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Gas Turbines Market Growth, Size, Share, Trend Analysis, Market Key Players | Alstom S.A, Siemens AG, Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals Limited, AnsaldoEnergia S.P.A, and General Electric Company
The global gas turbines market is estimated to be USD 17.51 Billion in 2017 and is projected to reach USD 20.66 Billion by 2022, at a CAGR of 3.36%, from 2017 to 2022.
Gas Turbines Market Overview:
The turbines are mechanical devices that extract energy from various sources, such as water, steam and gas, to transfer it to useful energy. A gas turbine, also called a combustion turbine, is a type of internal combustion engine. The turbines are used to generate electricity from different energy sources, such as tidal energy and wind energy. In addition, turbines are used in aircraft engines. The first practical gas turbine used to produce electricity operated in Neuchâtel (Switzerland) in 1939 and was developed by Brown Boveri. Gas turbines are an important part of the distributed energy technology product group, along with diesel and wind turbines, solar panels and alternative gas engines.
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Gas Turbines Market Drivers and Restraints:
The growth potential and durability of gas turbines is a key driver for the gas turbine market. The higher efficiency of gas turbines is expected to accompany the growth of the market in 2015. It is expected that strict carbon regulations around the world will feed the gas turbine market in the coming years. The technological advance associated with the reduction of energy generation costs and the high performance of gas turbines are the key factors associated with the development of the gas turbine market. As a result, the development of distributed energy systems can be transformed into increased demand for gas turbines in the coming years.
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Gas Turbines Market Geographical Segmentation:
It is expected that the global gas turbine market will grow steadily in the future. Asia Pacific dominated the gas turbine market, followed by North America and Europe. Most of the Asia-Pacific region can be attributed to factors such as rapid economic growth, industrialization and the vast electricity needs of several countries in the region. Japan accounted for most of the gas turbine market in 2015. Latin America represents a region with significant potential for the gas turbine market. This dominance is mainly due to the large population and strong demand for electricity in this region. India and China are the most populated countries in this region. In 2015, only China used more than 20% of the world's electricity. The generation of energy in Asia-Pacific has been supported by its enormous amount of natural resources.
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Gas Turbines Market Major Companies:
Alstom S.A, Siemens AG, Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals Limited, AnsaldoEnergia S.P.A, and General Electric Company are the major players of the market.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
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Research Cosmos is a provider of standard and customized Industry research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending Industry reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.
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