Gas Turbines Market is expected to grow at a CAGR 3.17% through 2028
Global
Gas Turbines Market is expected to grow owing to supporting the integration of
renewable energy sources, such as wind and solar, into the power grid
throughout the forecast period.
According
to TechSci Research report, “Gas
Turbines Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028”, the Global Gas Turbines Market is
expected to register robust growth during the forecast period. The growing global demand for
electricity, driven by population growth, urbanization, and industrialization,
is a primary driver for the gas turbines market. Gas turbines are widely used
in power plants for electricity generation due to their efficiency, quick
start-up capabilities, and versatility in various applications.
The
increasing focus on a hydrogen-based economy presents a significant opportunity
for the gas turbines market. Hydrogen, as a clean fuel, has the potential to
replace or complement traditional hydrocarbon fuels in gas turbines.
Manufacturers can capitalize on this trend by developing gas turbines designed
for hydrogen combustion and exploring innovations in hydrogen production and
storage technologies.
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over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Gas Turbines Market."
Based
on backing material, the
Power Generation segment is expected to dominate the market during the forecast
period. Environmental regulations and the need to reduce greenhouse gas
emissions are key drivers shaping the power generation segment of the gas
turbines market. Gas turbine manufacturers are focusing on developing
technologies that comply with stringent emission standards. This includes
advancements in combustion systems, as well as the exploration of alternative
fuels such as hydrogen to reduce carbon footprints. Market dynamics vary by
region, influenced by factors such as energy demand, regulatory frameworks, and
the availability of natural gas. Regions with a growing demand for electricity,
coupled with supportive government policies and infrastructure development,
tend to drive the adoption of gas turbines for power generation. The
integration of digital technologies and smart solutions is becoming more
prevalent in the power generation segment. Digitalization allows for real-time
monitoring, predictive maintenance, and optimization of gas turbine
performance. Digital twin technology, in particular, is gaining traction,
enabling virtual simulations and enhancing overall plant efficiency. The global
gas turbines market for power generation is characterized by strong competition
among key players. Major global manufacturers are continually innovating to
enhance the efficiency and reliability of their gas turbine offerings.
Collaborations, partnerships, and mergers and acquisitions are common strategies
employed by companies to strengthen their market positions.
Based
on rated capacity, the Above 300 MW segment is projected to dominate the market
throughout the forecast period. The above 300 MW segment is often characterized
by intense competition among global gas turbine manufacturers. Companies strive
to offer cutting-edge solutions to secure contracts for major power projects.
Market consolidation may occur as companies seek strategic partnerships or
mergers and acquisitions to strengthen their market positions and broaden their
product portfolios. Regional factors, including energy demand, government
policies, and infrastructure development, play a significant role in shaping
the market for gas turbines above 300 MW. Regions experiencing rapid
industrialization, urbanization, and a growing need for reliable electricity
are likely to drive the demand for high-capacity gas turbines. Economic
considerations, such as project financing, cost of electricity, and overall
investment climate, influence the decision-making process for adopting gas
turbines in the above 300 MW range. Economic feasibility studies and
assessments of the total cost of ownership become crucial for both project
developers and investors.
Key
market players in the Global Gas Turbines Market are: -
- Kawasaki
Heavy Industries, Ltd.
- Siemens
Energy AG
- Capstone
Green Energy Corporation
- General
Electric Group
- Ansaldo
Energia S.p.A.
- Mitsubishi
Heavy Industries, Ltd.
- United
Engine Corporation
- Rolls-Royce
plc
- Harbin
Electric Machinery Company Limited
- Destinus OPRA B.V.
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“The
Global Gas Turbines Market in Asia Pacific is poised to be the dominant force
in the industry. The Asia Pacific region is characterized by rapid
industrialization and urbanization, leading to a substantial increase in energy
demand. Gas turbines play a crucial role in meeting this growing demand due to
their efficiency, flexibility, and quick start-up capabilities. Power
generation projects, both large-scale utilities and smaller distributed
generation systems, contribute to addressing the rising energy needs.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Gas
Turbines Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Design Type (Heavy Duty and Aeroderivative),
By Backing Material (Power Generation, Oil & Gas and Others), By Technology
(Open Cycle and Combined Cycle), By Rated Capacity (1–40 MW, 40–120 MW, 120–300
MW and Above 300 MW), By Region, and By Competition” has evaluated the future growth
potential of Global Gas Turbines Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and opportunities
in Global Gas Turbines Market.
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