Global Gas Turbines Market is expected to grow owing to supporting the integration of renewable energy sources, such as wind and solar, into the power grid throughout the forecast period.
According to TechSci Research report, “Gas Turbines Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Gas Turbines Market is expected to register robust growth during the forecast period. The growing global demand for electricity, driven by population growth, urbanization, and industrialization, is a primary driver for the gas turbines market. Gas turbines are widely used in power plants for electricity generation due to their efficiency, quick start-up capabilities, and versatility in various applications.
The increasing focus on a hydrogen-based economy presents a significant opportunity for the gas turbines market. Hydrogen, as a clean fuel, has the potential to replace or complement traditional hydrocarbon fuels in gas turbines. Manufacturers can capitalize on this trend by developing gas turbines designed for hydrogen combustion and exploring innovations in hydrogen production and storage technologies.
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Based on backing material, the Power Generation segment is expected to dominate the market during the forecast period. Environmental regulations and the need to reduce greenhouse gas emissions are key drivers shaping the power generation segment of the gas turbines market. Gas turbine manufacturers are focusing on developing technologies that comply with stringent emission standards. This includes advancements in combustion systems, as well as the exploration of alternative fuels such as hydrogen to reduce carbon footprints. Market dynamics vary by region, influenced by factors such as energy demand, regulatory frameworks, and the availability of natural gas. Regions with a growing demand for electricity, coupled with supportive government policies and infrastructure development, tend to drive the adoption of gas turbines for power generation.
The integration of digital technologies and smart solutions is becoming more prevalent in the power generation segment. Digitalization allows for real-time monitoring, predictive maintenance, and optimization of gas turbine performance. Digital twin technology, in particular, is gaining traction, enabling virtual simulations and enhancing overall plant efficiency. The global gas turbines market for power generation is characterized by strong competition among key players. Major global manufacturers are continually innovating to enhance the efficiency and reliability of their gas turbine offerings. Collaborations, partnerships, and mergers and acquisitions are common strategies employed by companies to strengthen their market positions.
Based on rated capacity, the Above 300 MW segment is projected to dominate the market throughout the forecast period. The above 300 MW segment is often characterized by intense competition among global gas turbine manufacturers. Companies strive to offer cutting-edge solutions to secure contracts for major power projects. Market consolidation may occur as companies seek strategic partnerships or mergers and acquisitions to strengthen their market positions and broaden their product portfolios.
Regional factors, including energy demand, government policies, and infrastructure development, play a significant role in shaping the market for gas turbines above 300 MW. Regions experiencing rapid industrialization, urbanization, and a growing need for reliable electricity are likely to drive the demand for high-capacity gas turbines. Economic considerations, such as project financing, cost of electricity, and overall investment climate, influence the decision-making process for adopting gas turbines in the above 300 MW range. Economic feasibility studies and assessments of the total cost of ownership become crucial for both project developers and investors.
Key market players in the Global Gas Turbines Market are: –
- Kawasaki Heavy Industries, Ltd.
- Siemens Energy AG
- Capstone Green Energy Corporation
- General Electric Group
- Ansaldo Energia S.p.A.
- Mitsubishi Heavy Industries, Ltd.
- United Engine Corporation
- Rolls-Royce plc
- Harbin Electric Machinery Company Limited
- Destinus OPRA B.V.
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“The Global Gas Turbines Market in Asia Pacific is poised to be the dominant force in the industry. The Asia Pacific region is characterized by rapid industrialization and urbanization, leading to a substantial increase in energy demand. Gas turbines play a crucial role in meeting this growing demand due to their efficiency, flexibility, and quick start-up capabilities. Power generation projects, both large-scale utilities and smaller distributed generation systems, contribute to addressing the rising energy needs.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Gas Turbines Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Design Type (Heavy Duty and Aeroderivative), By Backing Material (Power Generation, Oil & Gas and Others), By Technology (Open Cycle and Combined Cycle), By Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW and Above 300 MW), By Region, and By Competition” has evaluated the future growth potential of Global Gas Turbines Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Gas Turbines Market.
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