Gas Turbine Market size was valued at USD 20.28 Bn. in 2023 and the total Gas Turbine revenue is expected to grow by 3.6 % from 2024 to 2030, reaching nearly USD 25.98 Bn.
Gas Turbine Market Overview:
Maximize Market Research provides a comprehensive description of Gas Turbine Market which helps to understand its feature in an optimized way. The projected statistics, significant advancements and income are all included in detail in the Gas Turbine research paper.
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Gas Turbine Market Scope:
The report encompasses both qualitative and quantitative assessments of the Gas Turbine Market, utilizing segmentation that takes into account economic and non-economic factors. It conducts a comprehensive exploration of the Gas Turbine industry from diverse angles, employing Porter's five forces analysis. Furthermore, the report sheds light on the Gas Turbine Market by tracing its journey through the value chain. Historical data and forward-looking revenue growth forecasts are presented at the country, regional, and global levels, accompanied by an analysis of market trends within each sub-segment and region.
Within the report's competitive landscape, intricate details about Gas Turbine competitors are provided. This includes a company overview, financials, revenue generation, market potential, research and development investments, new market ventures, global presence, production sites and facilities, production capacities, strengths and weaknesses, product launches, product range, application dominance, and more. The assessment of the global and regional Gas Turbine Market size was conducted using a bottom-up approach.
Gas Turbine Market Key Players:
1) General Electric Company
2) Siemens AG
3) Mitsubishi Hitachi Power Systems, Ltd.
4) Rolls-Royce Holdings plc
5) Ansaldo Energia S.p.A.
6) Solar Turbines Incorporated
7) Bharat Heavy Electricals Limited (BHEL)
8) Kawasaki Heavy Industries, Ltd.
9) Man Energy Solutions SE
10) Caterpillar Inc.
11) Harbin Electric Company Limited
12) Sulzer Ltd.
13) MTU Aero Engines AG
14) EthosEnergy Group
15) PW Power Systems, Inc.
16) NPO Saturn
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Gas Turbine Market Segmentation:
by Type
Heavy Duty
Aeroderivative
The Heavy Duty and Aeroderivative segments make up the Gas Turbine Market. Due to its low pressure, high capacity, and low cost construction that yields maximum power, the heavy-duty category leads the market. A major factor in the growing demand for heavy-duty gas turbines is the ability to achieve optimal cycle efficiency at a low cost of investment due to the turbine's small size. It is anticipated that the business environment will be driven by the continuous breakthroughs in technology efficiency, flexibility, and dependability. The aero-derivative segment is anticipated to grow at an 8.1% CAGR throughout the forecast period. It is constructed around aviation gas turbines, also referred to as aircraft engines. It weighs less than a large-duty engine, starts up quicker, and is simpler to install.
by Technology
Open cycle
Combined cycle
There are two segments in the gas turbine market: mixed cycle and open cycle. With the highest revenue (78%), combined cycle technology is predicted to continue to dominate the market. They reduce transmission and distribution losses and require less fuel to produce the necessary energy output. Combined cycle turbines have efficiencies ranging from 60 to 80% due to their exceptional efficiency and user-friendliness. In addition to this increasing need, the technology is bolstered by stringent laws governing coal plants, cheap gas, and the integration of renewable energy sources. The combined cycle power plant offers a variety of renewable energy output and is a useful addition to solar and wind power due to its rapid start and stop capabilities. The growth is primarily attributable to proximity and effective waste heat use.
by Power Rating
Below 40
40-120
120-300
Above 300
Below 40 MW, 40-120 MW, 120-300 MW, and beyond 300 MW are the market segments. Turbines with power ratings between 120 and 300 MW are frequently used for power generation and are anticipated to rule the market. The rise is ascribed to growing urbanization, which raises power consumption and product demand. The main factor driving demand is the switch from coal-fired to gas-fired power plants. The lower-size turbines also help with operation and maintenance, which is a major motivator.
by Application
Power generation
Oil & gas
Aerospace
Process plants
The market for gas turbine services is divided into categories such as process plants, power generation, oil and gas, marine, and aerospace. The power utility industry is anticipated to lead the worldwide market throughout the forecast period. In many power-generating units, the replacement of conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that predominantly use natural gas as fuel as gas exploration intensifies. The Energy Information Administration (EIA) estimates that natural gas supplies roughly 25% of the nation's electricity, with coal providing over 40% of the total. By the end of, more than 49 GW of coal-fired power units had been shut down.
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Regional Analysis:
Each regional Gas Turbine market sector is thoroughly investigated to determine its current and future growth prospects. This helps clients to grow their businesses. The Gas Turbine market report covers all five regions and their country-wise distribution. Their market size and trends are also included in the Gas Turbine report.
Key Questions answered in the Gas Turbine Market Report are:
- What was the Gas Turbine market size in 2024?
- What are the global trends in the Gas Turbine Market?
- What are the upcoming industry applications and trends for the Gas Turbine Market?
- What are the factors contributing to the final price of Gas Turbine ?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Gas Turbine Market?
- How is the intervention from regulatory authority shaping the Gas Turbine Market?
- What growth strategies are the players considering to increase their presence in Gas Turbine ?
- Who are the leading players in Gas Turbine Market?
- What are the major challenges that the Gas Turbine Market could face in the future?
- Which region held the largest Gas Turbine market share?
Key Offerings:
- A detailed Analysis of the Market Overview
- Market Share, Size & Forecast by Revenue | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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