Gas Turbine Market Size, Share, and Industry Analysis 2022-2029

 

Gas Turbine Market

The Gas Turbine Market is expected to reach USD 24.9 billion by 2029, exhibiting at a CAGR of 3.1% over the forecast period (2022-2029).

The factors driving the growth of Gas Turbine Market includes rise in the consumption of electricity around the world, growing focus on utilizing renewable sources of energy, regulations imposed by Governments to reduce greenhouse gas emissions and shift from coal-based power generation to gas-based power generation. Moreover, growing adoption of advanced technologies in the energy sector, rising demand for energy decarbonization and increase in the number of smart cities across the globe, are some of the additional factors supplementing the Gas Turbine Market share. In addition, increasing investments by major companies on research and development, rapid urbanization, rising disposable incomes, improvements in the living standards and growing population growth rates, are further contributing towards the market growth.

Request a free sample of this report

However, growth of the Gas Turbine Market is hindered attributed to variations in the prices of natural gas.

The prominent players operating in the market are Bharat Heavy Electricals Limited, Ansaldo Energia, Solar Turbines Incorporated, GENERAL ELECTRIC, Siemens Energy, Mitsubishi Power, Ltd., OPRA Turbines, MAN Energy Solutions, Kawasaki Heavy Industries, Ltd., and Centrax Gas Turbines.

Based on Technology, the Combined Cycle segment is predicted to grow at a higher CAGR during the forecast period

According to the Gas Turbine Market Outlook, combined cycle technology enhances operational efficiency and requires less fuel for producing energy along with rise in the number of power plants across the globe, are some of the factors responsible for the segment’s growth.

Based on Capacity, the 100 to <150 MW segment is projected to capture the largest market share over the forecast period

As per the Gas Turbine Market Research, shift towards coal-based power generation methods and growing demand for power in different industries, are propelling Gas Turbine Market size.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Gas Turbine Market Forecast, rise in the number of gas turbines across India, China, and Indonesia, increasing electricity consumption, growing emphasis on reducing greenhouse gas emissions, rapid urbanization, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

  • In 2019, Siemens Energy and State Power Investment Corporation Limited entered into a partnership for developing heavy-duty gas turbines.

Market Segmentation

Segmentation by Technology

  • Open cycle
  • Combined Cycle

Segmentation by End-Use

  • Power & Utility
  • Industrial

Segmentation by Capacity

  • 50 to <100 MW
  • 100 to <150 MW
  • 150 to <250 MW
  • 250 to <500 MW
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Restaurant Point Of Sale Terminal Market Share Report & Forecast 2029

Image
  The Restaurant Point-of-Sale Terminal Market is estimated to witness a growth of CAGR 8.5% during the forecast period, 2022-2029. The factors driving growth of the Restaurant Point-of-Sale Terminal Market includes increasing deployment of point-of-sale systems at restaurants, breweries, and nightclubs, rise in the volume of contactless payment transactions, growing popularity of online food delivery applications such as Swiggy, Zomato and Uber Eats and improvements in the living standards. Moreover, technological advancements in point-of-sale systems, Point of Sale Terminals offer online orders, e-wallets, table reservations and loyalty programs, rising focus by restaurants on streamlining operations, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic collaborations between enterprises and growing
Read more

Managed Print Services Market Size, Share, & Growth Analysis - 2020-2027

Image
  Managed Print Services Market The Managed Print Services Market is estimated to reach USD 70 billion by 2027, growing at a CAGR of 8.2% over the forecast period (2020-2027). The factors driving the growth of Managed Print Services Market includes digital transformation across the industry verticals such as Banking, Financial Services, and Insurance (BFSI), Healthcare and Telecommunication, emerging need to reduce paper wastage and growing trend of Bring Your-Own Device (BYOD). According to the report published by Environmental Paper Network, the consumption of paper worldwide has drastically increased by 400% over the last four decades, on an average a citizen in the United States uses more than 700 pounds of paper every year, which will boost the Managed Print Services Market Growth in the approaching years. Moreover, the growing adoption of Cloud Computing and Big Data Analytics by the major organizations, increasing investments by the leading players on research and development
Read more

Crypto Asset Management Market size, share & Trends Forecast 2028

Image
  The Crypto Asset Management Market was estimated around USD 315 million in 2020 and is predicted to grow at a CAGR of 21.1%, over the forecast period (2021-2028). The factors driving growth of the market includes rise in the number of institutional investors and wealth managers investing first time in crypto currency, surge in the volumes of online transactions around the world, emerging need to secure cryptocurrency assets, Government initiatives promoting digitalization and improvements in the living standards. Cryptocurrency asset management platforms allow investors to manage different wallets in one spot, simplifies the management of the developing crypto asset for seasoned traders, and helps users to increase their portfolio, are some of the features pushing the Crypto Asset Management Market size . Moreover, increasing adoption of cryptocurrency across industry verticals such as Healthcare, Retail and Commerce, BSFI, advancements in Internet of Things (IoT) and Artificial Inte
Read more