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 Report Overview:
The report encompasses the latest revenue and trends within the Gas Turbine Market It provides an introduction to the Gas Turbine market, defining its scope, structure, and strategies for proactive and pre-planned management. The report hones in on the factors that impact the Gas Turbine Market in both positive and negative ways. Additionally, it assists in gauging the prospective growth of the Gas Turbine Market in the upcoming forecast years. The report serves as a valuable tool for shaping market strategies and understanding the contextual landscape of the Gas Turbine industry.
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Gas Turbine Market Report Scope and Research Methodology:
The primary objective of the Global Gas Turbine Market report is to deliver a comprehensive analysis of the market in accessible language for stakeholders. The research has involved segmenting the Gas Turbine market into major categories, which were further subdivided into various sub-segments. The report offers a detailed examination of drivers, opportunities, restraints, and challenges within the Gas Turbine industry, segmented both regionally and by segment.
The report on the Gas Turbine Market furnishes an exhaustive analysis, incorporating historical data, insightful perspectives, facts, and statistically validated market statistics. These statistics are based on a well-founded set of assumptions and methodologies. The collection of data for the Gas Turbine market report relied on both primary and secondary research methods. This amalgamated data was meticulously analyzed to produce precise and reliable findings.
Incorporating secondary research, the report delves into annual and financial reports of leading players, while primary research involves interviews with key opinion leaders and experts within the Gas Turbine industry, including frontline personnel, entrepreneurs, and marketing professionals. The estimation of the Gas Turbine market size was achieved through a bottom-up approach. The report employs SWOT analysis to outline the strengths and weaknesses of the Gas Turbine Market, and leverages PESTLE and PORTER analyses to outline the impacts of macroeconomic and microeconomic factors on the global Gas Turbine Market.
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.
Gas Turbine Market Regional Insights:
Geographically, the report is segmented into several key countries, with Gas Turbine market size, growth rate, import and export of Gas Turbine market in these countries, which cover North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa.
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Key Questions answered in the Gas Turbine Market Report are:
1.How has the Gas Turbine Market performed so far and how will it perform in the coming years?
2.What is the market segmentation of the global Gas Turbine Market ?
3.What is the regional breakup of the global Gas Turbine Market ?
4.What are the price trends of various feedstocks in the Gas Turbine Market industry?
5.What is the structure of the Gas Turbine Market industry and who are the key players?
6.What are the various unit operations involved in a Gas Turbine Market processing plant?
7.What is the total size of land required for setting up a Gas Turbine Market processing plant?
8.What is the layout of a Gas Turbine Market processing plant?
9.What are the machinery requirements for setting up a Gas Turbine Market processing plant?
10.What are the raw material requirements for setting up a Gas Turbine Market processing plant?
11.What are the packaging requirements for setting up a Gas Turbine Market processing plant?
12.What are the transportation requirements for setting up a Gas Turbine Market processing plant?
13.What are the utility requirements for setting up a Gas Turbine Market processing plant?
14.What are the human resource requirements for setting up a Gas Turbine Market processing plant?
15.What are the infrastructure costs for setting up a Gas Turbine Market processing plant?
16.What are the capital costs for setting up a Gas Turbine Market processing plant?
17.What are the operating costs for setting up a Gas Turbine Market processing plant?
18.What should be the pricing mechanism of the final product?
19.What will be the income and expenditures for a Gas Turbine Market processing plant?
20.What is the time required to break even?
21.What are the profit projections for setting up a Gas Turbine Market processing plant?
22.What are the key success and risk factors in the Gas Turbine Market industry?
23.What are the key regulatory procedures and requirements for setting up a Gas Turbine Market processing plant?
24.What are the key certifications required for setting up a Gas Turbine Market processing plant?
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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