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Gas Turbine Market Size, Industry Analysis Report By Technology Type (Open Cycle, Combined Cycle), BY End Use Type (Power & Utility, Industrial) & Region – Forecast

  • PUBLISHED ON
  • 2024-10-03
  • NO OF PAGES
  • 209
  • CATEGORY
  • Energy & Power
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.

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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