Gas Turbine Market Size Estimated to Flourish at USD 29.44 billion by 2027
Category: #business  By Partha Ray  Date: 2020-06-23
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Gas Turbine Market Size Estimated to Flourish at USD 29.44 billion by 2027

As per the report titled ‘Gas Turbine Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Capacity; Application; and Geography’, available with Market Study Report LLC, global gas turbine market surpassed USD 21.01 billion in 2018 and is projected to accumulate over USD 29.44 billion by the year 2027, expanding with a CAGR of 3.9% throughout.

Increasing energy demand across the globe, growth of manufacturing industries, and rising concerns regarding environment are the major factors driving the growth of global gas turbine market.

Notably, gas turbine is an internal combustion engine which produces mechanical energy by burning natural gas or other liquid fuels. These engines comprise of combustion chambers where a mixture of fuel and air is heated at extremely high temperature, thereby expanding gases to spin the turbine blades. High power to weight ratio, low operating pressure, high power rating, and lower carbon emission in comparison to its counterparts are the key benefits encouraging the adoption of gas turbines.

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Based on application spectrum, power generation segment held majority share of global gas turbine market in 2018. Widespread adoption of gas turbines in power production facilities is supporting the segment growth. As per the working principle, mechanical energy produced by the spinning of turbine blades drives the generator to output electrical energy. This electrical energy is then supplied to residential and commercial establishment via power lines. The eco-friendly characteristics of gas turbines is boosting the product adoption across power generation industries.

As per the regional analysis, North America dominated the global gas turbine market in 2018 and is expected to record substantial growth over the forecast period. The regional growth can be attributed to the development and expansion of power generation plants in the US and Canada, owing to decline in shale gas cost and increasing environmental norms & policies imposed by the government for reducing carbon footprint. Apart from this, surging energy demand particularly from manufacturing plants and other related industries, along with low costs associated with gas turbine power generation and technological advancements are supporting the industry expansion in North America.

Major players operating in global gas turbine market are Bharat Heavy Electricals Limited (BHEL), Wärtsilä Corporation, Solar Turbines Incorporated, Siemens AG, Mitsubishi Hitachi Power Systems, Ltd., Man Energy Solutions, Kawasaki Heavy Industries, Ltd., Harbin Electric Company Limited, General Electric Company, and Ansaldo Energia S.p.A.

Questions & Answers: Global Gas Turbine Market

Q1: What are the key growth indicators of global gas turbine market?

A: Increasing energy demand across the globe, growth of manufacturing industries, and rising concerns regarding environment are the major factors driving the growth of global gas turbine market.

Q2: How will North America emerge as a leading contributor for global gas turbine market?

A: Development and expansion of power generation plants in the US and Canada, owing to decline in shale gas cost and increasing environmental norms & policies imposed by the government for reducing carbon footprint, is drafting a favorable scenario for gas turbine market in North America.

Q3: Which companies boast of strong presence in global gas turbine market?

A: Prominent industry players include Bharat Heavy Electricals Limited (BHEL), Wärtsilä Corporation, Solar Turbines Incorporated, Siemens AG, Mitsubishi Hitachi Power Systems, Ltd., Man Energy Solutions, Kawasaki Heavy Industries, Ltd., and Harbin Electric Company Limited among others.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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