The gas turbine market reached a value of US$23.2 Billion in 2021 and expects to reach US $29.3 Billion by 2027, exhibiting at a CAGR of 4% during 2022-2027.

SHERIDAN, WYOMING, UNITED STATES, January 3, 2022 /EINPresswire.com/ -- Market Overview:

According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global gas turbine market reached a value of US$23.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$29.3 Billion by 2027, exhibiting at a CAGR of 4% during 2022-2027. A gas turbine refers to an internal combustion (IC) engine that creates electricity by using natural gases and liquid fuels, like propane, fuel oil and kerosene. As compared to other alternatives, gas turbines offer several benefits, including a high power-to-weight ratio, low operational cost, lesser pollutants and more compact sizes. The electricity produced by gas turbines is generally used for powering heavy machinery, such as aircraft, ships, trains, electrical generators, pumps and tanks.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Gas Turbine Market Trends:

The increasing demand for uninterrupted electricity supply and widescale adoption of heating, ventilating, and air conditioning (HVAC) systems are among the major factors driving the growth of the global gas turbine market. Moreover, rising concerns about the environmental impact of the existing power generation technologies are fueling the demand for high quality gas turbines across the globe as they help to significantly decrease carbon emissions. Also, market players are investing heavily in research and development (R&D) activities to improve the overall performance of gas turbines, which is driving the market growth further. For instance, General Electric (GE) Power announced the launch of 9HA units, which enable cost-effective fuel-to-electricity conversion.

Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/gas-turbine-market

Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Kawasaki Heavy Industries
• Siemens
• GE
• MHPS
• Ansaldo
• Harbin Electric
• OPRA
• MAN Diesel
• Solar Turbines
• Vericor Power
• BHEL
• Centrax
• Zorya
• Caterpillar
• General Electric
• Mitsubishi Heavy Industries

Breakup by Rated Capacity:

• Above 300 MW
• 120-300 MW
• 40-120 MW
• Less Than 40 MW

Breakup by Technology:

• Combined Cycle Gas Turbine
• Open Cycle Gas Turbine

Breakup by Design Type:

• Heavy Duty (Frame) Type
• Aeroderivative Type

Breakup by End-User:

• Power Generation
• Mobility
• Oil and Gas
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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