Gas Turbine Market: New Business Opportunities, Emerging Trends, Competitive Strategies and Forecasts 2023

Market Highlights
The need for uninterrupted electric supply is growing because of the worldwide rise in population and rapid industrialization. The increasing need of reliable electric supply and subsequent investment in producing new generating capacity, high productivity & low carbon discharge features of natural gas-fired power plants, and new shale gas exploration will drive the growth of gas turbine market.

The gas turbine market in the Asia-Pacific region is expected to grow the fastest during the forecast period.The rapid industrialization, urbanization, and fast economic growth in the countries such as India and China will drive the market for gas turbines.

The market has been analyzed based on product type, capacity, technology, application and regions. On the basis of product type, the heavy duty segment is expected to dominate the market for gas turbines. The rise in the number of large gas-fired power plants that utilize heavy duty gas turbines drives the growth of heavy duty gas turbine. The heavy duty gas turbine coupled with combined cycle operation provides an optimum output of around 300MW. The market is expected to grow at a CAGR of 4% during the forecast period.

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Key Players
The key players of global gas turbine markets are
• General Electric (U.S.),
• Siemens AG (Germany),
• Mitsubishi Heavy Industries Ltd. (Japan),
• Alstom S.A (France),
• Kawasaki Heavy Industries, Ltd. (Japan),
• Bharat Heavy Electricals Limited. (India),
• Ansaldo Energia, (Italy),
• Rolls-Royce Holdings plc. (U.K),
• Harbin Electric Company Limited. (China),
• MAN Diesel & Turbo. (Germany),
• Vericor Power Systems. (Georgia)
• Solar Turbines Incorporated. (U.S.A).

Discharge features of natural gas-fired power plants, and new shale gas exploration.
Gas Turbines are widely accepted under any situation around the world as they have very high power-to-weight ratio, compared to reciprocating engines. Gas turbines are installed in power generation, oil & gas, industrial, marine and aviation sector. The constant need for electricity and the unstable power supply situation in most developing countries will aid in the growth of the gas turbines market over the forecast period. Fluctuation in international trade of natural gas and continuing distress over stable natural gas supply are restraining the gas turbine market.

Global Gas Turbine Market
The gas turbines market is driven by the need of reliable electric supply at low operating and fuel costs, also growing investment towards the replacement of conventional matured structures with modern upgraded one. The Asia-Pacific region is the leading market for Gas Turbines. The rapid industrialization, urbanization, and fast economic growth in the countries such as India and China, will drive the market for Gas Turbines.

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