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The global gas turbine market was valued at US$ 23.2 Billion in 2021.
We expect the global gas turbine market to exhibit a CAGR of 4% during 2022-2027.
The growing demand for uninterrupted power supply, along with the rising adoption of gas-fired
technologies owing to their high energy-efficiency, is primarily catalyzing the global gas turbine market.
The sudden outbreak of the COVID-19 pandemic had led to implementation of stringent lockdown
regulations across several nations resulting in temporary closure of numerous manufacturing units and
disrupted supply chains for gas turbine components.
Based on the technology, the global gas turbine market has been segmented into combined cycle gas
turbine and open cycle gas turbine. Currently, combined cycle gas turbine holds the majority of the total
Based on the design type, the global gas turbine market can be divided into heavy duty (frame) type and
aeroderivative type, where heavy duty (frame) type exhibits a clear dominance in the market.
Based on the rated capacity, the global gas turbine market has been categorized into above 300 MW,
120-300 MW, 40-120 MW, and less than 40 MW. Among these, above 300 MW currently accounts for
the largest market share.
Based on the end user, the global gas turbine market can be bifurcated into power generation, mobility,
oil and gas, and others. Currently, power generation exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global gas turbine market include Kawasaki Heavy Industries, Siemens,
GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax,
Zorya, Caterpillar, General Electric, Mitsubishi Heavy Industries, etc.
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