According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global gas turbine market size is expanding at a steady rate. Gas turbine refers to a type of internal combustion (IC) engine that generates electric current by converting natural gases and liquid fuels like kerosene, propane or fuel oil into mechanical energy. These turbines have a relatively lower operational cost as compared to other alternatives. They are also extremely durable and efficient while having less operational failure and downtime. Apart from this, these turbines offer high speed, which results in quicker power generation and provides better service in minimal time. As a result, these turbines are widely utilized in industrial processes for mechanical drives, propulsion systems, and automobiles for supercharging systems.
Global Gas Turbine Market Trends:
The rising demand for electricity from across the globe is one of the major factors spurring the growth of the market. With extreme global climatic conditions and changing lifestyles, the adoption rates of heating, ventilation and air conditioning (HVAC) system are escalating which, in turn, is increasing the consumption of power. Additionally, developing economies are constantly in the requirement of uninterrupted power supply, which has led to the rising demand for gas turbines across these countries. Moreover, growing concerns regarding the adverse environmental effects of traditionally used power generation technologies have provided a thrust to the market growth. Since gas turbines significantly reduce carbon emissions, they have emerged as an environment-friendly alternative. Furthermore, manufacturers are continually investing in research and development (R&D) activities to improve the efficiency of the turbines. For instance, General Electric (GE) Power has announced its 9HA units which will enable the conversion of fuel to electricity at a cost-effective rate. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 4% during 2019-2024.
- On the basis of the technology, the market has been bifurcated into combined cycle and open cycle gas turbines, wherein combined cycle gas turbine is the most dominant segment.
- Based on the design type, the heavy duty (frame) type holds the 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 including 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal