Market Research Report
Gas Turbine Market Size By Capacity, By Product, By Technology, By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028
|Gas Turbine Market Size By Capacity, By Product, By Technology, By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028|
Published: April 21, 2022
Global Market Insights Inc.
Content info: 605 Pages
Delivery time: 2-3 business days
The gas turbine market is poised to expand at a rapid rate by 2028 due to the robust technological advancements across the energy sector and an augmenting emphasis towards distributed power generation technologies. Additionally, rising world government initiatives to switch to gas for efficient energy optimization is anticipated to further drive growth of the industry over the forecast timeline.
Recently, there has been a rising demand for clean energy to curb greenhouse emissions and avert a climate crisis. Rapid industrialization and urbanization, along with rising use of electrical appliances, has escalated the demand for electricity in the developed countries, which has propelled the adoption of natural gas power plants.
Over the years, many industry leaders and market players have engaged in mergers and acquisitions to expand their geographical reach and boost sales. For instance, in 2021, Quanta collaborated with OPRA Turbines to foray into the North Sea offshore oil and gas industry. Under the agreement, Quanta supposedly became an official reseller for the turbine firm in the offshore gas and oil segment.
Overall, the gas turbine market has been bifurcated in terms of capacity, product, technology, application, and regional landscape.
On the basis of capacity, the market has been classified into ≤ 50 kW, > 50 kW to 500 kW, > 500 kW to 1 MW, > 1 MW to 30 MW, > 30 MW to 70 MW, > 70 MW to 200 MW and > 200 MW.
Among these, the ≤ 50 kW segment is projected to grow at a robust pace during the analysis timeframe owing to a rising energy demand throughout developing nations and the rapidly growing acceptance of renewables in comparison to conventional fuels.
The > 500 kW to 1 MW segment is speculated to observe tremendous growth because of the mounting inclination toward combined cycle power generation plants as they offer high efficiency, and reliability while ensuing efficient operational performance.
Furthermore, the > 30 MW to 70 MW segment is poised to reach a sizable valuation over the forecast period, primarily driven by the increasing availability of financial subsidies coupled with rising energy optimization efforts.
With reference to application, the gas turbine market has been divided into oil and gas, power plants, process plants, marine, and aviation. The marine segment is likely to grow at a CAGR of approximately 6.9% by 2028, positively contributing towards the market expansion.
From the regional standpoint, the Latin America gas turbine market is poised to contribute to the business growth of the market owing to the high and easy accessibility of raw materials. Meanwhile, ongoing integration of technologically advanced gas turbines would also be augmenting regional market growth.