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Global Gas Turbine Market Forecast to Reach New Heights, Estimated Growth at a 4% CAGR Over the Forecast Period (2024-2029)

11-12-2024 01:02 PM CET | Energy & Environment

Press release from: Mordor Intelligence

Gas Turbine Market Size

Gas Turbine Market Size

Mordor Intelligence has published a new report on the Global Gas Turbine Market, offering a comprehensive analysis of Ket trends, growth drivers, and major players in the industry.

The global gas turbine market is projected to experience a compound annual growth rate (CAGR) of 4% over the forecast period. This growth reflects increasing demand for efficient and flexible power generation solutions, especially as industries and governments seek lower-emission alternatives for energy production.

Report Overview - https://www.mordorintelligence.com/industry-reports/global-gas-turbine-market

Key Trends in the Gas Turbine Market

Increased Efficiency and Environmental Demand: Technological advances have driven the development of high-efficiency gas turbines, especially in combined-cycle operations, which use heat recovery systems to optimize output and reduce emissions. These innovations are particularly attractive to power producers focused on meeting environmental standards without sacrificing productivity.

Shift Towards Cleaner Energy Sources: With climate goals becoming more stringent, there is significant pressure to reduce reliance on coal and other high-emission fuels. Gas turbines offer a lower-emission alternative for generating base and peak power, particularly in countries pursuing carbon reduction goals. In response, companies are rapidly shifting toward gas turbines for stable and cleaner energy production.

Growing Investment in Power Generation: Developing economies in Asia-Pacific, South America, and parts of Africa are increasing investments in power generation to support urbanization and industrial growth. Gas turbines are particularly suitable for regions needing flexible power sources that can operate in various climates and conditions.

Market Segmentation

The gas turbine market is segmented by capacity, type, end-user industry, and geography:

Capacity:

Less than 30 MW: Used for small-scale applications, often by industrial or localized power consumers.

31-120 MW: Suited to mid-sized power facilities, catering to manufacturing plants and regional power providers.

Above 120 MW: Primarily employed by large-scale power generation facilities, particularly in high-demand areas.

Type:

Combined Cycle: Known for high efficiency, this type is popular in utility-scale power generation where emissions reduction is essential. It's gaining traction among environmental-conscious industries looking to boost power efficiency.

Open Cycle: This simpler design, favored for rapid deployment and lower initial costs, is often used in regions requiring temporary or peaking power solutions.

End-User Industry:

Power Generation: The primary consumer, utilizing gas turbines to ensure a reliable, cleaner power source in various scales of power plants.

Oil and Gas: The industry uses gas turbines for field operations, particularly in offshore settings where stable power is critical.

Other Industries: Includes sectors like chemical manufacturing and heavy industry, where a consistent and clean power source can support large operational demands.

Geographic Segmentation

North America: Home to numerous industry players and strong infrastructure, North America remains a leading market due to its focus on clean energy. Key investments in combined cycle plants and shale gas extraction also boost turbine demand.

Europe: Europe's market benefits from an emphasis on sustainability, with strict emission regulations driving demand for efficient turbines. The region's push for renewable energy integration supports gas turbine installations as backup or complementary solutions to renewable sources.

Asia-Pacific: The fastest-growing market, driven by industrial expansion and urbanization in countries like China and India. Gas turbines are crucial in these regions, where power reliability and environmental standards are both high priorities.

South America: A rising market with growing energy needs driven by infrastructure development. The continent's potential for growth in power generation infrastructure aligns well with gas turbine applications, which are adaptable and sustainable.

Middle East & Africa: The oil and gas sector, alongside power generation, drive demand in this region. The vast oil reserves in the Middle East fuel investments in gas turbines, as countries diversify from traditional oil exports to local industrial development.

Get a Customized Report Tailored to Your Requirements, Visit - https://www.mordorintelligence.com/market-analysis/gas-turbine

Key Players in Gas Turbine Market

Siemens AG

Mitsubishi Heavy Industries Ltd

General Electric Company

Kawasaki Heavy Industries Ltd

Wartsila Oyj Abp

These key players are consistently innovating to offer high-performance, energy-efficient turbines, often customized for specific industries or geographies. Strategic partnerships and collaborations are common, as companies look to expand their technology reach and market share in emerging regions.

Industry Related Report

Gas Turbine MRO Market: The Gas Turbine MRO (Maintenance, Repair, and Overhaul) market is segmented into several key categories. These include Service Type, which covers Maintenance, Repair, and Overhaul services; Provider Type, which includes Original Equipment Manufacturers (OEMs), Independent Service Providers, and In-House services; and Geography, with regions like North America, Europe, Asia-Pacific, South America, and the Middle East & Africa being considered. Each segment is further analyzed with specific revenue projections, giving a comprehensive market size and forecast for the Gas Turbine MRO industry across various service, provider, and regional segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/gas-turbine-mro-market-in-the-power-sector

Industrial Gas Turbine Market: The Industrial Gas Turbine Market is categorized by various factors, including capacity (1 to 40 MW, 41 to 120 MW, 121 to 300 MW, and above 300 MW), type (combined cycle and simple cycle), and application (power generation, oil and gas, and other uses). It also includes a geographic segmentation, with regions such as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa, each contributing to the market's overall dynamics.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/industrial-gas-turbine-market

Gas Turbines in Thermal Power Market: The gas turbines in the thermal power market are categorized by capacity (less than 30 MW, 31-120 MW, and above 120 MW), type (combined cycle and open cycle), and geography (North America, Europe, Asia-Pacific, South America, and the Middle East & Africa). This segmentation provides valuable insights into the market's structure and growth opportunities across different regions and power generation capacities

To know more visit this link: https://www.mordorintelligence.com/industry-reports/gas-turbines-in-thermal-power-market-industry

For any inquiries or to access the full report, please contact:

media@mordorintelligence.com
https://www.mordorintelligence.com/

About Mordor Intelligence:

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.

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