Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy Duty and Aeroderivative), End User (Power Generation, Oil & Gas), Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, above 300 MW), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Gas Turbine Market Overview
The global gas turbine Market size is projected to reach a CAGR of 5.3% from 2022-2028.
Gas turbine is a mechanical device, which harnesses energy from working fluid or gas by utilizing its kinetic energy or potential energy. These turbines run on brayton cycle, which is equipped with a heater, compressor, turbine, and cooler. The working fluid undergoes thermodynamic process where the system converts mechanical/heat energy into rotating energy, which, in turn, produces the electricity as output.
Rapid technological advancements in the energy sector coupled with increase in focus toward distributed power generation technology, are some of the factors that have supported long-term expansion for Gas Turbine Market.
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The pandemic is estimated to have an impact on various factors of the value chain of the gas turbine market. The electric power generation market declined, and the mechanical drive market declined, which was a grim year all around the world, as the COVID-19 pandemic killed millions and cratered economies.
Gas Turbine Market Regional Analysis
Asia Pacific dominated the global gas turbine market, in terms of value. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market's growth.
Gas Turbine Market Competitive Landscape
Key Players
- Siemens AG
- Mitsubishi Heavy Industries Ltd
- General Electric Company
- Kawasaki Heavy Industries Ltd
- Wartsila Oyj Abp
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Gas Turbine Market Recent Developments
- In October 2019, GE launched 7HA.03, the newest version of its HA gas turbine, to power FPL's Dania Beach Clean Energy Center in Fort Lauderdale, Florida.
- In June 2021, OPRA Turbines signed an agreement with Quanta. This partnership enabled Quanta to become a reseller for OPRA Turbines in the offshore oil & gas segment in the North Sea region.
Reasons to Acquire in the Gas Turbine Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Gas Turbine Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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