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Gas Turbine Market worth $22.5 Billion by 2026

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Gas Turbine Market worth $22.5 Billion by 2026

January 18
01:33 2022
Gas Turbine Market worth $22.5 Billion by 2026
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.

According to the new market research report Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy Duty and Aeroderivative), End User (Power Generation, Oil & Gas), Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW) and Region – Global Forecast to 2026″, published by MarketsandMarkets™, The global Gas Turbine Market is projected to reach USD 22.5 billion by 2026. 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, owing to an increase in demand for gas turbines in power generation.

The combined cycle segment is expected to account for the largest share of the gas turbine market

The combined cycle segment is expected to account for the largest share market during 2021 to 2026, driven by more power and low emission. In a combined cycle, the air is compressed in the compressor and heated in a heating chamber. The amount of the gas remains the same as an external source heats the air. In these plants, the waste heat from the gas turbine is used to make steam for producing additional electricity using a steam turbine.

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The power generation segment is expected to lead the gas turbine market 

The increase in electricity demand is expected to drive the power generation market for the gas turbines market. In the industrial sector, gas turbines deliver a consistent power supply to the production floor. Gas turbines are preferred in small and medium industries, as their initial installation cost is less than that of steam and diesel power plants.

Asia Pacific market accounted for the largest share in 2020 in the gas turbine market

In 2020, the Asia Pacific market accounted for the largest share of the global gas turbines market by region. Rapid economic growth, industrialization, and strict norms for carbon dioxide emission are expected to drive the Asia Pacific gas turbines market. Also, the gas turbines market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas Turbine Market.

Some of the key players are Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited  (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany). These players have adopted product launches, contracts, partnerships, agreements, collaborations, Memorandum of Understanding (MoU), and joint ventures as their growth strategies.

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About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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