The latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global gas turbine market reached a value of US$ 23.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.3 Billion by 2027, exhibiting at a CAGR of 4% during 2022-2027.
Gas Turbine Market Overview:
Gas turbines are internal combustion (IC) engines that convert the heat produced by natural gases and liquid fuels into mechanical energy that is provided to power generators that produce electricity to be used in various sectors, including industrial and residential. These engines can be divided into two kinds, namely heavy-duty frame and aero-derivative types. Gas turbines operate through an upstream rotating compressor, a combustion chamber that compresses the atmospheric air, and a downstream turbine. They can utilize fuels, such as synthetic and natural gas. Gas turbines are used to power heavy machines, including aircraft, tanks, ships, trains, pumps, electrical generators, etc. As a result, they find widespread applications in power generation, mobility, oil and gas, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Gas Turbine Market Trends:
The escalating demand for uninterrupted power supply, on account of the growing population and the expanding industrial sector, is among the primary factors driving the gas turbine market. Besides this, the development of advanced engines by leading market players that offer enhanced flexibility in fuel usage, eliminate failures, and can operate at raised temperatures is further augmenting the market growth. Apart from this, the increasing investments by key manufacturers in research and development (R&D) activities to develop cost-effective electricity generation options are also catalyzing the global market. Moreover, the shifting preferences from conventionally-used technologies to IC technologies across industry verticals is expected to propel the gas turbine market in the coming years.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Kawasaki Heavy Industries
- Harbin Electric
- MAN Diesel
- Solar Turbines
- Vericor Power
- General Electric
- Mitsubishi Heavy Industries
Key Market Segmentation Breakup by:
- Above 300 MW
- 120-300 MW
- 40-120 MW
- Less Than 40 MW
- Combined Cycle Gas Turbine
- Open Cycle Gas Turbine
- Heavy Duty (Frame) Type
- Aeroderivative Type
- Power Generation
- Oil and Gas
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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