Gas Turbine Market to Reach Valuation US$ 32.5 Billion During 2023-2028 | CAGR of 3.7%

According to the latest report by IMARC Group, titled "Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the global gas turbine market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global gas turbine market size reached US$ 24.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.

A gas turbine represents a type of internal combustion (IC) engine that converts the heat produced by liquid fuels and natural gases into mechanical energy. This energy is usually supplied to power generators that produce electricity, which is then widely used in several sectors, including residential and industrial. A gas turbine operates via a downstream turbine, an upstream rotating compressor, and a combustion chamber that compresses the atmospheric air. As compared to other alternatives, it offers various benefits, including a high power-to-weight ratio, lesser pollutants, low operational cost, more compact sizes, etc. The electricity produced by gas turbines is generally utilized for powering heavy machinery, such as trains, electrical generators, aircraft, ships, pumps, tanks, etc.

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Global Gas Turbine Market Trends:

The inflating need for an uninterrupted power supply is primarily driving the gas turbine market. Additionally, the shifting consumer preferences from conventionally used electricity generation technologies towards gas-fired technologies, owing to their energy efficiency, are further catalyzing the market growth. Besides this, the widespread adoption of heating, ventilating, and air conditioning (HVAC) systems and the escalating demand for high-quality gas turbines, as they help in minimizing carbon emissions, are acting as significant growth-inducing factors.

Moreover, the rising investments by leading manufacturers to improve the overall performance of gas turbines are positively influencing the global market. Apart from this, the growing utilization of gas turbines, which offer the flexibility of fuel usage and operate at elevated temperatures, is stimulating market growth. Furthermore, the introduction of cost-effective options by key market players for electricity generation is anticipated to fuel the gas turbine market over the forecasted period.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

• Kawasaki Heavy Industries
• Siemens
• GE
• MHPS
• Ansaldo
• Harbin Electric
• OPRA
• MAN Diesel
• Solar Turbines
• Vericor Power
• BHEL
• Centrax
• Zorya
• Caterpillar
• General Electric
• Mitsubishi Heavy Industries

Furthermore, the increasing demand for gas turbines in various sectors, such as oil and gas, process plants, power generation, aerospace, and residential and smaller linked businesses, is expanding the market across the globe. Along with this, the rising adoption of combined cycle power plants, which use both gas and steam turbines to generate electricity, is contributing to the market worldwide. Besides, the escalating focus on renewable energy sources, such as wind and solar, is also escalating the demand for gas turbines as they can be used as backup power sources when renewable energy sources are not available. Additionally, the growing trend of decentralized power generation and the replacement of aging nuclear and coal plants are impacting the market favorably.

Explore the Full Report with TOC & List of Figures: https://www.imarcgroup.com/gas-turbine-market

Key Market Segmentation:

Breakup by Rated Capacity:

• Above 300 MW
• 120-300 MW
• 40-120 MW
• Less Than 40 MW

Breakup by Technology:

• Combined Cycle Gas Turbine
• Open Cycle Gas Turbine

Breakup by Design Type:

• Heavy Duty (Frame) Type
• Aeroderivative Type

Breakup by End-User:

• Power Generation
• Mobility
• Oil and Gas
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.