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According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global gas turbine market size reached US$ 23.2 Billion in 2021. A gas turbine refers to an internal combustion (IC) engine that creates electricity by using natural gases and liquid fuels, like propane, fuel oil and kerosene. As compared to other alternatives, gas turbines offer several benefits, including a high power-to-weight ratio, low operational cost, lesser pollutants and more compact sizes. The electricity produced by gas turbines is generally used for powering heavy machinery, such as aircraft, ships, trains, electrical generators, pumps and tanks.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Gas Turbine Market Trends
The increasing demand for uninterrupted electricity supply and widescale adoption of heating, ventilating, and air conditioning (HVAC) systems are among the major factors driving the growth of the global gas turbine market. Moreover, rising concerns about the environmental impact of the existing power generation technologies are fueling the demand for high quality gas turbines across the globe as they help to significantly decrease carbon emissions. Also, market players are investing heavily in research and development (R&D) activities to improve the overall performance of gas turbines, which is driving the market growth further. For instance, General Electric (GE) Power announced the launch of 9HA units, which enable cost-effective fuel-to-electricity conversion. Looking forward, the market is projected to reach US$ 29.3 Billion by 2027, expanding at a CAGR of 4% during 2022-2027.
Market Summary:
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