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Key Companies Covered in the Market Research 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) , etc. and other key market players.
Gas Turbines Market to reach USD 18.9 billion by 2022 from USD 22.5 billion in 2031, at a CAGR of 3.6% during the forecast period. Kenneth Research recently added a report on Gas Turbines Market which provides a detailed insight into the market scenario on the basis of the market size, market volume annual growth rate of the market over the forecast period, i.e., 2022-2031.
Growing industrialization and increasing use of electrical appliances-because of rising economic activities in developing countrieshave escalated electricity demand. According to the Ministry of Statistics and Program Implementation Government of India, electricity production from utilities increased from 13, 03,493 GWh during 2017–2018 to 13,71,779 GWh during 2018-2019, registering an annual growth of about 5.24%. Thus, the strict emission norms followed by developed nations and growing demand for electricity are expected to drive the installation of natural gas power plants, as natural gas emits less carbon dioxide.
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A report on Gas Turbines Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2022- 2031. The report on Gas Turbines Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
The Global Gas Turbines Market to reach USD 18.9 billion by 2022 from USD 22.5 billion in 2031, at a CAGR of 3.6% during the forecast period.
A Gas Turbine is an internal combustion engine that converts natural gas or other liquid fuels into mechanical energy. The energy produced is then used to drive a generator that in turn produces electrical energy. Benefits of using gas turbines include – lower operational cost, efficient and durable, facilitates distributed power generation, environmentally-friendly, and high operational speed and low lubrication cost.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Growing trend of distributed power generation
1.2 Increasing demand for electricity and natural gas-fired power plant
1.3 Replacement of traditional nuclear and coal plant
1.4 Reduction in emissions of carbon dioxide
1.5 Rising impact of shale gas
1.6 Growing adoption of efficient power generation technology
2. Market Restraints
2.1 Rising focus on renewable energy
2.2 Changing prices
2.3 Concerns for natural gas infrastructure
Market Segmentation:
The Global Gas Turbines Market is segmented on the design type, technology, rating capacity, application, and region.
1. Design Type:
1.1 Aeroderivative
1.2 Heavy Duty
2. By Technology:
2.1 Combined Cycle
2.2 Open Cycle
3. By Rating Capacity:
3.1 Less than 40 MW
3.2 40–120 MW
3.3 120–300 MW
3.4 Above 300 MW
4. By Application:
4.1 Oil & Gas
4.2 Power Generation
4.3 Others
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Siemens
2. MHPS
3. Harbin Electric
4. Man Diesel
5. Vericor Power
6. Centrax
7. Zorya
8. Kawasaki Heavy Industries
9. GE
10. Ansaldo
11. OPRA
12. Solar Turbines
13. BHEL
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Gas Turbines Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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