LONDON--(BUSINESS WIRE)--The global gas turbine market is expected to register an incremental growth of USD 2.44 billion, witnessing a CAGR of almost 2% during 2020-2024, according to the latest market research analysis by Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the gas turbine market in optimistic, probable, and pessimistic forecast scenarios.
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Amid the COVID-19 Crisis, the Revaluated and Updated Gas Turbine Market Report Says:
- The gas turbine market will witness a Negative and Inferior impact during the forecast period owing to the extensive rise of the COVID-19 pandemic.
- Due to the extensive spread of the virus across the globe, the Industrials industry is anticipated to have Negative and Indirect impact
- Furthermore, as per Technavio’s pandemic-focused research highlights, the market demand will show At Par growth due to the increase in infections and reduced economic activity.
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Gas Turbine Market Segmentation and Competitive Analysis
Gas turbine market is segmented by end-user (power generation, mobility, oil and gas, and others), technology (CCGT and OCGT), product (heavy-duty gas turbine and aero-derivative gas turbine), and geography (APAC, Europe, MEA, North America, and South America). Development of GTCC and IGCC technologies has been an instrumental factor in influencing the growth of gas turbine market. Other market drivers include enhanced efficiency and robustness of gas turbines and the growth of the distributed power generation base.
The market is fragmented. The report analyzes the market’s competitive landscape and offers information on several market vendors, including Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG. Moreover, Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
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- Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
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- The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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