Global Gas Turbine Market Expected to Reach US$ 13.43 Bn by 2027: Industry Probe
According to a new market report published by Industry Probe, the global gas turbine market is expected to expand at a CAGR of 4.0% from 2019 to 2027 and reach US$ 13.43 Bn by 2027.
New York, NY -- (ReleaseWire) -- 08/04/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Gas Turbine Market (Type: Aeroderivative and Heavy Duty Gas Turbine; Output Range: 1 to 40 MW, 40 MW to 120 MW, and 120 MW and Above; Fuel Type: Diesel Fuel, Heavy Fuel, Dual Fuel, and Natural Gas; Application: Power Generation, Mechanical Drive, and Others) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027' the global gas turbine market is expected to expand at a CAGR of 4.0% from 2019 to 2027 and reach US$ 13.43 Bn by 2027.
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As per the report, Asia Pacific held prominent share in the global gas turbine market in 2018 followed by North America and Europe. The Asia Pacific market is anticipated to show good growth opportunities for manufacturers of gas turbines during the forecast period. Global gas turbine market is majorly driven by advanced technologies, which boost generation efficiency, ongoing development of suitable gas infrastructure, and climate change commitments. Asia Pacific, a region with economic growth and high population is thereby anticipated to drive the demand for gas turbines. Owing to growing concerns over air pollution, the power generation industry is shifting toward increasing use of natural gas. The growing use of natural gas is projected to boost the gas turbine market in the world during the forecast period. Power generation and oil & gas industries are the major consumers of gas turbines in the world. Demand for electricity is increasing rapidly in the developing countries due to increasing population, growing middle class, and industrial growth, which is also projected to propel the gas turbine market.
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Along with the driving factors propelling the growth of the gas turbine market, the report mentions some of the challenging factors that may hinder the growth of the market during the forecast period. The report states that the average cost of gas turbines is around US$ 1,100/kW of power generated. Along with procurement of gas turbines, buyers have to spend a major amount on periodic maintenance. For a long time, gas turbine OEM companies such as GE, MHPS, and Siemens offered long-term service agreements for the duration of its usable life. However, the power generation industry is looking for alternatives to reduce the procurement cost beyond its warranty period. High procurement costs are making it difficult for middle-scale and small-scale buyers to procure gas turbines as these buyers operate on a low-profit-margin. High procurement cost is expected to hamper market growth during forecast period.
The report Industry Probe has segmented the global gas turbine market in terms of type, fuel type, application and region. Based on region, Asia Pacific holds major share of the global gas turbine market, followed by North America. Asia Pacific gas turbine market would be propelled by the growing development of large-scale gas fueled power generating plants. Owing to the presence of large manufacturing sector and robust industrialization, Asia Pacific is one of the fastest growing region in the world. Additionally, Asia Pacific requires alternative power generating sources to meet the growing energy requirement from the expansion of manufacturing sector. The incorporation of gas turbine would not only help to cater the growing energy demand, but also would aid in the industrial development, further strengthening the market outlook.
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The gas turbine market is dominated by several players who are focused on the development of new types to cater to the changing consumer preferences.
The report includes the below mentioned pointers of major players operating in the gas turbine market:
- Competition Matrix
- Company Overview
- Market Share Analysis (2018)
- Product Innovation
- Business Strategies / Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
Some of the prominent players profiled in this report to give a better competitive analysis of the global gas turbine market include General Electric, Siemens, Mitsubishi Hitachi Power Systems, Ltd, Ansaldo Energia, Kawasaki Heavy Industries, Ltd, Capstone Turbine Corporation, MAN Energy Solutions, OPRA Turbines, Caterpillar, and Centrax Gas Turbines.
About Industry Probe
Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprise syndicated research, strategic consulting & advisory services, competitive intelligence, and full-time engagement to bring true & actionable insights into our clients' business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.
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