Gas Turbine Market is Expected to Reach $25.4 Billion by 2030 | Growing at a CAGR of 3.3%

Allied Market Research published a report on the Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy-duty and Aero-derivative), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Application (Power Generation, Oil & Gas, Marine, Aerospace, Process Plants, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.

The global gas turbine market was valued at $18.5 billion in 2020 and is projected to reach $25.4 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/7588

A gas turbine is an engine, which heats a mixture of fuel and outside air at a high temperature to generate mechanical energy through the spinning of turbine blades. The mechanical energy further drives a generator, which produces electrical energy. These systems are primarily used for power generation.

Demand for gas turbines has witnessed a significant increase driven by a surge in applications of gas turbines such as power generation, oil & gas, marine, aerospace, and process plants. All industry players are investing heavily to find new commercial avenues for their product segments via strategic production and business expansion. Some of the major factors that drive the demand for gas turbine includes rapid technological developments in the energy sector coupled with and rise in demand for distributed power generation technologies. A rise in apprehensions toward greenhouse gas emission in line with stringent government norms pertaining to the adoption of gas-fired turbines over traditional power-generating units is anticipated to drive the gas turbine market growth.

Moreover, an increase in energy demand across developing economies such as China, India, and Brazil along with the ongoing adoption of renewables when compared to conventional fuels is likely to strengthen product integration. However, the volatile price of natural gas is expected to hamper the growth of the market during the forecast period. On the contrary, an increase in the trend of distributed power generation and the replacement of phased-out nuclear & coal plants are expected to provide remunerative opportunities for the gas turbine market during the forecast period.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/gas-turbine-market-A07223

By technology, the global gas turbine market size is bifurcated into open cycle and combined cycle. The combined cycle segment garnered the largest share in 2020, as it requires lower fuel to produce the required energy output and reduces transmission & distribution losses. The combined cycle segment dominated the global gas turbine market with more than three-fifths of the total market share in 2020.

Depending on the design type, the market is segregated into heavy-duty and aero-derivative. The heavy-duty segment dominated the global gas turbine market with more than three-fifths of the total market share in 2020. This is attributed to low investment costs, high-capacity operations, and lower pressure ratios to yield maximum specific power.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Gas Turbine industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐆𝐚𝐬 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

CAPSTONE GREEN ENERGY
WARTSILA
HARBIN ELECTRIC COMPANY LIMITED
GENERAL ELECTRIC COMPANY
BHARAT HEAVY ELECTRICALS LIMITED
MITSUBISHI HITACHI POWER SYSTEMS, LTD. (MHPS)
ROLLS-ROYCE HOLDINGS PLC
ANSALDO ENERGIA
IHI Corporation
KAWASAKI HEAVY INDUSTRIES LTD.
SIEMENS AG
CATERPILLAR INC. (SOLAR TURBINES INCORPORATED)
VOLKSWAGEN GROUP (MAN ENERGY SOLUTIONS)
MTU AERO ENGINES (VERICOR POWER SYSTEMS)

On the basis of rating capacity, the market is fragmented into less than 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. The above 300 MW segment dominated the global market in 2020 with more than half of the total market share in 2020. due to the shift from coal to gas-based power plants in some of the major countries across the globe such as the U.S., China, and India.

The applications covered in the study include power generation, oil & gas, marine, aerospace, process plants, and others. The power generation segment dominated the global market with more than one-fourth of the total gas turbine market share in 2020, due to a surge in efforts from governments all over the world to reduce the share of coal-based power plants to reduce carbon emissions.

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/gas-turbine-market.html

Region-wise, the gas turbine market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market with more than two-fifths of the total market share in 2020, owing to a rise in demand for energy alternatives having a low environmental impact.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

1. In 2020, Asia-Pacific dominated the gas turbine market with around 44.5% share, in terms of revenue.

2. North America is projected to grow at the highest CAGR of 3.9% in terms of revenue.

3. The combined cycle segment dominated the global gas turbine market with around 65.0% of the share in terms of revenue.

4. The heavy-duty segment dominated the global gas turbine market with around 68.0% of the share in terms of revenue.

5. The aero-derivative segment is projected to grow at the highest CAGR of 3.9% in terms of revenue.

6. The above 300 MW segment dominated the global gas turbine market with 55.0% of the share in terms of revenue.

7. The power generation segment led the global gas turbine market with 27.5% of the share in terms of revenue.

8. The aerospace segment is projected to grow at the highest CAGR of 4.1% in terms of revenue.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/7588

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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