Gas Turbine Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Gas Turbine Market grew at a CAGR of 3.9% between 2017-2021 and is estimated to be US$ 19,874.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.5% and is expected to reach a valuation of US$ 28,035.1Mn by 2032 end.
The main purpose of gas turbines is to produce electricity. Operating a basic cycle turbine power plant is significantly more expensive to supply electricity to the industry than buying it from the outside. As a result, combined cycle power plants, which are more efficient, are used most frequently. A mixed cycle power plant, or CHP plant, is one type that can be used to generate both electricity and mechanical drive.
The major factors propelling the market’s growth are the paradigm shift from coal-based power generation to gas-based power generation in developed and developing nations like the United States, Japan, China, and India, as well as favorable government policies for the development of gas-based power plants.
ChemView Consulting has analyzed that the electricity demand has increased due to growing industrialization and the use of electrical appliances in emerging nations. The energy generation from utilities rose from 13, 03,493 GWh in 2017–2018 to 13, 71,779 GWh in 2018–2019, registering an annual growth of around 6.20%, according to the Ministry of Statistics and Program Implementation Government of India. As a result, the development of natural gas power plants is anticipated to be prompted by the high emission standards implemented by industrialized countries and the rising electricity demand. Natural gas emits less carbon dioxide.
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The gas turbine market is anticipated to be led by the power generation segment. Gas turbine power plants are frequently used as medium-sized peak load plants that operate sporadically during brief periods of high demand for electricity from an electric grid. Additionally, they serve as cogeneration units for district heating systems and industrial facilities with high heat loads.
Segments Covered in Report
By Design Type:
- Heavy duty (frame)
- Aeroderivative
By Backing Material:
- Power Generation
- Oil & gas
- Other industrial (mechanical drive processes in the steel, aluminum, and manufacturing industries)
By Technology:
- Open Cycle
- Combined Cycle
By Rated Capacity:
- 1–40 MW
- 40–120 MW
- 120–300 MW
- Above 300 MW
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Gas Turbine Market
- Based on the backing material, the gas turbine market is anticipated to be led by the power generation segment. Gas turbine power plants are frequently used as medium-sized peak load plants that operate sporadically during brief periods of high demand for electricity from an electric grid. Additionally, they serve as cogeneration units for district heating systems and industrial facilities with high heat loads.
- Based on the rated capacity, this segment’s gas turbine market is anticipated to be driven by higher power and lower emissions. It is called a combined cycle when many cycles produce energy. The fact that the exhaust is used for other operational purposes results in lower overall emissions.
- Based on the design type, the aero-derivative segment is anticipated to expand more quickly over the projected period. Aerospace engines or aviation gas turbines are the design inspiration for aero-derivative gas turbines. Aeroderivative gas turbines weigh less, are simpler to install, and start up more quickly than heavy-duty gas turbines.
- Based on the region, with a market share of 48.7%, Asia Pacific dominated the global gas turbine market in terms of value. Rising electricity demand and investment in new large coal-fired and gas-fired combined cycle power plants are anticipated to propel the growth of the Asia Pacific gas turbine market.
Competition Summary
Key companies covered in the market study are General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Ansaldo Energia, Solar Turbines Incorporated
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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