Gas Turbine Market 2019: Global Industry Growth, Share, Size, Region and Forecast Till 2024

Global Gas Turbine Market Research Report and Forecast

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Global Gas Turbine Market Overview: According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024�, the global gas turbine market size is expanding at a steady rate. Gas turbine refers to a type of internal combustion (IC) engine that generates electric current by converting natural gases and liquid fuels like kerosene, propane or fuel oil into mechanical energy. These turbines have a relatively lower operational cost as compared to other alternatives. They are also extremely durable and efficient while having less operational failure and downtime. Apart from this, these turbines offer high speed, which results in quicker power generation and provides better service in minimal time. As a result, these turbines are widely utilized in industrial processes for mechanical drives, propulsion systems, and automobiles for supercharging systems.

Gas Turbine Market Trends The rising demand for electricity from across the globe is one of the major factors spurring the growth of the market. With extreme global climatic conditions and changing lifestyles, the adoption rates of heating, ventilation and air conditioning (HVAC) system are escalating which, in turn, is increasing the consumption of power.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Million US$

in Million US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Since gas turbines significantly reduce carbon emissions, they have emerged as an environmentfriendly alternative. Furthermore, manufacturers are continually investing in research and development (R&D) activities to improve the efficiency of the turbines. For instance, General Electric (GE) Power has announced its 9HA units which will enable the conversion of fuel to electricity at a cost-effective rate. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 4% during 2019-2024.

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Additionally, developing economies are constantly in the requirement of uninterrupted power supply, which has led to the rising demand for gas turbines across these countries. Moreover, growing concerns regarding the adverse environmental effects of traditionally used power generation technologies have provided a thrust to the market growth.

Key Market Segmentation: Market Segmentation by Technology • •

Combined Cycle Gas Turbine Open Cycle Gas Turbine

On the basis of the technology, the market has been bifurcated into combined cycle and open cycle gas turbines, wherein combined cycle gas turbine is the most dominant segment.

Market Segmentation by Design Type • •

Heavy Duty (Frame) Type Aeroderivative Type

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Based on the design type, the heavy duty (frame) type holds the majority of the market share, followed by the aeroderivative type.

Market Segmentation by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.

Market Segmentation by Rated Capacity • • •

Above 300 MW 120-300 MW 40-120 MW

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Less Than 40 MW

On the basis of the rated capacity, the market has been divided into above 300 MW, 120-300 MW, 40120 MW, less than 40 MW. Market Segmentation by End-User • • • •

Power Generation Mobility Oil and Gas Others

Based on the end user, the market has been categorized into power generation, mobility, oil and gas, and others. Amongst these, power generation accounts for the majority of the total market share.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

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Kawasaki Heavy Industries Siemens GE MHPS Ansaldo Harbin Electric OPRA MAN Diesel Solar Turbines Vericor Power BHEL Centrax Zorya Caterpillar General Electric Mitsubishi Heavy Industries

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