Gas Turbine Market Expected to Reach USD 25.08 Billion by 2029, with 3.6 % CAGR

16.8.2023 : Gas Turbine Market Report Scope and Research Methodology

The Gas Turbine Market research report is based on a comprehensive analysis utilizing both primary and secondary data sources. The research process involves examining various factors that impact the industry, including government policies, market environment, historical data, current trends, technological innovations, and regional insights. The study integrates qualitative and quantitative data, considering market size, inflation, economic conditions, policy changes, and other variables for accurate market forecasts.

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What are Gas Turbine Market Dynamics?

Several driving factors are contributing to the growth of the Gas Turbine Market:

Research and Development (R&D) Investments: Leading gas turbine manufacturers are investing significantly in R&D to develop high-efficiency turbines. Technological advancements, such as Gas Turbine combined cycle (GTCC) and integrated coal gasification combined cycle (IGCC), are enhancing the industry's growth prospects.

Growing Aviation Industry and Energy Consumption: As global power demand rises, governments are shifting to gas-powered turbines to reduce emissions. The aviation industry's expansion and increasing electricity consumption further boost the market.

Replacement of Fossil-Fuel Turbines: Coal and nuclear-driven turbines are being replaced by gas-powered alternatives due to lower emissions and environmental concerns. This shift is driving significant growth in the gas turbine industry.

Distributed Power Generation Trend: Gas turbines are increasingly preferred for distributed power generation due to their efficiency and reliability, offering a substantial growth potential for the market.

Focus on Renewable Energy: Investments in renewable energy sources pose a challenge to fossil-fired power plants, impacting the gas turbine market as the energy landscape evolves.

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Gas Turbine Market Segmentation?

The Gas Turbine Market is divided into two types based on type: Heavy Duty and Aeroderivative. The heavy duty category rules the market due to its low cost structure, high operational capacity, and low pressure, which produces the greatest amount of power. Delivering optimum cycle efficiency helps to the rising demand for heavy duty gas turbine because of its modest turbine size and low investment cost. Efficiency, dependability, and adaptability in technology are predicted to continue to progress and influence the commercial environment. The aeroderivative segment is anticipated to grow at a CAGR of 8.1% over the forecast period. It is constructed around aircraft engines, also referred to as gas turbines in aviation. It is lighter than a large duty engine, starts up more quickly, and is simpler to install.

The Gas Turbine Market is divided into open cycle and combined cycle based on Technology. The combined cycle technology generates the most revenue (78%), and it is anticipated that it will continue to rule. They decrease gearbox and distribution losses while using less fuel to produce the desired amount of energy. Combination cycle turbines are extremely efficient, with efficiencies ranging from 60 to 80%. In addition to this rising demand, the technology is encouraged by stringent laws governing coal-fired power plants, low petrol prices, and the use of renewable energy sources. The combined cycle power plant augments solar and wind power and offers variation in renewable energy output because it may start and stop quickly. The expansion is mostly due to effective waste management.

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Who are Gas Turbine Market Key Players?

1. Kawasaki heavy industries ltd
2. Siemens Energy
3. Mitsubishi Heavy Industries
4. Centrax Gas Turbine
5. Capstone Green Energy corporation
6. MAN Energy Solutions
7. General Electric
8. United Engine Corporation
9. Ansaldo Energia
10.Rolls-Royce plc
11.Electric Machinery
12.Harbin Electric Machinery Company Limited
13.Nanjing Turbine
14.MTU Aero Engines AG
15.Opra Turbine
16.IHI Corporation
17.Solar Turbine
18.Wartsila
19.Bharat Heavy Electricals Limited
20.Doosan Heavy Industries & Construction
21.Vericor Power System
22.MAPNA Group
23.Zorya Mashproekt

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Table of content for the Gas Turbine Market includes:

Global Gas Turbine Market: Research Methodology

Global Gas Turbine Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry

Global Gas Turbine Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact

Global Gas Turbine Market Segmentation
Global Market, by Type (2022-2029)
Global Market, by Application (2022-2029)
Global Market, by Technology (2022-2029)
Global Market, by Power Rating (2022-2029)

Regional Gas Turbine Market (2022-2029)
Regional Market, by Type (2022-2029)
Regional Market, by Application (2022-2029)
Regional Market, by Technology (2022-2029)
Regional Market, by Power Rating (2022-2029)
Regional Market, by Country (2022-2029)

Global Company Profile: Key players
Company Overview by Country
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments

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Regional Insights:

Asia Pacific holds the largest market share, driven by rapid urbanization, growing middle-class populations, and increasing energy demand. The region, dominated by countries like China, Japan, and India, is expected to exhibit the fastest growth due to initiatives for sustainable energy solutions.

Europe is shifting its energy mix away from coal and nuclear power plants, favoring gas-powered turbines to reduce carbon emissions. This transition is expected to propel the gas turbine market in the region.

North America, with its shale gas reserves and technical advancements, is rapidly adopting gas-powered turbines for electricity generation, contributing to the market's growth.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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