DUBLIN--(BUSINESS WIRE)--The "Global Gas Turbines Market by Technology, Rating Capacity, Design Type, Application and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The gas turbine market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period.
The gas turbine market is on course for intense growth across different end-use industries such as power generation, oil & gas, and other industries. The other industrial segment includes mechanical drive processes in the steel, aluminum, and manufacturing industries.
Heavy-duty segment dominated the gas turbine market in 2020
By design type, the heavy-duty segment dominated the market in 2020. Demand for large gas turbines for power generation is rising due to the stringent emissions standards and high-efficiency standards across the globe. Combined cycle plants with heavy-duty turbines enable high flexibility and low emissions.
Combined Cycle dominated the gas turbine market in 2020
By technology, the combined cycle segment accounted for the largest share of the gas turbine market in 2020. These plants offer nearly one-third more power for approximately the same fuel costs. They also have lower total emissions since the exhaust is utilized for other operational purposes.
Asia Pacific dominated the gas turbine market in 2020
Asia Pacific market accounted for the largest share in 2020. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market's growth over the next five years.
Market Dynamics
Drivers
- Increasing Demand for Natural Gas-Fired Power Plants
- Rising Demand for Electricity
- Efficient Power Generation Technology
- Reduction in Emission of Carbon Dioxide
- Impact of Shale Gas
Restraints
- Natural Gas Price Volatility
- Natural Gas Infrastructure Concerns
Opportunities
- Increased Trend of Distributed Power Generation
- Replacement of Phased Out Nuclear & Coal Plants
Challenges
- Shifting Focus Toward Renewable Energy
- Impact of COVID-19 on Gas Turbine Market
Companies Mentioned
- Ansaldo Energia
- Bharat Heavy Electricals Limited
- Capstone Green Energy Corporation
- Centrax Gas Turbine
- Doosan Heavy Industries & Construction
- Gas Turbine Research Establishment
- General Electric
- Gkn Aerospace Services Limited
- Harbin Electric Machinery Company Limited
- Hindustan Aeronautics Limited
- Ihi Corporation
- Kawasaki Heavy Industries, Ltd.
- Man Energy Solutions
- Mapna Group
- Mitsubishi Heavy Industries, Ltd.
- Mtu Aero Engines Ag
- Opra Turbines
- Power Machines
- Rolls-Royce plc
- Siemens Energy
- Solar Turbines Incorporated
- United Engine Corporation
- Vericor Power Systems
- Zorya Mashproekt
For more information about this report visit https://www.researchandmarkets.com/r/1g6zxe
