The gas turbine market is segmented by product (heavy-duty gas turbine and aeroderivative gas turbine), end-user (power generation, mobility, oil and gas, and others), technology (CCGTand OCGT), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Establishment of new power plants is the major gas turbine market trend which will positively influence the market value.
The gas turbine market share will value over USD 4,023.23 million by 2027
It is estimated to expand at a CAGR of 2.81% from 2022 to 2027
The gas turbine market size will witness a YOY growth rate of 2.67% in 2023
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Gas turbines are significantly deployed in gas-fired power generation plants where an internal combustion engine is used. The rising number of power plant projects across the world is a major factor that is boosting the growth of the market. Also, the increasing efficiency and durability of mobile power plants are factors that are influencing their demand, which, in turn, increases the demand for mobile gas turbines.
The demand for gas turbines is expected to increase owing to their increased efficiency, the implementation of stringent carbon emission regulations, and the reduction in the cost of power generation using gas turbines. Increase in efficiency and durability will reduce the operational costs of gas turbines and offer operational benefits, which, in turn, will support the greater adoption of gas turbines, especially in power generation, during the forecast period.
Some of the major gas turbine market vendors are:
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The inherent challenges in handling natural gas are the major hindrance for market players
The gas turbine market structure is fragmented in nature.
39% of gas turbine market growth will develop from APAC.
The market growth by the heavy-duty gas turbine segment will be significant during 2023-2027 owing to the high efficiency of heavy-duty gas turbines.