Gas Turbines Market is expected to grow at 4.0% CAGR
[220 Pages Report]?According to "The Research Industry?",?the?"Gas Turbines Market by Design Type (Heavy Duty, Aeroderivative), Fuel Composition – %H2 (up to 20%, 20% to 60%, 60 to 100%), Technology (Open Cycle and Combined Cycle), Application (Power Generation, Oil & Gas, Other Industrial), Rated Capacity (Less than 40 MW, 40–120 MW, 120–300 MW, Above 300 MW) and Geography (North America, Europe, Asia Pacific, South America, Middle East and Africa) – Global Market Size, Key Trends, Growth Opportunities, Major Players and Forecast Analysis to 2028"?is expected to grow at a?CAGR of 4.0%.?from the year 2018 – 2028.
Market Drivers
Increasing demand for electricity, rapid technological advancements in the energy industry along with shift in focus towards distributed power production technologies, growing demand for natural gas-fired power plants, reduction of emission of carbon dioxide, impact of shale gas, growing focus on nuclear and coal driven turbines replacement by Gas turbines are few factors driving the market growth. Further, enactment of stringent regulations to reduce CO2 emissions has encouraged the installation of natural gas power plants, thus driving the demand for gas turbines. Moreover, major players in the market are manufacturing gas turbines capable of operating on a mixture of natural gas and hydrogen to enhance their revenue streams.
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Combined Cycle Segment is expected to grow at a fastest rate?during the forecast period (2022 – 2028)
Gas Turbines Market in our report by Technology is segmented by?Open Cycle and Combined Cycle. Among them, Combined Cycle segment is expected to grow at a fastest rate during the forecast period. Growth of the market is attributed to the replacement of traditional coal fired power generation capacity is expected to drive the market growth. Further, the Gas turbines having a rated capacity of more than 300 MW exclusively serve large capacity combined cycle power plants.
North America Region is expected to dominate the Gas Turbines Market over the forecast period (2022 – 2028)
North America Region is expected to dominate the Gas Turbines Market during the forecast period. Growth of the region is attributed to the growing investment in the R&D of hydrogen-fueled gas turbines from key players?such as Mitsubishi Power and General Electric Ltd. Further, the region has a number of gas-drive turbine plants,?that are operating mainly on natural gas as shale gas exploration activities in the region are increasing. In 2019, the United States Energy Information Administration (EIA) stated over 40% of the country’s power come from coal, whereas 25% of the power comes from natural gas.
Regional market is further segmented into North America (Canada, U.S., and Mexico), Europe (Netherlands, Germany, France, Italy, Belgium, UK, Russia, Switzerland, Spain, Turkey, Rest of Europe), APAC (Malaysia, Thailand, Indonesia, South Korea, China, India, Japan, Singapore, Australia, Philippines, Rest of APAC), Middle East and Africa (South Africa, Saudi Arabia, Egypt, Israel, U.A.E, Rest of Middle East and Africa (MEA)), South America (Brazil, Argentina and Rest of South America).
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Key Companies Profiled
The major players in the?United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited (China), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), among others domestic and global players.?
The study includes an in-depth competitive analysis of these key players in the Gas Turbines market with their company profiles, recent developments, and key market strategies.
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Gas Turbines Market Segmentation
Gas Turbines Market by?Design Type
Gas Turbines Market by Fuel Composition – %H2
Gas Turbines Market by Rated Capacity
Gas Turbines Market by Application
Gas Turbines Market by Technology
Gas Turbines Market by Region
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The Research Industry
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