Global Gas Turbine Market Expected to Expand at a CAGR of 4.0% between 2019 and 2027: Industry Probe

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Gas Turbine Market (Type: Aeroderivative and Heavy Duty Gas Turbine; Output Range: 1 to 40 MW, 40 MW to 120 MW, and 120 MW and Above; Fuel Type: Diesel Fuel, Heavy Fuel, Dual Fuel, and Natural Gas; Application: Power Generation, Mechanical Drive, and Others) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’ the global gas turbine market was valued at US$ 13,432.4 Mn in 2018 and is expected to expand at a CAGR of 4.0% from 2019 to 2027.

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As per the published report, a major contributor to the gas turbine market’s growth opportunity exists in the industry’s continued advancement in mobile gas turbine and more efficient technology. As new technologies continue to enter the market, power generation industry need to have the latest equipment in order to be more efficient. 120 MW and Above output range are anticipated to garner major share of the global gas turbine market as they are widely preferred for large power generation projects worldwide. Manufacturers of gas turbines are projected to extend their product lines with new additions and expand their regional network with a view to gain strong market share and improve their brand image.

The report anticipates gas turbines playing an increasingly important role in the pursuit of achieving national objectives related to energy and the environment. Owing to this fact, governments in countries such as the China, U.S., and Japan are supporting the gas turbine industry, which in turn is expected to drive the global gas turbine market. In the long run, gas turbines are anticipated to be an important source of power generation in the region. The support for renewables, stringent emission norms, restricted use of nuclear technology, the phasing out of coal, development of low carbon economies, and the establishment of robust infrastructure would all help to create significant growth opportunities for the gas turbine market in the region.

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The report Industry Probe has segmented the global gas turbine market in terms of type, fuel type, application and region. In terms of output range, 120 MW and above gas turbines held major share of 39.2% globally in 2018. The greater fuel efficiency along with capability of large capacity power generation would favor the expansion of 120 MW and above gas turbine market share. These high capacity turbines have been increasingly getting deployed across several power generation and manufacturing units, on account of its environmental proximity, flexibility in energy production, and longer life cycle. In terms of type, heavy duty gas turbine segment held major share of 67.5% globally in 2018. Heavy duty gas turbines are widely preferred for power generation due to its high capacity operations and economical cost structure.

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The gas turbine market is dominated by several players who are focused on the development of new products to cater to the changing consumer preferences.
The report includes the below mentioned pointers of major players operating in the Gas Turbine market:
 Competition Matrix
 Company Overview
 Product Profiling
 Market Share Analysis (2018)
 Business Strategies / Recent Developments
• Technological advancements
• Key mergers and acquisitions
• Expansion strategies
 Company Financials

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Some of the prominent players profiled in this report to give a better competitive analysis of the global gas turbine market include General Electric, Siemens, Mitsubishi Hitachi Power Systems, Ltd, Ansaldo Energia, Kawasaki Heavy Industries, Ltd, Capstone Turbine Corporation, MAN Energy Solutions, OPRA Turbines, Caterpillar, and Centrax Gas Turbines.

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Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprise syndicated research, strategic consulting & advisory services, competitive intelligence, and full-time engagement to bring true & actionable insights into our clients’ business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.

This release was published on openPR.