The global gas turbine market size is
expected to reach USD 30.08 billion by 2025, according to a new report by Grand
View Research, Inc. The increasing availability of natural gas for power
generation, expanding oil & gas industry, awareness regarding flexible
resources for energy production based on renewable energy sources are some of
the key factors expected to play a significant role in propelling the global
demand.
Even though the demand for
natural gas as a fuel for new capacity additions is fast catching up, its
limited availability is expected to pose a significant challenge. Geopolitical
issues are another major factor, which is likely to affect the natural gas
supply.
Turbines with capacity ≤200 MW
are likely to maintain the highest market share due to rising demand for flexible
power generating units and rapidly growing oil & gas industry. Easily
available financing prospects for small power plants are another factor
supporting the growth of low capacity turbines.
The market is consolidated with
top five market players accounting for over 65% market share. Being a mature
market, market participants focus on post-sales services to remain competitive.
Mergers and acquisition is a key strategy implemented. One such example is the
acquisition of Alstom’s power and grid business by GE.
Browse full research report on Gas Turbine Market: http://www.grandviewresearch.com/industry-analysis/gas-turbine-market
Further key findings from the report suggest:
- The global gas turbine market demand was over
60,000MW in 2015 and is expected to grow at an estimated CAGR of 4.3% from
2016 to 2025
- Power generation was the largest application segment
in 2015 and is likely to continue the trend during the forecast period
- Due to Fukushima nuclear disaster, Japanese
government is now focusing on R&D for combined cycle power plant
- Iraq government tied up with General Electric to set
up 3,000MW gas power plant
- Asia Pacific is expected to grow at a CAGR of 5.4% in
terms of revenue over the forecast period and is expected to be the
fastest growing region
- Europe is expected to grow at an estimated CAGR of
4.9% in terms of revenue from 2016 to 2025
- Major players operating in the global gas turbine
market include General Electric Company, Siemens AG, Kawasaki Heavy
Industries, Ltd., Ansaldo Energia S.P.A., Bharat Heavy Electricals
Limited, Opra Turbines B.V., Solar Turbines Incorporated, etc.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the global gas turbine
market on the basis of capacity, technology, application and region:
Capacity Outlook (Capacity, Mega Watts; Revenue, USD
Million, 2014 - 2025)
- ≤200
MW
- >200
MW
Technology Outlook (Capacity, Mega Watts; Revenue, USD
Million, 2014 - 2025)
- Open
Cycle
- Combined
Cycle
Application Outlook (Capacity, Mega Watts; Revenue, USD
Million, 2014 - 2025)
- Power
Generation
- Industrial
- Aviation
Regional Outlook (Capacity, Mega Watts; Revenue, USD
Million, 2014 - 2025)
- North
America
- U.S
- Europe
- Germany
- UK
- France
- Asia
Pacific
- China
- India
- Japan
- Middle
East and Africa
- Saudi
Arabia
- Central
& South America
- Brazil
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-gas-turbine-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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