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.
- On the basis of technology, the market has been bifurcated into combined cycle and open cycle gas turbines, wherein combined cycle gas turbines represent the most dominant segment.
- Based on the design type, the heavy duty (frame) type holds majority of the market share, followed by the aeroderivative type.
- On the basis of the rated capacity, the market has been divided into above 300 MW, 120-300 MW, 40-120 MW, less than 40 MW.
- Based on the end user, the market has been categorized into power generation, mobility, oil and gas, and others. Amongst these, power generation accounts for the majority of the total market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with the detailed profiles of the key players operating in the market. Some of these 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.
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