The latest report published by the famous market research company, Value Market Research states that the Global Gas Turbine Market was valued at 19.5 BN in 2019 and is estimated to reach 25.6 BN by 2026 with a CAGR of 4% within the forecasted period from 2020 to 2026. The rise in electricity demand from the manufacturing and industrial sector is one of the factors driving the growth of the gas turbine market globally. Besides, the use of gas turbines in oil & gas, aerospace and driving tanks and the policies offered by the government are further contributing to the market growth.
A gas turbine is a continuous combustion engine that utilizes a mixture of pressurized gas as a source of energy in order to generate electricity. The potential energy of the pressured and compressed gas is converted into kinetic energy by the turbine blades. Gas turbines are generally used in applications such as power generation and transportation.
The report “Global Gas Turbine Market Report By Technology (Open Cycle And Combined Cycle), By Application (Power Generation, Oil & Gas, And Other Industrial Applications), By Design (Heavy Duty Type And Aeroderivative Type), By Rated Capacity (Above 300MV, 120-300MV, 40-120MV And Less Than 40MV) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026” covers the major market trends, factors driving the growth of the market, key players of the market and the potential growth opportunities.
By technology, open cycle and combined cycle are the classifications of the global gas turbine market.
By application, power generation and oil & gas are the segments of the global gas turbine market.
Heavy duty type and aeroderivative are the classifications by design of the global gas turbine market where heavy duty turbines dominated this classification owing to the wide adoption in simple cycle plants for better performance and flexible operation. Besides, the heavy-duty turbines are reliable and have a large size, lower pressure ratio and higher airflow thus making it more widely used in comparison to the aeroderivative type.
By rated capacity, above 300 MV, 120-300 MV, 40-120 MV and less than 40 MV are the classifications of the global gas turbine market out of which the 120-300 MV has led this classification owing to an ideal electricity generation capacity range for manufacturing, complex processing and end-use industries. The usage of the 120 MV in combine cycle gas turbine plant and combined heat and power plant is also a reason for fuelling the growth of this segment.
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are the segments on the basis of geography of the global gas turbine market Europe and Asia-Pacific led this segment together owing to the growing population, rise in investment for electricity generation and robust industrialization.
The Report Segments Global Gas Turbine Market -
By Rated Capacity
Players Profiled In the Report:
Ansaldo, BHEL, Centrax, GE, Harbin Electric, Kawasaki Heavy Industries, MAN Diesel, MHPS, OPRA, Siemens, Solar Turbines, Vericor Power and Zorya
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