Gas Turbine Market worth over $23bn by 2028

Gas Turbine Market size is set to surpass USD 23 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The market growth is attributed to the ongoing replacement of coal by gas power plants and surging adoption of sustainable energy resources. The rise in renewable power generation along with the increase in demand for electricity will positively influence the industry dynamics. Ongoing technological advancements along with regulatory proximity toward the deployment of effective turbine units will fuel the industry expansion.
 

The COVID-19 pandemic has affected the  gas turbine market share due to the showdown of manufacturing facilities and very limited industrial investments. Government-imposed lockdowns & restrictions across the globe in line with a halt in industrial operations have affected the business growth. However, the growing deployment of sustainable energy resources along with the integration of renewable sources will strengthen the industry demand for gas turbines.
 

Flourishing manufacturing sector will propel the market progression

The heavy-duty gas turbine market is predicted to observe a 7.5% growth rate till 2028. The growth is credited to the rising number of manufacturing plants primarily across the developing nations. Large-scale integration of captive generating stations to serve the increasing electricity demand across industrial establishments will augment the product demand. Stringent regulatory mandates toward emissions and energy optimization will positively sway the business scenario.
 

The > 200 MW capacity segment is expected to register significant growth owing to the robust expansion of combined heat and power plants to sustain heat & energy demand across residential and commercial establishments. The ongoing acceptance of distributed generation technologies across stationary energy generation applications will drive the industry growth. Ongoing technological enhancement with respect to efficiency & flexibility improvements across both un-recuperated & recuperated systems will further complement the market expansion.
 

Browse key industry insights spread across 605 pages with 988 market data tables & 29 figures & charts from the report, “Gas Turbine Market Size By Capacity (≤ 50 kW, > 50 kW to 500 kW, > 500 kW to 1 MW, > 1 MW to 30 MW, > 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/gas-turbine-market
 

Growing demand across the aviation sector will spur the industry scenario

The aviation industry has gained a significant proliferation driven by the increasing urbanization rate and the growing tourism sector. Aircraft utilized for military applications has gained strong demand due to the adherence to national security. Rising fleet count along with rapid technological enhancements to cater to a large consumer base through maintaining the reliability and efficiency will foster the business dynamics.
 

Ongoing shale gas revolution will boost the market demand for gas turbine in North America region

North America gas turbine market is anticipated to reach USD 2 billion by 2028. The availability of abundant and affordable natural gas on account of shale gas revolution will surge the business outlook. Increased focus on combined cycle gas power plant capacity additions along with ongoing advancements in the extraction & drilling technologies will accelerate the industry landscape. The growing need for replacing aging coal-fired power plants to alleviate the emissions will further escalate the industry potential.
 

Prominent participants across the market include Siemens, General Electric, Wärtsilä, Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Solar Turbines, Opra Turbines, Bharat Heavy Electricals Limited, Harbin Electric Corporation, VERICOR, Capstone Green Energy Corporation, MAN Energy Solutions, UEC Saturn, Baker Hughes Company, Zorya-Mashproekt, Ansaldo Energia and Nanjing Turbine & Electric Machinery. Ongoing regulatory mandates and policies along with inorganic growth ventures, mergers & acquisitions among major players will proliferate the industry outlook.