The GMI Research forecasts that the Gas Turbine Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the execution of various climate change initiatives along with regulations to cut down GHG emissions.
Introduction of the Gas Turbine Market
A gas turbine is an engine, which helps to heat a mixture of fuel and outside air at a very high temperature create mechanical energy through spinning the turbine blades. The mechanical energy drives a generator and produces electrical energy. These systems are primarily used for power generation.
Key Players of the Global Gas Turbine Market:
- GENERAL ELECTRIC
- Mitsubishi Power, Ltd.
- Siemens Energy
- Ansaldo Energia
- Centrax Gas Turbines
- Kawasaki Heavy Industries, Ltd.
- Bharat Heavy Electricals Limited
- Solar Turbines Incorporated
- OPRA Turbines
- MAN Energy Solutions
Gas Turbine Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The prominent drivers supplementing the growth of the global gas turbine market include the switch from coal-based power creation towards gas-based sources and various advantages such as less operational cost, more power density with a lower discharge. In addition, the augmenting demand for electricity led by accelerating population and increasing focus on infrastructural development has further strengthened the gas turbine market size. The report published by the International Energy Agency’s Global Energy and CO2 Status in 2018 illustrates that the coal-fired power generating plants is the biggest contributors to the emission, which has increased by 2.9% from 2017. Moreover, the surging support by government agencies for sophisticated technologies with a motive to reduce carbon dioxide discharge further contributes to the market growth. The U.S. Department of Energy launched clean energy research, development, demonstration, & deployment (RDD&D) to bring progress in the U.S. climate and energy goals. According to the Energy Information Administration, natural gas is the biggest source for electricity generation in the U.S. for 2019, totaling 38% share in the U.S. power generation. However, the escalating share of renewables in the electricity mix and the lack of suitable gas infrastructure will hamper gas turbine industry growth.
Gas Turbine Market Segmentation:
Segmentation by Technology
- Open cycle
- Combined Cycle
Segmentation by End-Use
- Power & Utility
- Industrial
Segmentation by Capacity
- 50 to <100 MW
- 100 to <150 MW
- 150 to <250 MW
- 250 to <500 MW
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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