According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global gas turbine market reached a value of US$ 21 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.1% during 2021-2026. A gas […]
Global Gas Turbine Market Trends and Forecast 2021-2026
According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global gas turbine market reached a value of US$ 21 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.1% during 2021-2026.
A gas turbine is an internal combustion (IC) engine that generates mechanical energy by using the heat produced by liquid fuels and natural gases. It runs through a downstream turbine, an upstream rotating compressor, and a combustion chamber that compresses the atmospheric air. It offers numerous benefits, including lesser pollutants, low operational cost, and a high power-to-weight ratio as compared to its counterparts. At present, the electricity generated by gas turbines is mainly used in powering heavy machineries, such as ships, trains, pumps, tanks, aircraft, and electrical generators.
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.
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Global Gas Turbine Market Trends:
Due to rapid urbanization and increasing reliance on electrical appliances, there is a considerable rise in the need for an uninterrupted power supply. This represents one of the key factors propelling the growth of the market. Moreover, the growing utilization of heating, ventilating, and air conditioning (HVAC) systems is driving the market. Furthermore, leading key players are funding research and development (R&D) projects to introduce turbines that eliminate turbine failures, operate at elevated temperatures, and provide the flexibility of fuel usage. These innovations are projected to create a lucrative market outlook.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Kawasaki Heavy Industries
- Siemens
- GE
- MHPS
- Ansaldo
- Harbin Electric
- OPRA
- MAN Diesel
- Solar Turbines
- Vericor Power
- BHEL
- Centrax
- Zorya
- Caterpillar
- General Electric
- Mitsubishi Heavy Industries
Breakup by Rated Capacity:
- Above 300 MW
- 120-300 MW
- 40-120 MW
- Less Than 40 MW
Breakup by Technology:
- Combined Cycle Gas Turbine
- Open Cycle Gas Turbine
Breakup by Design Type:
- Heavy Duty (Frame) Type
- Aeroderivative Type
Breakup by End-User:
- Power Generation
- Mobility
- Oil and Gas
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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