Europe Gas Turbine Market Impact Analysis of Covid-19 is projected to reach US$ 6,625.6 Mn by 2027 with CAGR of 3.2%

The gas turbine market in Europe is expected to grow from US$ 5,011.4 Mn in 2018 to US$ 6,625.6 Mn by 2027; it is estimated to grow at a CAGR of 3.2% from 2019 to 2027.

To Know How COVID-19 Pandemic Will Impact Europe Gas Turbine Market | Get a Sample Copy of Report, Click Here: https://www.businessmarketinsights.com/sample/TIPRE00012823?utm_source=OpenPR&utm_medium=10552

Gas Turbine is an internal combustion engine comprising combustion chambers that releases expanding gases, which further drive the blades of a turbine. The gas turbine converts natural gas and other liquids into mechanical energy. This energy then fuels generators to produce electrical energy. The various advantages associated with gas turbines are high power to weight ratio and low operations pressure. Despite being small in size, the gas turbines possess a high-power rating. They reduce carbon emissions and release fewer emissions into the air as compared to other engines. Thus, the growth in the substitution of coal and nuclear driven turbines are expected to create a significant demand for gas turbines in the coming years, which is further anticipated to drive the gas turbine market.

The aviation industry, the gas turbines propulsion systems are used to power almost all the commercial and military airplanes. It is projected that in the next 20 years, more than 40,000 new aircraft with gas turbines will be produced. Gas turbines power the oil and gas industry all along the value chain. Gas turbines today have a well-established operational efficiency, power density, and reliability. Besides, the excess solar energy and wind energy can be used to produce hydrogen as an energy storage mechanism that will further be burned in gas turbines for electricity production. As per the above-stated trends, the gas turbine industry will continue to play a crucial role in the generation of electricity, aircraft propulsion and in the oil and gas industries in the decades to come. This is bolstering the growth of the gas turbine market.

View Complete Research Report: https://www.businessmarketinsights.com/reports/europe-gas-turbine-market?utm_source=OpenPR&utm_medium=10552

Leading Companies Reviewed in The Market‎ Report Are:
Ansaldo Energia S.p.A.
General Electric Company
Harbin Electric Company Limited
Kawasaki Heavy Industries, Ltd.
Man Energy Solutions
Mitsubishi Hitachi Power Systems, Ltd.
Siemens AG
Solar Turbines Incorporated
Wärtsilä Corporation
Bharat Heavy Electricals Limited (BHEL)

Key Market Segments:
In terms of technology, the combined cycle segment accounted for the largest share of the Europe gas turbine market in 2018. In terms of capacity, the 120-300 MW capacity segment held a larger market share of the gas turbine market in 2018. Further, the power generation segment held a larger share of the market based on application in 2018.

Europe Gas Turbine market – by Technology:
Open Cycle
Combined Cycle

Europe Gas Turbine market – by Application:
Power Generation
Oil and Gas
Industrial

Contact US:
Business Market Insights
Phone: +442081254005
E-Mail ID: sales@businessmarketinsights.com
Web URL: https://www.businessmarketinsights.com/
LinkedIn URL: https://www.linkedin.com/company/business-market-insights/

About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

This release was published on openPR.