Gas turbine Market Size, Share, Growth Report 2030

Market Overview

The global Gas turbine market accounted for USD 15.9 Billion in 2020 and is expected to reach USD 22.9 Billion by 2028, growing at a CAGR of 4.2% from 2021 to 2028.

The gas turbine is an engine generally utilized at the power plant that produces electricity. It is also called a combustion engine that can transform natural gases and liquid fluids to mechanical energy.

They are accessible in sizes spanning from 500 kW (kilowatts) to 250 MW (megawatts). Previously, gas turbines were only utilized for producing electricity, but nowadays they are one of the most extensively utilized power generating technologies. Gas turbines can be utilized in several manners for the generation of electricity as well as other forms of important energy.

Siemens has launched a new SGT-800 performance development that is relevant to all prevailing SGT-800 units with ratings of 43–47.5 MW. The new update is intended to offer operators and owners with noteworthy fuel savings and a decrease in CO2 emissions for enhanced sustainable energy generation.

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COVID-19 Impact Analysis:

The power and energy industry is anticipated to experience differential impact of this rapid spreading COVID-19 on each stage of its value chain through mediums of affected workforce at industrial level, raw material supply, trade & logistics, demand–supply volatility, and uncertain consumer demand. Products and inventory levels across the industry spectrum are expected to be impacted. Key players and vendors are facing challenges in raw material supply, owing to poor logistics, traffic control, and restrictions on public movement in affected countries across the globe, which leads to supply disruptions. Trade restrictions imposed by several countries across the globe to prevent further spread of coronavirus has significantly affected global logistics and transportation, which, in turn, has impacted the Gas turbine market.

Growth Factors

Mounting efficiency and resilience of gas turbines are key factors responsible for the growth of the gas turbines market. Stringent carbon emission rules around the world are anticipated to fuel the gas turbines market growth in the coming period. Moreover, the technological advancement and low power producing price are the other factors that drive the gas turbines market growth. On the other hand, extended start-up time, low sensitivity to amendment in power demand, and lesser efficiency at ideal speed are few factors that may impede the growth of the gas turbines market.

Design Type Segment Analysis Preview

Based on Gas turbine Design Types, the market is segmented into Heavy duty and Aero-derivative. Heavy duty segment gained a major demand in the coming years. In 2015, the heavy duty type gas turbine was the governing segment due to rising digit of large gas-fired plants and the stipulation for heavy-duty gas turbines.

Rated capacity Segment Analysis Preview

By rated capacity, the market is segmented into 1 To 40 MW, 40 To 120 MW, 120 To 300 MW, and above 300 MW. 40 to 300 MW capacity segment is likely to hold the major share in the market. Gas turbines with the above capacity can be utilized in several manners for the generation of electricity as well as other forms of important energy.

Region Analysis Preview

Asia Pacific hold the major share in the market. This supremacy is mainly observed owing to the enormous population and elevated demand for electricity in this region. India and China are the most crowded nations in this region. In 2020, China alone utilized over more than 20% electricity in the world. Power production in Asia Pacific was backed by their massive amount of natural resources.

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Report Scope:

Key Market Players & Competitive Landscape

Some of key players in Gas turbine market are Siemens AG, Alstom S.A, Bharat Heavy Electricals Limited, Mitsubishi Hitachi Power Systems, General Electric Company, AnsaldoEnergia S.P.A and among others.

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The global Gas turbine market is segmented as follows:

By Design Type

• Heavy duty
• Aero-derivative

By Application

• Oil & Gas
• Power generation
• Others

By Rated Capacity

• 1 to 40 MW
• 40 to 120 MW
• 120 to 300 MW
• Above 300 MW

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa