Gas Turbine Market Size is expected to reach at USD 39.2 Billion by 2030, registering a CAGR of 5.1%, Owing to Rising Demand for Electrically Globally

TOKYO, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The Global Gas Turbine Market Size accounted for USD 25.5 Billion in 2021 and is estimated to achieve a market size of USD 39.2 Billion by 2030 growing at a CAGR of 5.1% from 2022 to 2030.

Gas Turbine Market Statistics

• Global gas turbine market revenue was worth USD 25.5 billion in 2021, with a 5.1% CAGR from 2022 to 2030
• Asia-Pacific region was accounted 11% of gas turbine market share in 2021
• North America gas turbine market growth is expected to expand at a CAGR of 5.8% from 2022 to 2030
• By capacity, the >200 MW segment capture over 63.9% of total market share in 2021
• Growing concerns for GHG emission, drives the gas turbine market value
  

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Gas Turbine Market Report Coverage:

Gas Turbine Market Overview

A gas turbine is an internal combustion engine that comprises a downstream turbine with the same axis as the compressors, upstream spinning gas compressors, and a combustor. A gas-powered turbine utilizes natural gas rather than coal, which is projected to increase its popularity. It can use natural gas turbines to completely replace oil-fired & gas-fired power facilities. The increasing application of the systems in various modes in essential sectors such as oil and gas, process plants, power generation, aerospace, as well as residential and smaller linked businesses, is expected to drive the industry's growth.

Gas Turbine Market Trends and Strategies

Motivating factors provided by local governments to gas-powered power generation organizations to combat rising carbon footprints would most likely promote showcasing development. Gas turbines showed a significant increase in 2015, suggesting a shift in power providers' plans to capitalize on reduced gas prices. The vast majority of gas turbine deliveries are expected to head to Latin America, the United States, and Europe. In any event, Asia-Pacific is expected to grow at the fastest rate in the next years.

Following 2016, steam turbines were effectively implemented, mirroring the trend in gas turbines, owing to increased CHP facilities around the world. Combined cycle power generation is the most efficient way to generate electricity. This innovation segment also represents the largest offer in the gas turbine market growth.

Gas power generation in the Asia-Pacific region is still in its early stages, but with aggressive advancement programs embraced by territorial authorities to strengthen the gas foundation, the region is expected to grow rapidly. India is also increasing its emphasis on the use of cleaner resources.

In January 2017, Siemens & Marubeni confirmed the project to build a 1,200 MW combined cycle power facility in Thailand. In 2015, the organization delivered around 18 SGT-800 contemporary gas turbine types to Thailand. Six of these turbines had a limit of 53 MW each, while the remaining twelve units had a limit of 50.5 MW each. The devices were to be installed in nine combined cycle cogeneration plants treated with a total installed electrical capacity of 1100 MW.

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Gas Turbine Market Segmentation                

The global gas turbine market has been segmented by Acumen Research and Consulting based on capacity, technology, and application. By capacity, the segment is separated into >200 MW and ≤200 MW. According to the gas turbine market forecast, the >200 MW category is predicted to develop significantly in the next years.

In terms of technology, the market is categorized into open cycle, and combined cycle. Moreover, the market is split into aviation, power generation, and industrial, based on the application.

Gas Turbine Market Regional Overview        

Based on the region, the worldwide gas turbine market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a gas turbine industry report, the North America and Europe region is predicted to grow significantly in the market over the next few years. This increase is due to the region's largest supply of power stations being decommissioned. This is because the majority of power plants are in the second phase of their life span. Air pollution hardware from various factories in Europe that had not been updated was scheduled to be shut down by 2015. A possible substitution showcase was created by maturing boundaries and authoritative activities. In terms of orders and capacity increases, MEA is expected to be the second largest market. In 2021, this region was valued at more than USD 5,000 million. The growing preference for gas-fired combined cycle plants in the territorial oil and gas industry can be attributed to increased demand.

Central and South America are also lucrative markets for clean energy. Brazil has been continuously ensuring cogeneration since 1990, resulting in more than 1,200 MW of on-site or on-site gas-terminated volume. The most visible markets in the region are Brazil, Peru, Chile, and Uruguay. Growth in green power projects in emerging markets creates a strong development opportunity for gas and steam turbines. Along with the growing interest in renewable energy sources for electric power, many countries in this region have pledged to reduce GHG emissions. These characteristics must have a significant impact on the market.

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Gas Turbine Market Players

Some of the prominent gas turbine market companies are Gas turbine are Zorya-Mashproekt, General Electric, Siemens AG, Wartsila, Mitsubishi Hitachi Power Systems, BHEL, Kawasaki Heavy Industries, Harbin Electric International Company, NPO Saturn, Cryostar, Capstone Turbine, Man Diesel & Turbo, Vericor Power Systems, Solar Turbines, and Opra Turbines.        

Questions Answered By This Report

• What was the market size of Gas Turbine Market in 2021?
• What will be the CAGR of Gas Turbine Market during the forecast period from 2022 to 2030?
• Who are the major players in Global Gas Turbine Market?
• Which region held the largest share in Gas Turbine Market in 2021?
• What are the key market drivers of Gas Turbine Market?
• Who is the largest end user Gas Turbine Market?
• What will be the Gas Turbine Market value in 2030?
  

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