Global Gas Turbine Market Analysis and Industry Forecast by 2024
Gas Turbines Market
The Global Gas Turbines Market was valued at USD 16.92 billion in 2016 and is projected to reach USD 22.90 billion by 2025, growing at a CAGR of 3.42% from 2017 to 2025.
A Gas Turbine is an internal combustion engine that converts natural gas or other liquid fuels into mechanical energy. The energy produced is then used to drive a generator that in turn produces electrical energy.
Benefits of using gas turbines include – lower operational cost, efficient and durable, facilitates distributed power generation, environmentally-friendly, and high operational speed and low lubrication cost.
1. Market Drivers
1.1 Growing trend of distributed power generation
1.2 Increasing demand for electricity and natural gas-fired power plant
1.3 Replacement of traditional nuclear and coal plant
1.4 Reduction in emissions of carbon dioxide
1.5 Rising impact of shale gas
1.6 Growing adoption of efficient power generation technology
2. Market Restraints
2.1 Rising focus on renewable energy
2.2 Changing prices
2.3 Concerns for natural gas infrastructure
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The Global Gas Turbines Market is segmented on the design type, technology, rating capacity, application, and region.
1. Design Type:
1.1 Aero derivative
1.2 Heavy Duty
2. By Technology:
2.1 Combined Cycle
2.2 Open Cycle
3. By Rating Capacity:
3.1 Less than 40 MW
3.2 40–120 MW
3.3 120–300 MW
3.4 Above 300 MW
4. By Application:
4.1 Oil & Gas
4.2 Power Generation
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
3. Harbin Electric
4. Man Diesel
5. Vericor Power
8. Kawasaki Heavy Industries
12. Solar Turbines
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF Ozone Market Reports:
Research study on the Global Gas Turbines Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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