The Global Gas Turbines Market was valued at US$ 18 billion in 2019 and is expected to grow at a CAGR of 4% through 2030.
Rising demand for captive power plants, increased investment in strengthening power infrastructure, high efficiency delivered by gas turbines and stringent environment protection framework are the key attributes dynamically shaping the global gas turbine market. Gas turbines are used for power generation and to generate drive force across heavy industrial applications. With increased demand for power efficient energy infrastructure, the global gas turbine market is anticipated to witness prominent growth in coming years. The combined cycle gas turbines are extensively used across power generation and heavy industries owing to high operational efficiency offered by these turbines.
Additionally, increasing demand for electricity across the globe for residential, industrial, and commercial application is anticipated to witness prominent growth during the forecast period. The government authorities across major countries are focusing towards reducing low carbon footprint from energy generation infrastructure. The carbon footprint of gas turbines is significantly low as compared to other conventional power generation technologies. Thus, is expected to witness prominent growth in demand during the forecast period.
North America contributed a dominating share to the global gas turbine market in 2019 and is anticipated to be a dominating region throughout the forecast period owing to increased demand for replacement of existing gas turbines across the United States and Canada. Increasing number of captive power plants and ageing power generation infrastructure is expected to drive the growth of the North America gas turbine market during the forecast period. Europe is anticipated to witness steady growth during the forecast period. Middle East & Africa contributed a significant share to the global gas turbine market in 2019 owing to high dependence on gas turbine based power generation across leading countries. Asia Pacific is anticipated to be the fastest growing segment during the forecast period owing to expanding industrial infrastructure across the leading countries.
The report titled “Gas Turbines Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is the historic period, 2022 is the base year, and 2023 to 2032 is the forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global gas turbines market.
Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global gas turbines market is segmented on the basis of technology, design type, power capacity, applications, and geography. Based on technology, the global gas turbines market is segmented into open cycle gas turbines and combined cycle gas turbines. Based on design type, the global gas turbines market is segmented into heavy duty and aeroderivative. Based on power capacity, the global gas turbines market is segmented into less than 40 MW, 40–120 MW, 120–300 MW, and above 300 MW. Based on application, the global gas turbines market is segmented into power generation, aviation, and others. Based on geography, the global gas turbines market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on gas turbines. Further, market share of prominent companies in the global gas turbines market would also be estimated. The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the gas turbines companies.
The global gas turbines market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the gas turbines business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global gas turbines market.
Major players active in the global gas turbines market include Ansaldo Energia S.P.A., Bharat Heavy Electricals Limited, General Electric Company, Kawasaki Heavy Industries, Ltd., Man Diesel & Turbo SE, Mitsubishi Hitachi Power Systems, Ltd., Opra Turbines B.V., Siemens AG, and Solar Turbines Incorporated.
The Gas Turbines Market is Segmented as Below:
By Technology:
- Open cycle gas turbines
- Combined cycle gas turbines
By Design Type:
- Heavy duty
- Deroderivative
By Power Capacity:
- Less than 40 MW
- 40–120 MW
- 120–300 MW
- Above 300 MW
By Application:
- Power generation
- Aviation
- Others
By Geography :
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
