Gas Turbine Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Gas Turbine Market Size Worth $30.08 Billion By 2025 | CAGR: 4.8%�
The global gas turbine market size is projected to reach USD 30.08 billion by 2025, according to a new report by Grand View Research, Inc., witnessing a CAGR of 4.8% during the forecast period. The market is expected to be driven by increasing pressure from international agencies to reduce carbon footprint, along with low shale gas prices. Incentives provided by regional governments to gas-based power generation companies to combat increasing carbon footprints are likely to drive market growth. Gas turbines witnessed a distinctive increase in 2015, hinting a change in policies by power generators to capitalize on low gas prices. Some of the largest gas turbine shipments are estimated to be heading toward Latin America, U.S., and Europe. However, Asia Pacific will likely exhibit the fastest growth rate in the foreseeable future. Post 2016, steam turbine orders are picking up as well, mimicking the trend in gas turbines, owing to rising CHP installations across the globe. Combined cycle power generation is the most efficient form of technology to generate electricity. This technology segment also accounts for the largest share in the gas turbine market.
Gas power production in Asia Pacific is still at a nascent stage, but with aggressive development programs undertaken by the regional governments to improve gas infrastructure, the r egion is slated to witness rapid growth. India is also increasing its focus on the use of cleaner resources. In January 2017, Siemens and Marubeni announced plans to build a 1,200 MW combined cycle power plant in Thailand. In 2015, the company sold approximately 18 models of SGT-800 industrial gas turbines to Thailand. Six of these turbines had a capacity of 53 MW each, while the capacity of the remaining twelve units was 50.5 MW each. The units were intended to be installed in nine combined cycle cogenerat ion power plants with a total installed electrical capacity of 1100 MW.
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