies can easily be connected to the existing natural gas pipelines to avoid the diesel supply issues due to some uncertain events. The gas turbines can be used in standalone applications and combined heat & power applications that proffer high pressure and electricity to commercial and industrial facilities. Thus, the rise in trend of distributed power generation would bolster the demand for gas turbines in the near future.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA gas turbine market in the coming years. The market in the MEA is expected to grow at a good CAGR during the forecast period.
The COVID-19 outbreak is affecting economies and industries in various countries in the MEA due to lockdowns, travel bans, and business shutdowns. The power and energy is one hard hit sectors facing serious issues such as supply chain breaks and office shutdowns. For instance, the already bleak economic conditions, with the weakening consumer confidence from the past few years, driven by sluggish GDP growth, regional turbulence, and oil price declines are expected to worsen the situation. All these factors are anticipated to restrain the energy and power sector, thus restraining the growth of various markets related to it in the coming months.
The overall MEA gas turbine market 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 MEA gas turbine market with respect 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 MEA gas turbine market. Ansaldo Energia S.p.A, General Electric (GE) Company, Harbin Electric Company Limited, BHEL, Kawasaki Heavy Industries Ltd., and Wärtsilä Corporation are among the players operating in the market in this region.