Future of the Global Gas Turbine Market – Growth, Latest Trend & Forecast 2025
According to a new report published by Reports Monitor titled, “Gas Turbine Market By Product, Technology & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the gas turbine market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. Asia-Pacific region dominates the gas turbine market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
The gas turbine is the engine which produces electric current. The gas turbine is the heart of the power plant. A gas turbine is a type of continuous combustion, internal combustion engine which has three main components. They are as: an upstream rotating gas compressor, a downstream turbine on the same shaft, and a combustion chamber or area, called a combustor. The use of fourth component is frequently made to increase efficiency, to convert power into mechanical or electric form and to achieve greater power. A gas turbine is also called a combustion turbine. The basic operation of the gas turbine is a Brayton cycle where air is the working fluid.
The purpose of the gas turbine determines the design so that the most desirable split of energy between the thrust and the shaft work is achieved. Gas turbines are open systems; they do not use the same air again.
The gas turbine market is driven by rising demand for electricity as well as continuous demand for natural gas-fired power plants. Innovation in efficient power generation technology boosts the growth rate of gas turbine market globally. Added into that, the positive and useful impact of shale gas will facilitate the gas turbine market. Increase in trends of distributed power generation creates great opportunities for this market. Also, it can be used as an option to phase out nuclear & coal plants. However, the main challenge for gas turbine market will be the shifting focus towards renewable energy.
However, the fluctuating prices of natural gas hinder the market growth of gas turbine market.
Asia Pacific region is leading the highest market share in gas turbine market across the globe followed by Europe and North American countries. While Japan held majority market share for gas turbine market in Asia-Pacific region. China and India are projected to grow more in upcoming years due to urbanization, industrialization and infrastructure development.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• What trends, barriers, challenges are influencing its growth?
• Who are the major key players in global gas turbine market and what are their strategies?
• Which vertical industry is expected to show major growth?
• What segment and region will lead the market and why?
The major companies profiled in the report include: Bharat Heavy Electricals Limited, General Electric, Kawasaki Heavy Industries, Ltd., MAN Diesel & Turbo, Mitsubishi Hitachi Power Systems, Ltd., MTU Aero Engines, Siemens AG, Solar Turbines, Sulzer, and Wood Group.
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