Gas Turbine Market Overview:
Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the “Gas Turbine Market”. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The analysis in the report provides an in-depth aspect at the current status of the Gas Turbine market, with forecasts outspreading to the year 2030.
Projected Growth Trajectory for Gas Turbine Market:
Gas Turbine Market size was valued at USD 20.28 Bn. in 2023 and the total Gas Turbine revenue is expected to grow by 3.6 % from 2024 to 2030, reaching nearly USD 25.98 Bn.
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Gas Turbine Market Scope and Methodology:
The Gas Turbine market research offers in-depth details on important factors, such as those anticipated to fuel the industry's expansion and impending challenges. Stakeholders will have a solid understanding of the industry's competitive landscape, the products pushed by well-known brands, and the investment potential in the Gas Turbine market. Both the qualitative and quantitative aspects of the industry are covered in the study. The MMR investigation's purview includes a thorough analysis of the competition for the Gas Turbine Market.
Many additional requirements, each with a detailed reason, are included in the study. In order to build the Gas Turbine Market, a wide range of primary and secondary sources of information were taken into consideration, including government documents, websites, yearly reports, and expert and professional opinions.
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Gas Turbine Market Regional Insights:
The market size, growth rate, import and export by region, and other relevant statistics are all thoroughly analyzed in this study. The regional analysis of the research makes it easy to understand the Gas Turbine market situations in different countries. The markets in Latin America, Africa, Asia Pacific, North America, and the Middle East make up the Gas Turbine market.
Gas Turbine Market Segmentation:
by Type
Heavy Duty
Aeroderivative
The Heavy Duty and Aeroderivative segments make up the Gas Turbine Market. Due to its low pressure, high capacity, and low cost construction that yields maximum power, the heavy-duty category leads the market. A major factor in the growing demand for heavy-duty gas turbines is the ability to achieve optimal cycle efficiency at a low cost of investment due to the turbine's small size. It is anticipated that the business environment will be driven by the continuous breakthroughs in technology efficiency, flexibility, and dependability. The aero-derivative segment is anticipated to grow at an 8.1% CAGR throughout the forecast period. It is constructed around aviation gas turbines, also referred to as aircraft engines. It weighs less than a large-duty engine, starts up quicker, and is simpler to install.
by Technology
Open cycle
Combined cycle
There are two segments in the gas turbine market: mixed cycle and open cycle. With the highest revenue (78%), combined cycle technology is predicted to continue to dominate the market. They reduce transmission and distribution losses and require less fuel to produce the necessary energy output. Combined cycle turbines have efficiencies ranging from 60 to 80% due to their exceptional efficiency and user-friendliness. In addition to this increasing need, the technology is bolstered by stringent laws governing coal plants, cheap gas, and the integration of renewable energy sources. The combined cycle power plant offers a variety of renewable energy output and is a useful addition to solar and wind power due to its rapid start and stop capabilities.
by Power Rating
Below 40
40-120
120-300
Above 300
Below 40 MW, 40-120 MW, 120-300 MW, and beyond 300 MW are the market segments. Turbines with power ratings between 120 and 300 MW are frequently used for power generation and are anticipated to rule the market. The rise is ascribed to growing urbanization, which raises power consumption and product demand. The main factor driving demand is the switch from coal-fired to gas-fired power plants. The lower-size turbines also help with operation and maintenance, which is a major motivator.
by Application
Power generation
Oil & gas
Aerospace
Process plants
The market for gas turbine services is divided into categories such as process plants, power generation, oil and gas, marine, and aerospace. The power utility industry is anticipated to lead the worldwide market throughout the forecast period. In many power-generating units, the replacement of conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that predominantly use natural gas as fuel as gas exploration intensifies. The Energy Information Administration (EIA) estimates that natural gas supplies roughly 25% of the nation's electricity, with coal providing over 40% of the total.
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Gas Turbine Market Key Players:
1) General Electric Company
2) Siemens AG
3) Mitsubishi Hitachi Power Systems, Ltd.
4) Rolls-Royce Holdings plc
5) Ansaldo Energia S.p.A.
6) Solar Turbines Incorporated
7) Bharat Heavy Electricals Limited (BHEL)
8) Kawasaki Heavy Industries, Ltd.
9) Man Energy Solutions SE
10) Caterpillar Inc.
11) Harbin Electric Company Limited
12) Sulzer Ltd.
13) MTU Aero Engines AG
14) EthosEnergy Group
15) PW Power Systems, Inc.
16) NPO Saturn
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Key questions answered in the Gas Turbine Market are:
- What is Gas Turbine?
- What was the Gas Turbine market size in 2023?
- What is the growth rate of the Gas Turbine Market?
- Which are the factors expected to drive the Gas Turbine market growth?
- What is the CAGR at which the Gas Turbine market will grow during the forecast period?
- What are the different segments of the Gas Turbine Market?
- Which is the fastest growing region in the Gas Turbinemarket?
- What growth strategies are the players considering to increase their presence in Gas Turbine?
- What are the upcoming opportunities and trends for the Gas Turbine Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Gas Turbine Market?
- Who are the leading companies and what are their portfolios in Gas Turbine Market?
- What segments are covered in the Gas Turbine Market?
- Who are the key players in the Gas Turbine market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by different segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Maximize Market Research:
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