Industry Analysis
A gas turbine is an engine that heats the mixture of fuel and outside air at a very high temperature to achieve mechanical energy through spinning turbine blades. It consists of a combustor, an upstream rotating gas processor, and a downstream turbine on the same shaft as a compressor. These turbines actively replace the oil-fired and traditional-fired turbines in terms of functioning.
Global gas turbine market was valued at USD 19.00 billion in 2021 and is expected to reach USD 25.41 billion by 2029, registering a CAGR of 3.70% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Gas Turbine Market research report has put forth a bench-marking example for a vibrant market that explores several recommendations and practical growth strategies in relation to the market. The market report covers a wide spectrum of regions and also focuses on key regions that include North America, Europe, Asia Pacific, Middle East, South America, and the Middle East & Africa (MEA). The chapter of the competitive landscape is presented well in the market research report and is analyzed based on the tools such as Porter’s five forces analysis. The study throws light upon market attractiveness where all the segments are arranged based on the compound growth rate, size, and general attractiveness.
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Global Gas Turbine Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Rising demand of electricity
The growing industrialization and increasing use of electrical appliances is the vital factor driving the market's growth over the forecasted period. The rising economic developments and activities have led to the rising demand of electrical appliances globally. According to the Ministry of Statistics and Program Implementation Government of India, energy production from utilities increased from 13,03,493 GWh TO 13,71,091 GWh in recent years registering an annual growth of about 5.24%. All these innovations and enhanced production factors will propel the growth of the market.
- Increasing expansion of End Use Industries
The expansion of end use industries coupled with the increase in urbanization and population, will further propel the growth rate of gas turbine market. Additionally, the rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.
Opportunities
- Rising trend of Distributed Electricity Generation
The rising trend of distributed electricity generation across the globe is an important factor creating significant lucrative growth opportunities for the market over the forecasted period. The distributed generation of electricity refers to the technologies that generate electricity at various applications such as solar panel and combined heat and power systems. These applications may serve a single structure such as residence or business or it may be a part of a micro grid such as a major industrial facility, military base, or a large college campus. These support the delivery of clean and reliable power to reduce electricity losses during electricity transmissions. All these beneficiary factors of distributed generation systems will boost the growth of the market due to the increasing adoptions.
Restraints/Challenges
- Stringent policies
The rising demands for renewable energy sources across major sectors due to the stringent policies regarding reducing carbon emission in the industries will create hindrances for the growth of the gas turbine market.
- Fluctuations in Raw Material Prices
The inconsistent raw material prices have a direct negative impact on the overall market’s growth. As a result, these fluctuations will pose as a major challenge the gas turbine market growth rate.
An excellent Data bridge market research report covers the systematic and comprehensive market research study, to provide the facts and figures allied with any subject in the field of marketing. With the specific and state-of-the-art information presented in this industry report, businesses can be aware about the types of consumers, consumer’s demands and preferences, their perspectives about the product, their buying intentions, their response to particular product, and their varying tastes about the specific product already existing in the Chemical and Materials industry. Quality and transparency are strictly maintained while carrying out research studies to offer an exceptional market research report for specific niche.
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Industry Segmentation and Size
The gas turbine market is segmented on the basis of capacity, product, technology and applications. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Capacity
- <50KW
- 50KW To 500 KW
- >500KW To 1MW
- >1MW To 30MW
- >30MW To 70MW
- >70MW To 200MW
- >200MW
Product
- Auto-Derivative
- Heavy Duty
Technology
- Open Cycle
- Combined Cycle
Applications
- Power Plants
- Oil and Gas
- Process Plants
- Aviation
- Marine
- Others
Market Country Level Analysis
- The countries covered in the gas turbine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Industry Share Analysis
Some of the major players operating in the gas turbine market are
- Wärtsilä (Finland)
- MAN Energy Solutions (Germany)
- Siemens (Germany)
- General Electric (U.S.)
- Kawasaki Heavy Industries, Ltd. (Japan)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- Harbin Electric Corporation co.,Ltd (China)
- Bharat Heavy Electricals Limited (India)
- Solar Turbines Incorporated (U.S.)
- Capstone Green Energy Corporation (U.S.)
- VERICOR (U.S.)
- Ansaldo Energia (Italy)
- OPRA Turbines (Netherlands)
- Cryostar (France)
- Rolls-Royce plc (U.K.)
- Hindustan Aeronautics Limited (India)
Gas Turbine Market Report Answers the Following Questions:
- What is the current size of the Gas Turbine Market?
- What are the key drivers and challenges for the Gas Turbine Market?
- What are the different types of Gas Turbine Market?
- What are the leading companies operating in the Gas Turbine Market?
- What is the future outlook for the Gas Turbine Market?
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