Global Gas Turbine Market- Overview
It is estimated for the global gas turbine market to witness growth at a CAGR of 6.8% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 4.7% during the previous forecast period of 2018 to 2021. A gas turbine, also called a combustion turbine, is a type of continuous flow internal combustion engine. The main parts common to all gas turbine engines form the power-producing part and are, in the direction of flow: a rotating gas compressor a combustor a compressor-driving turbine.
Global Gas Turbine Market- Growth Factors
Government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world and this factor is estimated to boost the growth of the market during the forecast period. Power generation is the major factor where the major use of gas turbine takes place and this factor is estimated to boost the growth of the market during the forecast period. The increasing demand for generation is also estimated to drive the growth of the market during the forecast period. Gas turbines are very proficient and also result in decreasing carbon emissions as compared to other combustion-based electricity generation applications and this factor is estimated to foster the growth of the market during the forecast period.
Global Gas Turbine Market- Market Trends
Government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world and this factor is estimated to boost the growth of the market during the forecast period.
Power generation is the major factor where the major use of gas turbine takes place and this factor is estimated to boost the growth of the market during the forecast period.
Gas turbines are very proficient and also result in decreasing carbon emissions as compared to other combustion-based electricity generation applications and this factor is estimated to foster the growth of the market during the forecast period.
Global Gas Turbine Market- Segmentation
The global gas turbine market is segmented on the basis of technology type, capacity and end use type.
Based on technology type, the market is segmented into,
Open Cycle
Combined Cycle
Based on capacity type, the market is segmented into,
?200 MW
>200 MW
Based on end use type, the market is segmented into,
Power & Utility
Industrial
Global Gas Turbine Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Gas Turbine Market Key Market players
Siemens Energy, Mitsubishi Power, Ltd., and Kawasaki Heavy Industries, Ltd. are some of the major players that are driving the growth of the market during the forecast period.
