Portland, OR, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global gas turbine market was estimated at $18.5 billion in 2020 and is expected to hit $25.4 billion by 2030, registering a CAGR of 3.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for natural gas-fired power plants, emergence of efficient power generation technology, reduction in emission of carbon dioxide, impact of shale gas, and growing aviation industry across the globe drive the Gas Turbine Market. On the other hand, volatility in natural gas price and shifting focus toward renewable energy impede the growth to some extent. However, increasing trend of distributed power generation is projected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Lockdown impositions across the world led to halted production activities, which in turn gave way to decline in demand for oil & gas from several verticals, which affected the global gas turbine market.
- Nevertheless, government bodies in different countries have eased off the existing regulations, and the market is projected to recoup soon.
The global gas turbine market is analyzed across technology, design type, rating capacity, application, and region. Based on technology, the combined cycle segment held the major share in 2020, garnering nearly two-thirds of the total market. The same segment would also cite the fastest CAGR of 3.6% during the forecast period.
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By design type, the heavy duty segment accounted for more than two-thirds of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The aero-derivative segment, on the other hand, would grow at the fastest CAGR of 3.9% from 2021 to 2030.
Based on region, the market Asia-Pacific contributed to the major share in 2020, holding more than two-fifths of the global gas turbine market. North America, however, would grow at the fastest CAGR by 3.9% from 2021 to 2030.
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The key market players analyzed in the global gas turbine market report include BayerischeMotoren Werke AG (BMW) (Rolls-Royce Motor Cars Limited), Capstone Green Energy, Caterpillar Inc. (Solar Turbines Incorporated), General Electric Company, Harbin Electric Company Limited, IHI Corporation, Wartsila, Kawasaki Heavy Industries Ltd., Mitsubishi Hitachi Power Systems, Ltd. (MHPS), Ansaldo Energia, Siemens AG, Bharat Heavy Electricals Limited, MTU Aero Engines (Vericor Power Systems), Volkswagen Group (MAN Energy Solutions).These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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