PUNE, India, Jan. 11, 2021 (GLOBE NEWSWIRE) -- The Global Gas Turbines Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Gas Turbines Market was valued at US$ 18 billion in 2019 and is expected to grow at a CAGR of 4% through 2030. Gas turbines are primarily used for power generation across the globe owing to high power generation capacity and operational efficiency delivered by gas turbines. Gas turbines are also used for generation of mechanical drive required for industrial applications across heavy industrial applications. Government initiatives to promote adoption of low carbon emitting power generation and declining price of shale are key factors contributing towards the growth of the global gas turbine market. Increased investment in development of captive power plants across expanding industrial infrastructure is expected to drive the growth of the global gas turbine market during the forecast period. However, the increased adoption of renewable power generation technologies across the globe is anticipated to impede the growth of the global gas turbine market during the forecast period.
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High power generation efficiency offered by combined cycle gas turbines to drive the market in coming years
The global gas turbines market is segmented on the basis of technology, design type, power capacity, applications, and geography. Based on technology, the global gas turbines market is segmented into open cycle gas turbines and combined cycle gas turbines. The combined cycle gas turbine segment contributed a dominating share to the global gas turbine market in 2019 and is anticipated to be a dominating segment during the forecast period. The combined cycle gas turbines are highly efficient and produce more power per unit consumption of fuel, thus are witnessing increased adoption across industrial applications. Along with power generation applications, combined gas turbines are used across industries to generate mechanical drive which is another factor fueling the demand for combined cycle gas turbines.
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Rising demand for localized power generation and increasing number of captive power plants to drive the growth of market
Based on application, the global gas turbines market is segmented into power generation, aviation, and others. The power generation application segment of gas turbines contributed the largest share to the global market in 2019 and is anticipated to witness prominent growth during the forecast period. The gas turbines are primarily used across upstream oil operation to generate power using locally available fuels, thereby witnessing increased demand. The demand from heavy industries and increasing number of captive power plants are expected to drive the growth of gas turbines across power generation applications. The aviation application segment of gas turbines is anticipated to witness steady growth during the forecast period.
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Based on geography, the global gas turbines market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global market in 2019 owing to strong demand from new power infrastructure and replacement activities across existing power generation plants. Middle East & Africa contributed a prominent share to the global gas turbine market owing to strong dependence on gas fired power generation across major countries. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to rising demand from expanding power generation infrastructure across emerging countries. Expanding industrial infrastructure across leading countries in Asia is expected to fuel the growth of captive power plants, thereby driving the growth of Asia Pacific gas turbines market during the forecast period.
Major players active in the global gas turbines market include Ansaldo Energia S.P.A., Bharat Heavy Electricals Limited, General Electric Company, Kawasaki Heavy Industries, Ltd., Man Diesel & Turbo SE, Mitsubishi Hitachi Power Systems, Ltd., Opra Turbines B.V., Siemens AG, and Solar Turbines Incorporated.
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