The global Gas turbine market size and shares accounted for USD 15.9 Billion in 2020 and are expected USD 22.9 Billion by 2028
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.
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.
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.
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.
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.
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.
Report Attributes | Report Details |
---|---|
Report Name | Gas turbine Market Research Survey Report |
Market Size in 2020 | USD 15.9 Billion |
Market Forecast by 2028 | USD 22.9 Billion |
Compound Annual Growth Rate | CAGR of 4.2% |
Number of Pages | 125 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | Siemens AG, Alstom S.A, Bharat Heavy Electricals Limited, Mitsubishi Hitachi Power Systems, General Electric Company, AnsaldoEnergia S.P.A and among others |
Segments Covered | By Design Type, By Rated Capacity, By Application, By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
Countries Covered | North America: U.S and Canada Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile The Middle East And Africa: South Africa, GCC, Rest of MEA |
Base Year | 2020 |
Historical Year | 2016 - 2020 |
Forecast Year | 2021 - 2028 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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.
By Design Type
By Application
By Rated Capacity
FrequentlyAsked Questions
The global Gas turbine market was valued at USD 15.9 Billion in 2020.
The global Gas turbine market is expected to reach USD 22.9 Billion by 2028
Some of the key factors driving the global Gas turbine market growth are mounting efficiency and resilience of gas turbine, and stringent carbon emission rules around the world.
Of all the regional segments of the worldwide gas turbines market, the leading share in the overall market was held by Asia Pacific in 2015. 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.
Some of the major companies operating 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.
The CAGR value of 4.2% of the Gas turbine market by Forecast 2021- 2028
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