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Power Generation Gas Turbine Market Size

Report ID: GMI10178
Published Date: Jul 2024
Report Format: PDF

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Power Generation Gas Turbine Market Size

Power Generation Gas Turbine Market was valued at USD 6.1 billion in 2023 and is estimated to grow at a CAGR of 14.8% from 2024 to 2032. Growing environmental awareness and increasing consumer emphasis on transitioning to cleaner energy sources will drive the expansion of the industry.

Power Generation Gas Turbine Market

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A power generation gas turbine is a large-scale device used extensively in electricity generation plants worldwide. These turbines operate by combusting natural gas to produce high-pressure, high-temperature gas. This gas drives a turbine connected to a generator, converting thermal energy into electrical power efficiently. These units are known for their reliability, rapid startup capabilities, and ability to quickly adjust output to meet varying electricity demands. They play a crucial role in providing stable and flexible power supply, particularly during peak demand periods or as a complement to renewable energy sources.

Power Generation Gas Turbine Market Report Attributes
Report Attribute	Details
Base Year:	2023
Power Generation Gas Turbine Market Size in 2023:	USD 6.1 Billion
Forecast Period:	2024-2032
Forecast Period 2024-2032 CAGR:	14.8%
2032 Value Projection:	USD 10.5 Billion
Historical Data for:	2021-2023
No. of Pages:	140
Tables, Charts & Figures:	50
Segments covered:	Capacity, Product, Technology & Region
Growth Drivers:	Surging focus toward clean power generation Reducing dependency over conventional coal-fired Power Generations Stringent government norms to limit carbon emissions
Pitfalls & Challenges:	Cost competitiveness

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of power generation gas turbine was reached USD 6.1 billion in 2023 and is estimated to grow at 14.8% CAGR through 2032, owing to the surging focus toward clean power generation.

The combined cycle segment in the power generation gas turbine market will exceed USD 7 billion by 2032, favored by the large-scale power generation facilities, providing reliable electricity to meet growing demand.

Asia Pacific power generation gas turbine market is set to surpass USD 3.5 billion by 2032, driven by urbanization, industrialization, and the rising population.

Ansaldo Energia, Bharat Heavy Electricals Limited (BHEL), Flex Energy Solutions, General Electric, Harbin Electric Corporation Co., Ltd., Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Heavy Industries Ltd., Opra Turbines, Rolls Royce PLC, and Siemens among others.