Gas Turbine Market is expected to grow from USD 19.1 Billion in 2020 to USD 26.5 Billion by 2028, at a CAGR of 4.3% during the forecast period 2021-2028 : Greyviews

Pune, India, April 19, 2022 (GLOBE NEWSWIRE) -- Gas Turbine Market is anticipated to grow at a steady growth rate over the forecast period, owing to increasing population along with an upsurge in demand for electricity. Gas turbine is a type of internal combustion (IC) engine that converts natural gas or other liquid fuels to mechanical energy. This mechanical energy is used for fuelling the generator producing electrical energy. It offers advantages such as high power to weight ratio, low operation pressures, and is smaller compared to the several reciprocating engine of the same power rating.

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Key Insights & Findings:

• The open cycle segment led the gas turbine market and valued at USD 11.12 Billion in 2020. This is mainly due to a number of favourable factors such as lower warm-up time, quick start, operational versatility, lightweight, quick start, compact size, and less dependency on cooling water.
• The ≤200 MW segment led the gas turbine market and valued at USD 10.16 Billion in 2020. This is mainly due to proliferation of large single-cycle gas turbine which produces ≤200 megawatts of electric power with 35–40% thermodynamic efficiency.
• The power generation application segment accounted for the largest market share and valued at USD 8.04 Billion in 2020. Growth of this segment is mainly driven by increasing energy demand coupled with the positive regulations towards an integration of sustainable energy infrastructure.
• The heavy duty segment accounted for the largest market share and valued at USD 12.32 Billion in 2020. Growth of this segment is mainly driven by increasing number of large-gas fired power plants coupled with the need for heavy duty gas turbines for powering them.
• The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the gas turbine market and valued at USD 6.36 Billion in 2020. Growth of the Asia-Pacific Gas Turbine market is mainly driven by rising populations along with the rapid urbanization across the developing countries.

Key players operating in the global gas turbine market Kawasaki Heavy Industries, Siemens, GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax, and Zorya among others. To enhance their market share in the global Gas Turbine market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.

• For instance, in May 2020, Siemens Gas and Power introduced the SGT5-9000 HL turbine, which will provide the opportunity for a test run of the equipment for the 50-Hertz (Hz) market. This is the 593-MW capacity turbine and is projected to be installed at the Keadby 2 power plant for SSE Thermal.
• In July 2020, Uniper signed an agreement with General Electric aiming at a collaboration on the decarbonization of Uniper's gas-fired power plants as well as natural gas storage facilities.

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Global Gas Turbine Market by Technology:

• Open Cycle
• Combined Cycle

Global Gas Turbine Market by Rating Capacity:

• ≤200 MW
• >200 MW  

Global Gas Turbine Market by Design Type:

• Heavy Duty
• Aeroderivative  

Global Gas Turbine Market by Application:

• Power Generation
• Oil & Gas
• Marine
• Process Plants
• Aerospace
• Others

Global Gas Turbine Market by Region:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa  
  • UAE
  • South Africa
  • Saudi Arabia

About the report: 

This research report gives detailed data about the major factors influencing the growth of the Gas Turbine market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.

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GreyViews

Pune India

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