Gas Turbine Market 2021 Future Demand, Technology and Analysis with Regional Forecast 2027

Asia-Pacific dominates the gas turbine market in terms of revenue, owing to rapid industrialization and increase in demand for power in developing counties. Europe is expected to register significant growth during the forecast period as a result of development of the renewable energy sector.

The availability of cost-efficient natural gas and increase in environmental regulations resulted in shift toward gas-based power generation. This growth is attained due to increase in demand for electricity, efficient power generation technology, demand for natural gas, and reduction in the emission of carbon dioxide. Heavy-duty gas turbine market is expected to register a significant growth due to its cost structure, high capacity, and maximum cycle efficiency. Technological advancements on the system for improved reliability, efficiency, and flexibility are likely to create an opportunity to grow during the forecast period. Furthermore, increase in its applications in marine propulsion, grid stability, aviation, and district heating in response to characteristics such as lightweight, operational versatility, and high speed with low consumption boost its demand in the global gas turbine market.

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The recent trend observed is that the governments in various countries have launched programs that support the generation of electricity through natural gas. For instance, government provides various incentives for land to setup plant. Gas turbines are used in the field of aircraft propulsion for medium and large planes that operate at supersonic speed. Shift in interest toward gas-based power generation instead of nuclear is anticipated to create potential growth opportunities for players.

Governments across many countries are providing subsidies to increase the use of renewable resources to generate power and as a result the investments for the solar and wind energy rises. Moreover, the energy generated from solar and wind power plants can be transferred and stored in storage devices. This is a major challenge for gas turbines, as it is impossible to store energy generated by gas turbines.

Key Players in gas turbine market report include General Electric, Siemens AG, Mitsubishi Hitachi Power Systems, Ltd., Wartsila, Kawasaki Heavy Industries Ltd., Opera Turbines B.V., Solar Turbines Incorporated, Harbin Turbine Company Limited, and Bharat Heavy Electricals Limited.

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Key benefits of the report

• This report presents the analytical depiction of the global gas turbine market along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global gas turbine market.

• The current gas turbine market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.

• The report provides clarity on market analysis depending on competitive intensity and how the competition will take shape in coming years.

COVID-19 impact analysis

• Delays in projects due to supply chain disruptions

• Financial crisis faced by the market and the industry

• Unavailability of manpower due to lockdown

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