The need for uninterrupted electric supply is growing because of the worldwide rise in population and rapid industrialization. The increasing need of reliable electric supply and subsequent investment in producing new generating capacity, high productivity & low carbon discharge features of natural gas-fired power plants, and new shale gas exploration will drive the growth of gas turbine market.
The gas turbine market in the Asia-Pacific region is expected to grow the fastest during the forecast period.The rapid industrialization, urbanization, and fast economic growth in the countries such as India and China will drive the market for gas turbines. Gas Turbine market is expected to grow over the CAGR of around 4% during the period 2017 to 2023
The key players of global gas turbine markets are
- General Electric (U.S.),
- Siemens AG (Germany),
- Mitsubishi Heavy Industries Ltd. (Japan),
- Alstom S.A (France),
- Kawasaki Heavy Industries, Ltd. (Japan),
- Bharat Heavy Electricals Limited. (India),
- Ansaldo Energia, (Italy),
- Rolls-Royce Holdings plc. (U.K),
- Harbin Electric Company Limited. (China),
- MAN Diesel & Turbo. (Germany),
- Vericor Power Systems. (Georgia)
- Solar Turbines Incorporated. (U.S.A).
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Scope of the Report
This study provides an overview of the global gas turbine market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global gas turbine market by its product type, capacity, by application, technology and by regions.
By Product Type
- Heavy Duty
- ≤ 70MW
- 70-300 MW
- ≥ 300 MW
- Open Cycle
- Combined Cycle
- Gas & Oil
- Power Generation
- North America
- Asia Pacific
- Rest of the World
The market has been analyzed based on product type, capacity, technology, application and regions. On the basis of product type, the heavy duty segment is expected to dominate the market for gas turbines. The rise in the number of large gas-fired power plants that utilize heavy duty gas turbines drives the growth of heavy duty gas turbine. The heavy duty gas turbine coupled with combined cycle operation provides an optimum output of around 300MW.
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Industrial applications market is growing at the highest rate in the Gas Turbines market from 2017-2023.
Industrial gas turbine market currently holds more than half of the total share of volume of gas turbine and is expected to dominate the market in forecast period and the growing attention towards the replacement of conventional coal-fired power plant with viable natural gas-fired power plants will enhance the industrial gas turbine market in forecast period.
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