The gas turbine market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period. The gas turbine market is on course for intense growth across different end use industries such as power generation, oil & gas, and other industrial. The other industrial segment includes mechanical drive processes in the steel, aluminum, and manufacturing industries.
“Heavy duty segment dominated the gas turbine market in 2020”
By design type, heavy duty segment dominated the market in 2020. Demand for large gas turbines for power generation is rising due to the stringent emissions standards and high-efficiency standards across the globe. Combined cycle plants with heavy duty turbines enable high flexibility and low emissions.
“Combined Cycle dominated the gas turbine market in 2020”
By technology, combined cycle segment accounted for the largest share of the gas turbine market in 2020. These plants offer nearly one-third more power for approximately the same fuel costs. They also have lower total emissions since the exhaust is utilized for other operational purposes.
“Asia Pacific dominated the gas turbine market in 2020”
Asia Pacific market accounted for the largest share in 2020. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market’s growth over the next five years.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
- By Designation: C-level – 25%, Director Level – 30%, and Others– 45%
- By Region: Asia Pacific – 40%, North America – 30%, Europe – 20%, South America – 3%, Middle East & Africa – 7%
The key market players include Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany). These players have adopted product launches, contracts, partnerships, agreements, collaborations, Memorandum of Understanding (MoU), and joint ventures as their growth strategies.
The report defines, segments, and projects the gas turbine market based on, design type, technology, rated capacity, end user, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It analyzes competitive developments, such product launches, contracts, partnerships, agreements, collaborations, undertaken by the players in the market.
Reasons To Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the gas turbine market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.