The Gas Turbine Market research report includes a thorough analysis of the market drivers, restraints, threats, and opportunities while it also addresses the lucrative investment options for the market players in the coming years. A team involved in creating this market report has kept certain things into focus that include the minds of target markets, feelings, preferences, attitudes, convictions and value systems. The market size, revenue generated from the sales and technologies by various application segments are also evaluated in the reliable Gas Turbine Market report. Estimates at a global as well as regional level are offered by the analysts.
The large scale Gas Turbine Market report compiles comprehensive intelligence studies that explore almost every aspect of the global market. With a formalized and managerial approach, it has been assured that all the above mentioned factors are understood well and explored neatly in the report. The data and information is extensively researched and analyzed in the report to guide market players to improve their business planning and ensure long-term success. The world class Gas Turbine Market report also endows with the complete overview of the market that deals with the various aspects such as product definition, market segmentation, and the prevailing vendor landscape.
Data Bridge Market Research analyses that the global gas turbine market, which was USD 17.50 billion in 2022, is expected to reach USD 70.89 billion by 2030, growing at a CAGR of 19.11% from 2023 to 2030.
Definition
A gas turbine is an engine that heats the mixture of fuel and outside air at a very high temperature to achieve mechanical energy through spinning turbine blades. It consists of a combustor, an upstream rotating gas processor, and a downstream turbine on the same shaft as a compressor. These turbines actively replace the oil-fired and traditional-fired turbines in terms of functioning.
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Key Growth Drivers:
Rising demand for electricity
The growing industrialization and increasing use of clean electricity is the vital factor driving the market's growth over the forecasted period. The rising economic developments and activities have led to the rising demand for electrical appliances globally. According to the Ministry of Statistics and Program Implementation Government of India, energy production from utilities increased from 13,03,493 GWh TO 13,71,091 GWh in recent years, registering an annual growth of about 5.24%. All these innovations and enhanced production factors will propel the market's growth.
Increasing expansion of end-use industries
The expansion of end-use industries, coupled with the increase in urbanization and population, will further propel the growth rate of the gas turbine market. Additionally, the rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.
The report emphasizes the participation of key entities, notably:
- Wärtsilä (Finland)
- MAN Energy Solutions (Germany)
- Siemens (Germany)
- General Electric (U.S.)
- Kawasaki Heavy Industries, Ltd. (Japan)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- Harbin Electric Corporation co.,Ltd (China)
- Bharat Heavy Electricals Limited (India)
- Solar Turbines Incorporated (U.S.)
- Capstone Green Energy Corporation (U.S.)
- VERICOR (U.S.)
- Ansaldo Energia (Italy)
- OPRA Turbines (Netherlands)
- Cryostar (France)
- Rolls-Royce plc (U.K.)
- Hindustan Aeronautics Limited (India)
Key Market Perspectives:
- Thorough examination of prevailing market tendencies
- Updates on the latest product advancements and innovations
- Gas turbine market's Compound Annual Growth Rate (CAGR) for both historic and forecasted years
- Strategies and activities of prominent players and brands in the field
- Insights into the industry landscape for emerging participants
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Key Market Segmentation
Capacity (<50KW, 50KW to 500 KW, >500KW to 1MW, >1MW to 30MW, >30MW to 70MW, >70MW to 200MW, >200MW), Product (Auto-Derivative, Heavy Duty), Technology (Open Cycle, Combined Cycle), Applications (Power Plants, Oil and Gas, Process Plants, Aviation, Marine, Others)
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