The Global Gas Turbine Market size is projected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2024-30. According to MarkNtel Advisors Study.
Global Gas Turbine Market Driver:
Increasing Electricity Demand – In fact, one of the key factors propelling the growth of the Global Gas Turbine Market is rising electricity demand. Population growth, economic expansion, and industrialization all contribute to an increase in the need for electricity. Because they are a flexible and effective method of producing electricity, gas turbines are growing in popularity.
One of the most effective kinds of power plants accessible is the gas turbine. Compared to other types of power plants, including coal-fired facilities, they have an efficiency of over 50% in converting the fuel’s energy into electricity. In addition, gas turbines produce fewer carbon emissions than other kinds of power plants, like coal-fired ones. Because of this, gas turbines are the most popular means of supplying the growing need for power, which is expected to boost the market size during the forecast period.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Global Gas Turbine Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2030
- By Technology
- Open Cycle – Market Size & Forecast 2019-2030F, USD Million
- Combined Cycle – Market Size & Forecast 2019-2030F, USD Million
- By Design Type
- Heavy Duty- Market Size & Forecast 2019-2030F, USD Million
- Aero-derivative- Market Size & Forecast 2019-2030F, USD Million
- By Rating Capacity
- 1-40 MW- Market Size & Forecast 2019-2030F, USD Million
- 41- 120 MW- Market Size & Forecast 2019-2030F, USD Million
- 121- 300 MW- Market Size & Forecast 2019-2030F, USD Million
- Above 300 MW- Market Size & Forecast 2019-2030F, USD Million
- By End User
- Industrial Power Generation- Market Size & Forecast 2019-2030F, USD Million
- Oil & Space- Market Size & Forecast 2019-2030F, USD Million
- Municipality- Market Size & Forecast 2019-2030F, USD Million
- Other Industries (Manufacturing, Aerospace, etc.)- Market Size & Forecast 2019-2030F, USD Million
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Ansaldo Energia, Bharat Heavy Electricals Limited, Capestone Green Energy Corporation, Caterpillar Inc. (Solar Turbines Incorporated), General Electric, Harbin Electric Corporation, IHI Corporation, Kawasaki Heavy Industries. Ltd. , Mitsubishi Heavy Industries Ltd., Siemens Energy, Rolls-Royce Plc, Destinus Energy, MTU Aero Engines, Centrax Gas Turbine, Others are looking forward to strengthening their market positions.
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We follow a tried-and-tested research methodology that blends top-down and bottom-up approaches to deliver highly accurate market insights. Every report is powered by data triangulation, ensuring well-rounded and validated findings.
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