Gas Turbine Market Size to Surpass USD 25.41 Billion with CAGR of 3.70% by 2029

Global gas turbine market was valued at USD 19.00 billion in 2021 and is expected to reach USD 25.41 billion by 2029, registering a CAGR of 3.70% during the forecast period of 2022-2029.

The world class Gas Turbine Market research report is structured with the thorough market analysis carried out by a team of industry experts, dynamic analysts, skilful forecasters, and well-informed researchers. This global market report offers an analytical assessment of the prime challenges faced by the market currently and in the coming years, which gives idea to other market participants about the problems they may face while operating in this market over a longer period of time. In the large scale Gas Turbine market report, industry trends are put together on macro level with which clients can figure out market landscape and possible future issues.

The shifting preference of various end users from coal-based power generation to gas-based power generation in developed and developing countries such as U.S., China and India as well as the government's supportive policies regarding the construction of gas-based power plants are the major factors boosting the growth of the market. For instance, CHP plants are combined cycle power plants which are being adopted worldwide for enhanced power based mechanisms. These adoptions will boost the growth of the market over the forecasted period.

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Market Definition
A gas turbine is an engine that heats the mixture of fuel and outside air at a very high temperature to achieve mechanical energy through spinning turbine blades. It consists of a combustor, an upstream rotating gas processor, and a downstream turbine on the same shaft as a compressor. These turbines actively replace the oil-fired and traditional-fired turbines in terms of functioning.

Some of the major players operating in the gas turbine market are
Wärtsilä (Finland)
MAN Energy Solutions (Germany)
Siemens (Germany)
General Electric (U.S.)
Kawasaki Heavy Industries, Ltd. (Japan)
MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
Harbin Electric Corporation co.,Ltd (China)
Bharat Heavy Electricals Limited (India)
Solar Turbines Incorporated (U.S.)
Capstone Green Energy Corporation (U.S.)
VERICOR (U.S.)
Ansaldo Energia (Italy)
OPRA Turbines (Netherlands)
Cryostar (France)
Rolls-Royce plc (U.K.)
Hindustan Aeronautics Limited (India)

Global Gas Turbine Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers
Rising demand of electricity
The growing industrialization and increasing use of electrical appliances is the vital factor driving the market's growth over the forecasted period. The rising economic developments and activities have led to the rising demand of electrical appliances globally. According to the Ministry of Statistics and Program Implementation Government of India, energy production from utilities increased from 13,03,493 GWh TO 13,71,091 GWh in recent years registering an annual growth of about 5.24%. All these innovations and enhanced production factors will propel the growth of the market.

Increasing expansion of End Use Industries
The expansion of end use industries coupled with the increase in urbanization and population, will further propel the growth rate of gas turbine market. Additionally, the rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.

Opportunities
Rising trend of Distributed Electricity Generation
The rising trend of distributed electricity generation across the globe is an important factor creating significant lucrative growth opportunities for the market over the forecasted period. The distributed generation of electricity refers to the technologies that generate electricity at various applications such as solar panel and combined heat and power systems. These applications may serve a single structure such as residence or business or it may be a part of a micro grid such as a major industrial facility, military base, or a large college campus. These support the delivery of clean and reliable power to reduce electricity losses during electricity transmissions. All these beneficiary factors of distributed generation systems will boost the growth of the market due to the increasing adoptions.

Restraints/Challenges
Stringent policies
The rising demands for renewable energy sources across major sectors due to the stringent policies regarding reducing carbon emission in the industries will create hindrances for the growth of the gas turbine market.

Fluctuations in Raw Material Prices
The inconsistent raw material prices have a direct negative impact on the overall market's growth. As a result, these fluctuations will pose as a major challenge the gas turbine market growth rate.

This gas turbine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the gas turbine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Access Full Report: https://www.databridgemarketresearch.com/reports/global-gas-turbine-market

Global Gas Turbine Market Scope
The gas turbine market is segmented on the basis of capacity, product, technology and applications. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Capacity
500KW To 1MW
>1MW To 30MW
>30MW To 70MW
>70MW To 200MW
>200MW

Product
Auto-Derivative
Heavy Duty

Technology
Open Cycle
Combined Cycle

Applications
Power Plants
Oil and Gas
Process Plants
Aviation
Marine
Others

Gas Turbine Market Regional Analysis/Insights
The Gas Turbine market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.

The countries covered in the Gas Turbine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for fiber cement Gas Turbine within the region. Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prominent presence of fiber cement Gas Turbine market players within the region. Moreover, the high requirement for the residential and commercial building construction also boosts the regional demand.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

The report answers questions such as:

What is the market size and forecast of the Gas Turbine Market?
What are the inhibiting factors and impact of COVID-19 shaping the Gas Turbine Market during the forecast period?
Which are the products/segments/applications/areas to invest in over the forecast period in the Gas Turbine Market?
What is the competitive strategic window for opportunities in the Gas Turbine Market?
What are the technology trends and regulatory frameworks in the Gas Turbine Market?
What is the market share of the leading vendors in the Gas Turbine Market?
What modes and strategic moves are considered suitable for entering the Gas Turbine Market?

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