Global Turbine Oil Market Overview, Forecast, and Analysis Through 2021, by Technavio
The global
turbine oil market is expected to grow at a CAGR of more
than 3% during the forecast period, according to Technavio’s latest
report.
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Technavio has published a new report on the global turbine oil market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio
covers the market outlook and growth prospects of the global turbine
oil market for 2017-2021. Based on product type,
the market is divided into two categories: mineral oil-based lubricants
and synthetic oil-based lubricants, with mineral oil-based lubricants
holding an impressive market share of 77.732% as of 2016.
Technavio’s research study segments the global turbine oil market into
the following regions:
APAC: largest turbine oil market
In terms of consumption, the turbine oil market in APAC was valued at
2.714 MMT in 2016 and is expected to reach 3.240 MMT by 2021, growing at
a CAGR of almost 4%. The growth potential of the turbine oil market in
APAC is immense, especially in developing countries such as India and
China. These emerging economies need efficient and reliable power to
sustain their economic growth as well as protect the environment, thus
leading to the use of technologies such as CCGT to curb carbon emissions
and produce cleaner power compared with coal-powered plants. The
increased demand for gas turbines is expected to drive the growth of the
turbine oil market.
After the 2011 Fukushima nuclear crisis in Japan, utilities in the
country are focusing extensively on power generation from non-nuclear
sources by either building new power plants or expanding existing power
plants. The energy mix in Japan is rapidly shifting toward natural gas,
with growing preference among utilities, mainly due to uncertainty about
the Japanese government’s energy policy and the new carbon tax on coal.
Large-scale replacement projects are also boosting the demand for gas
turbines in the country.
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Turbine oil market in EMEA
The turbine oil market in EMEA was valued at 1.490 MMT in terms of
consumption in 2016 and is expected to reach 1.719 MMT by 2021, growing
at a CAGR of close to 3%.
According to Thanikachalam Chandrasekaran, a lead oil
and gas research analysts at Technavio, “EMEA has been a
hotspot for crude and natural gas production since the discovery of oil
in the region around the 1950s. The region is expected to witness new
discoveries of resources in East Africa that are expected to come into
production by 2021.”
Market growth in EMEA is primarily fueled by the presence of rich gas
resources in the Middle East. The region will likely see numerous
investments in gas-based power generation to meet the growing power
demand. The decline in wholesale electricity prices and increasing
renewable capacity due to decarbonization policy are the major factors
influencing the slowdown of the turbine oil market in the region.
Turbine oil market in the Americas
The turbine oil market in the Americas was valued at 0.839 MMT in terms
of consumption in 2016 and is expected to reach 1.030 MMT by 2021,
growing at a CAGR of more than 4%.
“The Americas will witness an increase in demand due to large
reserves of shale gas reserves in North America. The region will witness
an increase in power generation from shale gas due to its clean and
emission-free nature as well as easy availability,” adds
Thanikachalam.
The demand for power turbines, especially gas turbines, in the Americas
is driven by stringent emission laws and the need for efficient power
generation in countries such as the US and Canada. For instance, the US
Environmental Protection Agency (EPA) passed a law in 2014 that aimed to
reduce carbon emissions from coal power plants by 30% by 2030 compared
to the 2005 levels.
The top vendors in the global turbine oil market highlighted in the
report are:
-
Castrol
-
Chevron
-
ExxonMobil
-
Royal Dutch Shell
-
Valvoline
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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