Gas Turbine Market by Product, End-user, Technology, and Geography — Forecast and Analysis 2020–2024
The gas turbine market size has the potential to grow by USD 2.44 billion during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (heavy-duty gas turbine and aero-derivative gas turbine), end-user (power generation, mobility, oil and gas, and others), technology (CCGT and OCGT), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It 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.
The enhanced efficiency and robustness of gas turbines is one of the significant factors that will drive the gas turbine market growth. The implementation of strict carbon emission regulations has encouraged gas turbine manufacturers to invest heavily in the development of high-efficiency gas turbines. Additionally, manufacturers are also focusing on the development of robust turbines that offer the flexibility of fuel, operate at elevated temperatures, and eliminate turbines failures. These advancements will have a significant impact on the growth of the gas turbine market during the forecast period.
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The growing need for reducing carbon emissions led to the development of gas turbine combined cycle (GTCC) and integrated coal gasification combined cycle (IGCC) technologies, one of the vital gas turbine market trends. New GTCC power plants offer 60% efficiency and reduce carbon dioxide and atmospheric pollutant emissions. As a result of such factors, the gas turbine market will register a CAGR of almost 2% during the forecast period.
