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Gas Turbine Market is estimated to reach USD 24.9 billion by 2029, registering 3.1% CAGR during 2021-2029 | Size, Share, Report & Forecast

09-29-2022 03:06 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Gmi Research

Gas Turbine Market

Gas Turbine Market

Gas Turbine Market

The Gas Turbine Market is expected to reach USD 24.9 billion by 2029, exhibiting a CAGR of 3.1% over the forecast period (2021-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/gas-turbine-market-analysis-industry-research/

The factors driving the growth of Gas Turbine Market includes rise in the consumption of electricity around the world, growing focus on utilizing renewable sources of energy, regulations imposed by Governments to reduce greenhouse gas emissions and shift from coal-based power generation to gas-based power generation. According to the report published by Statista, the net electricity consumption worldwide has increased from 21,289 terawatt-hours in 2015 to 23,900 terawatt-hours in 2019, which will accelerate the Gas Turbine Market size in the approaching years. Moreover, growing adoption of advanced technologies in the energy sector, rising demand for energy decarbonization and increase in the number of smart cities across the globe, are some of the additional factors supplementing the Gas Turbine Market share. In addition, increasing investments by major companies on research and development, rapid urbanization, rising disposable incomes, improvements in the living standards and growing population growth rates, are further contributing towards the market growth.

However, growth of the Gas Turbine Market is hindered attributed to variations in the prices of natural gas.

The prominent players operating in the market are Bharat Heavy Electricals Limited, Ansaldo Energia, Solar Turbines Incorporated, GENERAL ELECTRIC, Siemens Energy, Mitsubishi Power, Ltd., OPRA Turbines, MAN Energy Solutions, Kawasaki Heavy Industries, Ltd., and Centrax Gas Turbines.

Based on Technology, the Combined Cycle segment is predicted to grow at a higher CAGR during the forecast period

According to the Gas Turbine Market Outlook, combined cycle technology enhances operational efficiency and requires less fuel for producing energy along with rise in the number of power plants across the globe, are some of the factors responsible for the segment's growth.

Based on Capacity, the 100 to

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