According to the latest report by IMARC Group, titled "Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global gas turbine market size reached US$ 24.3 Billion in 2022. A gas turbine refers to internal combustion (IC) engine that uses a high-pressure gas stream to turn a turbine and produce mechanical power. It is designed to use various fuels, such as natural gas, diesel, and biofuels. It works via an upstream rotating compressor, a downstream turbine, and a combustion chamber that compresses the atmospheric air. It offers a high power-to-weight ratio, low operational cost, lesser pollutants, and more compact sizes as compared to other alternatives. It is utilized for powering heavy machinery, such as aircraft, ships, trains, electrical generators, pumps, and tanks. It is also used as a backup power source during power outages or other emergency situations.
Global Gas Turbine Market Trends:
The surging electricity consumption and power generation around the world represent one of the major factors driving the demand for gas turbines to minimize instances of power failures. Moreover, rapid urbanization, expanding global population, and rising investments in the development of smart cities by governing agencies of numerous countries are increasing the application of gas turbines in industrial, commercial, and residential areas. In addition, the growing adoption of heating, ventilating, and air conditioning (HVAC) systems is influencing the market positively. Apart from this, gas turbines are employed in the aerospace industry to power aircraft engines and maintain high power output at high altitudes and ensure the safety of passengers and crew. This, coupled with the increasing number of air passengers worldwide and the rising focus on improving the safety and performance of aircraft, is propelling the growth of the market. Furthermore, the growing number of offshore and onshore exploratory activities for conventional and non-conventional energy resources and considerable growth in the oil and gas industry are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 32.5 Billion by 2028, exhibiting a CAGR of 3.7% during 2023-2028.
- On the basis of the technology, the market has been bifurcated into combined cycle gas turbine and open cycle gas turbine. At present, combined cycle gas turbine holds the largest market share.
- Based on the design type, the market has been divided into heavy duty (frame) type and aeroderivative type. Presently, heavy duty (frame) exhibits a clear dominance in the market.
- On the basis of the rated capacity, the market has been categorized into above 300 MW, 120-300 MW, 40-120 MW, and less than 40 MW. Above 300 MW currently accounts for the biggest market share.
- Based on the end user, the market has been segregated into power generation, mobility, oil and gas, and others. Power generation currently represented the biggest market segment.
- Based on the region, the market has been divided into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific enjoys the leading position in the market.
- 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 the key players include Kawasaki Heavy Industries, Siemens, GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax, Zorya, Caterpillar, General Electric, and Mitsubishi Heavy Industries.
|Base Year of the Analysis
||Technology, Design Type, Rated Capacity, End-User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Kawasaki Heavy Industries, Siemens, GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax, Zorya, Caterpillar, General Electric and Mitsubishi Heavy Industries
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