DUBLIN--(BUSINESS WIRE)--The "Gas Turbine Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Capacity; Application; and Geography" report has been added to ResearchAndMarkets.com's offering.
The gas turbine market was valued at US$ 21,015.97 million in 2018 and is projected to reach US$ 29,447.30 million by 2027; it is expected to grow at a CAGR of 3.9% from 2019 to 2027.
Gas Turbine is an internal combustion engine containing combustion chambers, which releases expanding gases that drive the blades of a turbine. The gas turbine converts natural gas and other liquids into mechanical energy. This energy fuels generators to produce electrical energy. There are various advantages associated with gas turbines, such as high power to weight ratio and low operations pressure. Despite being small in size, the gas turbines possess a high power rating. They reduce carbon emissions and release fewer emissions into the air compared to other engines.
Based on application, the gas turbine market is segmented into power generation, oil and gas, and Industrial. The power generation segment accounted for the largest share of the market in 2018. The gas turbines are one of the most widely used technologies deployed in the production of power. A gas turbine is used for converting the liquid fuels or natural gas that is fed to it, into mechanical energy. This mechanical energy further drives the generator to produce electrical energy. The electrical energy is then supplied to homes and businesses via power lines.
The gas turbine heats up a mixture of air and fuel at extremely high temperatures that result in the spinning of turbine blades. These spinning blades in turn drive the generator to produce power. One must not ignore that it is the production of hot gas during fuel combustion and not the fuel itself that spins the turbine blades. The environment friendly properties of gas turbines of using natural gas and producing less gas pollution has favored the power generation segment of gas turbine market worldwide.
Geographically, the gas turbine market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global market in 2018, followed by Europe. The growth of the market in North Americas primarily attributed to rapid growth in the power generation industry in this region. Additionally, the growth of the gas turbine market in this region is primarily attributed to increasing environmental regulations enforced by the government to reduce the rate of carbon footprint along with low shale prices.
A rapid rise in energy demand, especially from manufacturing plants and other related industrial establishments, is further expected to fuel the market growth. Besides this, swift developments in the power generation sector in leading countries such as the US and Canada boosts the demand for gas turbines in the North America region. Low costs related to power generation and technological advancements are also expected to boost the growth of the gas turbine market in the North American region.
Reasons to Buy:
- Highlights key business priorities to assist companies realign their business strategies.
- Featureskey findings and crucial progressive industry trends in the global gas turbine market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well askey market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
- Replacement of coal and nuclear driven turbines by gas turbines
- An upsurge in the demand for electricity
- The interdependencies between gas and electricity sectors
- Increase in the trend for distributed power generation
- Changing trends in electricity consumption and growth in aviation industry to Favour gas turbine market
- General Electric Company
- Harbin Electric Company Limited
- Kawasaki Heavy Industries, Ltd
- Man Energy Solutions
- Mitsubishi Hitachi Power Systems, Ltd.
- Siemens AG'
- Solar Turbines Incorporated
- Wrtsil Corporation
- Bharat Heavy Electricals Limited (BHEL)
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