New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Gas Turbine Market Research Report Information By Capacity, Region, and Technology – Market Forecast Till 2030”, the gas turbines market is projected to flourish substantially during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 6.2%. The reports further predict the market to attain a valuation of around USD 25.08 Billion by the end of 2030. As per the analysis, the market was worth about USD 13.80 Billion in 2021.
Gas Turbine Market Overview:
A gas turbine, a combustion turbine, refers to a continuous-flow internal combustion engine. The primary components common to all gas turbine engines make the power-producing part and are in the flow direction. The global market for gas turbines has grown immensely in recent years. The primary aspect supporting the expansion of the market is the rapid growth in power demand. Furthermore, the aggressive pursuit of gas-based power generation is also anticipated to impact the market's development over the coming years positively.
Competitive Analysis
The catalog for the leading players across the global market for gas turbines includes participants such as:
- General Electric (U.S.)
- Bharat Heavy Electricals Limited. (India)
- Siemens (Germany)
- Ansaldo Energia, (Italy)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Rolls-Royce Holdings plc. (U.K)
- Alstom S.A (France)
- Harbin Electric Company Limited. (China)
- Kawasaki Heavy Industries Ltd. (Japan)
- Among others.
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Gas Turbine Market USP Covered
Market Drivers
The global market for gas turbines has grown immensely in the last few years. The primary aspect supporting the expansion of the market is the rapid growth in power demand.
Market Restraints
On the other hand, the lack of awareness regarding the benefits of these turbines is projected to hamper the performance of the market. Furthermore, initial capital investments are also likely to impact the market's performance over the assessment era negatively.
Gas Turbine Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 25.08 Billion |
| CAGR during 2022-2030 | 6.2% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Revamp in electricity generation infrastructure to aggressively pursue gas-based power generation |
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COVID-19 Impact
The global health hazard in the form of COVID-19 has had an immense influence on the majority of the end-use industry sectors. Seeing the fast spread of the infectious disease, various governments unveiled restricted or complete lockdowns for a relatively long time. Accordingly, industry procedures were stopped, and some companies shut down. The gas turbine market encountered several unexpected disputes during the pandemic due to the sharp fall in demand for vehicles and the compulsory travel restrictions. On the other hand, with the rapid vaccination rates and all the global industrial companies returning to normal, the market is projected to observe sizable expansion over the estimated timeframe.
Gas Turbine Market Segment Analysis
Among all the capacity ranges, the above 200 MW segment secured the top spot across the global market for gas turbines in the year 2021 with a maximum share of approximately 67%. The main aspect supporting the development of the segment is the rising shift from coal to gas-based power plants. The smaller capacity, up to 200 MW, offers easy operation and maintenance and is likely to catalyze the demand for these systems across the global market.
Among all the technologies, the open cycle segment is predicted to ensure dominance across the global market for gas turbines over the review era. The main parameter supporting the development of the segment is the lower warm-up time of these open cycles. Furthermore, aspects such as less dependency on cooling water, quick start, quick start, operational versatility, and lightweight and compact size are projected to impact the segment's development over the coming years positively.
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Gas Turbine Market Regional Analysis
The global gas turbine market is analyzed across five major geographies: Latin America, North America, Asia-Pacific, Europe, and the Middle East & Africa.
The MRFR research documents suggest that the Asia-Pacific region is ensured to dominate the global market for gas turbines over the review era. The growing population across the region is the primary parameter supporting the development of the regional market. Furthermore, rapid urbanization is also considered a crucial aspect catalyzing the development of the regional market over the review era. The region is known for the easy availability of raw materials and labor at low cost, which is predicted to impact the regional market performance over the assessment period positively. These opportunities attract several new businesses to the market to expand their business.
The North American regional market for gas turbines is anticipated to showcase substantial development over the assessment period. The region has the U.S. as the leading growth contributor. The shale gas reserve and the development of new mining and extraction technologies are the primary growth drivers for the regional gas turbine market. Furthermore, the regional market has recently observed a significant reduction in costs of gas extraction, which in turn is also anticipated to have a positive impact on the expansion of the regional market. Moreover, the large-scale commissioning of gas-based power across the region is also projected to boost the regional market's development over the review era. The oil & gas companies generate shale gas on a commercial scale using high-end technologies in completion techniques such as drilling techniques and multistage hydraulic fracturing.
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The Middle East & African regional market for gas turbines is anticipated to exhibit significant development over the coming years, given mainly to the strong presence of gas turbine suppliers across the nation, such as Saudi Arabia.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
