The global gas turbine market is predicted to register a CAGR of 4.1% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 40.8 billion in 2023 to US$ 61.1 billion by 2033 end.
The gas turbine market is poised to witness steady growth over the upcoming years. The surging demand for electricity propelled by rapid urbanization and robust construction activities has increased market growth. In addition to this, industrialization in developing countries is also rising. In several economies, initiating many smart building and smart city projects is accelerating the electricity demand.
To meet the heightened electricity demand, the private and public sectors are enhancing their power plant capacity by extending or installing additional new power plants. The new infrastructural development projects chiefly consider installing these turbines as they are less harmful and more efficient.
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The robust technological advancements positively influence the global gas turbine market in the energy sector. This, in addition to an enhanced focus on distributed power generation technology, is aiding the market growth. Further, increasing government support for power generation technologies that help reduce GHG emissions is fuelling the market development.
Key Highlights of the Gas Turbine Industry:
- The United States is projected to hold a huge global gas turbine market share. The market is anticipated to account for a US$ 10.5 billion market valuation by 2033, expanding at a CAGR of 4.8% over the forecast period.
- China is predicted to be a significant market for gas turbines in the Asia Pacific region. The market is estimated to hold US$ 4.7 billion by 2033, registering a CAGR of 4.3% from 2023 to 2033. The paradigm shift to gas-based power generation, from the previously used coal-based power generation, is propelling market growth.
- The United Kingdom is assessed to attain US$ 4.3 billion by 2033. The market is expected to expand at a CAGR of 4.8% in the coming years.
- The combined cycle technology is predicted to expand at a CAGR of 4.2% over the forecast period, up from the CAGR of 3.4% witnessed in the historical period.
News Featuring Market Developments by Key Players of the Gas Turbine Market:
In March 2021, General Electric declared that it would provide the United Arab Emirates with the first two HA gas turbines. These gas turbines are anticipated to be the most effective power plants in the utility sector of the Middle East region. General Electric has been estimated to supply three 9HA.01 gas-fueled turbines.
In May 2021, MITSUBISHI HEAVY INDUSTRIES, LTD. revealed that it had launched a new turbine working in a gas business in Dubai. This new gas turbine combined cycle unit focuses on the J-Series Air-cooled gas-based turbine capable of operating on a blend of 30% hydrogen and 70% natural gas.
Gas Turbines are pivotal in power generation and aviation industries, providing efficient propulsion and electricity. Their significance continues to grow as energy efficiency and transportation evolve – an opinion shared by Lead Analyst at Future Market Insights.
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Key Players Operating in the Industry are
- General Electric
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Siemens Energy
- Kawasaki Heavy Industries, Ltd.
- Capstone Green Energy Corporation
- Rolls-Royce plc
- Harbin Electric Machinery Company Limited
- OPRA Turbines
- Heavy-duty Gas Turbines
- Industrial Gas Turbines
- Aero Derivative Gas Turbines
- Less than 40 MW
- 40–120 MW
- 120–300 MW
- Above 300 MW
- Power Generation
- Oil & Gas
- Open Cycle
- Combined Cycle
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
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Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
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