Wilmington, Delaware, United States, April 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to market report by TMR, the global gas turbine market was valued at US$ 36.6 Bn in 2022 and is estimated to reach US$ 54.8 Bn by the end of 2031. TMR findings suggest that surge in need for electricity has increased the demand for gas turbines.
Gas turbines convert fuel energy into mechanical energy, which can be further used to generate electricity. These turbines compress and mix air with fuel that is later ignited in the combustion chamber. Gas turbines can efficiently operate on different forms of fuel such as diesel, aviation fuel, and natural gas. The pressing need for these turbines in various industrial applications, power plants, and aircraft propulsion systems is likely to create significant opportunities in the global market during the forecast period from 2023 to 2031.
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Gas Turbine Market: Growth Drivers
Upgrade of Conventional Electric Infrastructure: The escalating need for energy production owing to its increased consumption has led to innovation in conventional electric infrastructure. This has increased sales of gas turbines across the world.
Expansion of Industrial Sectors: Industrial sectors, such as petrochemicals and oil & gas, are expanding rapidly. Gas turbines have proved to be a cleaner option for production systems that operate on fossil fuels. Low greenhouse gas emissions owing to application of gas turbines has made it popular among end-use industries. Thus, the gas turbine market is projected to witness significant growth in the next few years.
Wide Application of Electrical Generators in Various Settings: Electric generators are prominently used in industrial, commercial, and residential settings. Gas turbines are used in electric generators as these are efficient, reliable, and can operate on a range of fuels. Additionally, these are available in different configurations that provide backup for various settings, including hospitals, critical facilities, data centers, and power production units. Concurrently, these turbines are cost-efficient and moderately sized; hence, these require less space and time to operate effectively. Therefore, the gas turbine market is likely to witness substantial growth.
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Key Findings of Gas Turbine Market
Turbofan Engine Type Segment to Witness Lucrative Growth: Turbofan engines are used in commercial airlines due to their efficiency. Consequently, these can reduce the noise output and dependability aspect. These factors have made them popular among end-users, which is likely to create multiple growth opportunities in the gas turbine market.
Power Generation Application Segment to Offer Business Growth Opportunities: The power generation segment is witnessing burgeoning growth due to extensive use of gas turbines in electricity generation. Advantages such as peaking power, baseload flexibility, and high efficiency are expected to drive demand for gas turbines in the segment. However, marine and petrochemical applications are expected to grow rapidly due to rise in deployment of gas turbines in these sectors.
Gas Turbine Market: Regional Dynamics
As per the TMR research report, Asia Pacific is expected to account for major market share during the forecast period due to rapid development in countries such as India and China. Rise in adoption of gas turbines in various end-use applications, such as power & gas, healthcare, and aerospace, has created significant growth opportunities in the market in the region.
The market in Europe is likely to experience robust growth during the forecast period due to expanding power sector and increase in adoption of renewable sources of energy. Furthermore, rise in research & development activities to use wind and solar energy as renewable energy sources for backup has opened new growth avenues for the global industry.
The market in North America is anticipated to grow at a steady pace due to high consumption of gas turbines by consumers in the U.S. Additionally, availability of natural resources in abundance is expected to drive the market in the region.
Gas Turbine Market: Regional Landscape
Key players operating in the global market are focusing on research & development activities to enhance the power and capability of gas turbines. Concurrently, incorporation of digital technology and advancement in technologies are expected to lead to significant market development. Major participants are adding new features to products and focusing on making it an easy and affordable option. Efforts to create brand awareness among consumers have also generated lucrative growth opportunities in the gas turbine market.
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Key market players include:
- GE Power
- Mitsubishi Heavy Industries Ltd.
- OPRA Turbines
- Siemens Energy AG
- Capstone Green
- GE Power
- Kawasaki Heavy Industries, Ltd.
- Solar Turbines Incorporated
Gas Turbine Market: Segmentation
Engine Type
- Turbojet
- Turbofan
- Turboprop
- Turboshaft
Rating Capacity
- Below 60 MW
- 60 MW-150 MW
- 150 MW-300 MW
- 300 MW-400 MW
- Above 400 MW
Design
- Heavy-duty Gas Turbines
- Industrial Gas Turbines
- Aeroderivative Gas Turbines
Application
- Steel Mills
- Marine
- Refineries
- Petrochemical
- Power Generation
- Others (Aircraft, Spacecraft, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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