Maximize Market Research, a Global Business Consultancy, Launches the Highly Anticipated Gas Turbine Market Report
Market Values: Maximize Market Research, renowned for serving large and medium-sized enterprises worldwide, announces the release of its eagerly awaited "Gas Turbine Market" Report. With a global presence spanning 34 countries, the report provides valuable insights for industry players and stakeholders.
Global Gas Turbine Market size was valued at USD 20.28 Bn. in 2023 and the total Gas Turbine revenue is expected to grow by 3.6 % from 2024 to 2030, reaching nearly USD 25.98 Bn.
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Manufacturers in the Gas Turbine Market Putting money into R&D Gas turbine manufacturers are investing heavily in the development of high-efficiency gas turbines due to the increasing demand for efficient turbines worldwide. The Power and Water division of GENERAL ELECTRIC's 9HA/7HA series CCGT is one instance of a gas turbine with increased efficiency standards. The global market is anticipated to expand more than 3% CAGR over the forecast period as a consequence of gas turbine manufacturers placing a greater emphasis on producing technologically robust products. Leading gas turbine manufacturers are always creating and incorporating new technologies into their products, such the integrated coal gasification combined cycle (IGCC) and gas turbine combined cycle (GTCC), in order to stay competitive in this quickly growing market.
Globally, there is a growing need for electricity due to factors including increased urbanisation and infrastructural development. In developing nations, industrialization is gaining traction. The emergence of smart building and smart city initiatives in numerous countries has led to a rise in the need for power. Both the public and commercial sectors increase the capacity of power plants to meet the growing demand for energy by either constructing new facilities or enlarging already-existing ones. Due to their efficiency and environmental friendliness, these turbines are frequently employed in projects. Tough pollution regulations enforced by governments have also forced businesses to convert a large number of their turbines to gas-powered counterparts. This feature will therefore probably encourage market growth in the upcoming years.
Gas Turbine Market Research Methods and Report Scope
Report Scope: The report underscores the Asia Pacific region's immense potential as a lucrative opportunity for the Gas Turbine market and its component manufacturers over the next decade. Notably, the market has demonstrated resilience and an upward trend post the Covid lockdown period, even amid economic challenges. The report delves into the promising prospects and opportunities in the Asia Pacific region for the Gas Turbine market in the coming years.
Research Methods : Market experts anticipate a steady rise in the Gas Turbine market between 2022 and 2030. Leading industry players are expected to take aggressive measures to fuel sector growth through 2022. The report covers import and export consumption, supply and demand chain, costs, shares, sales volumes, revenues, and gross profits in the Gas Turbine market. It also analyzes manufacturing bases, capacity, production, factory prices, revenues, and market share for each manufacturer. The report explores countries (regions) such as the United States, Canada, Mexico, Germany, France, the United Kingdom, Russia, Italy, China, Japan, South Korea, India, Southeast Asia, Australia, Brazil, and Saudi Arabia.
Gas Turbine Market Segmentation
by Type
Heavy Duty
Aeroderivative
The Gas Turbine Market is Divided Into Heavy Duty and Aeroderivative Based on Type. Due to its low pressure, high capacity, and low cost construction that yields maximum power, the heavy-duty category leads the market. A major factor in the growing demand for heavy-duty gas turbines is the ability to achieve optimal cycle efficiency at a low cost of investment due to the turbine's small size. It is anticipated that the business environment will be driven by the continuous breakthroughs in technology efficiency, flexibility, and dependability. The aero-derivative segment is anticipated to grow at an 8.1% CAGR throughout the forecast period. It is constructed around aviation gas turbines, also referred to as aircraft engines. It weighs less than a large-duty engine, starts up quicker, and is simpler to install.
by Technology
Open cycle
Combined cycle
The gas turbine market is divided into open cycle and mixed cycle segments based on technology. With the highest revenue (78%), combined cycle technology is predicted to continue to dominate the market. They reduce transmission and distribution losses and require less fuel to produce the necessary energy output. Combined cycle turbines have efficiencies ranging from 60 to 80% due to their exceptional efficiency and user-friendliness. In addition to this increasing need, the technology is bolstered by stringent laws governing coal plants, cheap gas, and the integration of renewable energy sources. The combined cycle power plant offers a variety of renewable energy output and is a useful addition to solar and wind power due to its rapid start and stop capabilities.
by Power Rating
Below 40
40-120
120-300
Above 300
by Application
Power generation
Oil & gas
Aerospace
Process plants
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Gas Turbine Market Key Players
1) General Electric Company 2) Siemens AG 3) Mitsubishi Hitachi Power Systems, Ltd. 4) Rolls-Royce Holdings plc 5) Ansaldo Energia S.p.A. 6) Solar Turbines Incorporated 7) Bharat Heavy Electricals Limited (BHEL) 8) Kawasaki Heavy Industries, Ltd. 9) Man Energy Solutions SE 10) Caterpillar Inc. 11) Harbin Electric Company Limited 12) Sulzer Ltd. 13) MTU Aero Engines AG 14) EthosEnergy Group 15) PW Power Systems, Inc.
Table of content for the Gas Turbine Market includes:
Part 01: Executive Summary
Part 02: Scope of the Gas Turbine Market Report
Part 03: Global Gas Turbine Market Landscape
Part 04: Global Gas Turbine Market Sizing
Part 05: Global Gas Turbine Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Regional Analysis
The Gas Turbine market report offers an extensive regional analysis across Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. It delves into key geographies, highlighting segments and sub-segments within the industry. The report presents figures, revenue data, and a thorough analysis of the business chain structure, providing insights into opportunities and industry news. Businesses can gain a profound understanding of market dynamics, enabling informed decisions and capitalizing on emerging prospects.
Key Questions answered in the Gas Turbine Market Report are:
- What is Gas Turbine Market?
- What is the forecast period of the Gas Turbine Market?
- What is the competitive scenario of the Gas Turbine market?
- Which region held the largest market share in the Gas Turbine Market?
- What are the opportunities for the Gas Turbine Market?
- What are the restraining factors in the Gas Turbine market?
- Who are the key players of the Gas Turbine market?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2030
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Gas Turbine#
- Landscape- Leading key players and other prominent key players.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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