The global gas turbine market is anticipated to value USD 29.9 billion until 2027. It is also expected to register a CAGR of 5.4% over the forecasted period, 2020 to 2027. The surging demand for clean power arising across commercial and industrial sectors is projected to augment market growth.
Gas turbines having >200 MW capacity account for the dominant share of 67.0% across the global market in 2019 owing to the increasing number of large-scale industries and the need for catering to their power demand. On the other hand, the ≤200 MW segment is also gaining traction due to their ability of easy transportation and surging demand for on-site power generation.
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The combined cycle segment dominated the global market with a 78.0% share in 2019 on account of the rising need for enhancing overall plant efficiency. The open-cycle turbines are getting replaced by these combined cycles due to more energy losses associated with them along with reduced power output.
In 2019, the power & utility endues segment held the largest share of 85.0% across the global gas turbines market owing to the rise in baseload power demand in large scale power plants. The industrial segment accounted for significant growth across the global market from 2020 to 2027 due to the increase in the need for catering to the industrial captive power demand.
North America accounted for a substantial share across the global market in 2019 owing to increasing demand for clean electricity and favorable norms and regulatory policies prescribed by governing authorities across countries like the U.S. and Canada. On the other hand, the Asia Pacific is expected to witness the highest growth with a CAGR of 5.9% over the forecasted years on account of rising presence and demand for power across industries located in China and India.
Further key findings from the report suggest:
- In 2019, the combined cycle technology segment held the dominant share of 78.0% across the global market.
- The industrial segment accounted for substantial growth across the global market from 2020 to 2027.
- North America accounted for substantial share across the global gas turbine market in 2019.
Top Key players profiled the Gas Turbine market report include : Solar Turbines Inc.; General Electric, Siemens AG, Opra Turbines B.V.; and Centrax Gas Turbines.
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