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Combined Cycle Gas Turbine Market Size
- Report ID: GMI9782
- Published Date: Jun 2024
- Report Format: PDF
Combined Cycle Gas Turbine Market Size
Combined Cycle Gas Turbine Market was valued at USD 13.9 billion in 2023 and is estimated to grow at a CAGR of 5.8% from 2024 to 2032. Growing awareness of environmental issues combined with a rising consumer emphasis on transitioning to cleaner energy sources will drive the business outlook.
A combined cycle gas turbine is a highly efficient electricity generation system that combines both gas and steam turbines to produce electricity. In this plant, natural gas is burned in a gas turbine to generate power and the hot exhaust gases from the gas turbine are then used to produce steam in a heat recovery steam generator. This steam drives a steam turbine, which generates additional electricity. By utilizing the waste heat from the gas turbine, the overall efficiency of the plant is significantly increased, often reaching efficiency levels of 60% or higher, compared to about 35-40% for traditional simple cycle gas turbine plants.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Combined Cycle Gas Turbine Market Size in 2023: | USD 13.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 5.8% |
| 2032 Value Projection: | USD 23.2 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 50 |
| Segments covered: | Capacity, Application & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Combined Cycle Gas Turbine Market Scope
