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Gas Turbine Market Driven By Switching Of Coal-Based Power Plants With Gas-Based Power Plants | CAGR 6.8% | Grand View Research, Inc.

Gas Turbine Market Driven By Switching Of Coal-Based Power Plants With Gas-Based Power Plants | CAGR 6.8% | Grand View Research, Inc.
"Grand View Research, Inc. – Market Research And Consulting."
According to a new report published by Grand View Research, the execution of various climate change initiatives along with regulations to cut down GHG emissions is expected to lead to a surge in the demand for gas turbines over the forecast period.

The global gas turbine market size is projected to reach USD 35.02 billion by 2028, registering a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. The growing urbanization is triggering the development in the building & construction as well as cement sectors.

The projected growth in end-user industries is estimated to trigger the growth of the overall market. Key Original Equipment Manufacturers (OEMs), including Siemens Energy and General Electric, are expanding their distribution, operations, and after-sales facilities worldwide to boost the >200 MW capacity segment over the projected period. The power & utility segment is projected to experience growth in demand owing to the rising need for electricity across the globe.

Furthermore, most of the major countries worldwide are expected to switch to gas-based power generation from coal-based power generation due to a rise in environmental concerns. High energy loss resulting in lower efficiencies is expected to be a major factor affecting the growth of the open cycle technology segment. Even though these systems require less space, unfavorable environmental conditions significantly affect their component efficiency, thus lowering the overall system efficiency compared to combined-cycle units.

However, open cycle technologies are being preferred by some industrial end-users, so a rise in industrial activities in the forecast period will boost the growth of open cycle technology in the forecast period. The rising population is a major factor significantly impacting the power generation market in the Europe region. Growth in population and GDP are projected to attract various end-use industry players looking to expand their consumer base.

The major end users for gas turbines in Europe include power generation, oil & gas, mobility, petrochemicals, food processing, and pulp & paper. The market in Europe is likely to observe slow growth owing to factors, such as stalled industrial output affected by the Covid-19 pandemic, the debt crisis, and growing unemployment. However, a positive outlook across Eastern Europe, in terms of consumerism and manufacturing, is expected to drive the market in the future. 

Gas Turbine Market Report Highlights

 In 2020, the power & utility emerged as the largest application segment and accounted for over 85% share of the global revenue

Increasing investments and new installations are resulting in the rising share of distributed power in the global energy mix hence propelling the market growth

The >200 MW capacity segment is poised to register the fastest CAGR of over 7% from 2021 to 2028, owing to the growing electricity generation activities across the world

In 2020, the open cycle application segment accounted for the highest revenue share of the overall market.

Saudi Arabia is among the major end users in the MEA region due to the strong presence of gas turbine providers in the country, which are working on enhancing their market share.

 

For Requesting a Sample Copy Please Visit @ https://www.grandviewresearch.com/industry-analysis/gas-turbine-market/request/rs15

 

Gas Turbine Market Segmentation

Grand View Research has segmented the global gas turbine market on the basis of capacity, technology, end-use, and region:

Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2016 - 2028)    

• ≤200 MW     

• >200 MW

Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2016 - 2028)    

• Open Cycle     

• Combined Cycle

Gas Turbine End-use Outlook (Volume, MW; Revenue, USD Million, 2016 - 2028)    

• Power & Utility     

• Industrial

Gas Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2016 - 2028)     

North America        

  • The U.S.     

• Europe         

  • Russia     

• Asia Pacific         

  • China         

  • India         

  • Japan     

• Central and South America     

• Middle East & Africa         

  • Saudi Arabia         

  • Egypt

List of Key Players of Gas Turbine Market     

General Electric     

Siemens Energy     

Mitsubishi Power, Ltd.     

Kawasaki Heavy Industries, Ltd.     

Ansaldo Energia     

Bharat Heavy Electricals Ltd.     

MAN Energy Solutions

 

Fill the Pre-Order Enquiry Form for the Report @ https://www.grandviewresearch.com/inquiry/3291/ibb

 

Browse Related Reports:

Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (300 MW), By End Use (Power & Utility, Industrial), By Region, And Segment Forecasts, 2020 - 2027.

 

Wind Turbine Casting Market Analysis By Type (Horizontal Axis, Vertical Axis), By Application (Onshore, Offshore), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2018 - 2025.

 

About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

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