Authored By: Sarah
06 Sep 2021

Gas Turbines For Power Industry: Discover Key Drivers that will Boost Growth

Synopsis of Growth Drivers with Market Forecast 2021-2025

The Gas Turbines Market For Power Industry is projected to post an incremental growth of $ 2.22 bn, at a CAGR of almost 2.10% till 2025. This research report provides detailed insights into growth drivers that are likely to boost the market. It also provides an analysis of all the segments, trends and challenges that are expected to impact the market in focus. This research will thus equip business leaders with data and insights necessary for designing future ready strategies for growth and development.


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Gas Turbines Market For Power Industry: Top Drivers for Growth

A detailed study of market drivers enables market players to leverage these factors to drive growth. Technavio’s research reports provide a comprehensive analysis of all the other factors that will drive market growth during the forecast period. In addition to market drivers, our research report also studies the latest trends and challenges that are likely to influence growth in the current market scenario. One of the key drivers that will boost this market is Increase in CCGT power plants. For more insights on the impact of this and all the other drivers, Request our Free Sample Report

Gas Turbines Market For Power Industry: Growth Segments

This research report provides insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges on each market segment along with insights into the way forward. These insights will equip clients with information that will help them design a growth strategy for their business and area of operation. Gas Turbines Market For Power Industry is segmented by Technology (Combined-cycle gas turbines and Open-cycle gas turbines) and Geography (APAC, North America, Europe, MEA, and South America).

Top Drivers for Gas Turbines Market For Power Industry Size to Grow by $ 2.22 Billion During 2021-2025

Gas Turbines Market For Power Industry: Vendor Landscape

The Gas Turbines Market For Power Industry is fragmented and market growth of the depends on market conditions, government support, and industry development. Our report offers a detailed study of all the factors that can influence growth. Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG are some of the major market participants. The report also provides insights into the growth prospects of each of these leading players along with their product pipelines.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. For more insights on this market: Download a Free Sample Report

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of almost 2.10%.
     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 2.22 bn through 2021-2025.
     
  3. What is a key factor driving this market?
    Increase in CCGT power plants will drive market growth over the forecast period.
     
  4. What are the key regions covered in this market research report?
    APAC, North America, Europe, MEA, and South America are the key regions featured in this research report.
     
  5. Which is the leading geographic region for this market:
    53% growth will originate from APAC
     
  6. Who are the leading market vendors?
    The leading vendors in this market are Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG
     
  7. What are the market segments covered in this report?
    The market is segmented by Technology (Combined-cycle gas turbines and Open-cycle gas turbines) and Geography (APAC, North America, Europe, MEA, and South America)

Gas Turbines Market For Power Industry Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024

Technavio has been monitoring the global gas turbines market for power industry and it is expected to grow by USD 1.65 billion progressing at a CAGR of almost 2% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report

Key trends to impact market growth

One of the latest trends gaining traction in this market is the exponential increase in technological innovations in gas turbines. Carbon emission regulations across the world focus on high performance and low power generating costs. Accordingly, the volatility in fuel cost prices is driving the demand for highly-efficient gas turbines. To comply with this growing demand, the major manufacturers are investing heavily in the development of high-efficiency gas turbines, which is expected to augment growth in the global gas turbines market for power industry in the coming years.

Top driver to boost demand for gas turbines market for power industry

One of the primary drivers for this market is the rapid increase in the combined-cycle gas turbines (CCGT) power plants globally. The demand for combined-cycle gas turbines for power plants is on the rise due to increased efficiency and better output. Also, the introduction of the US government’s Clean Power Plan will further propagate a shift from simple-cycle to combined-cycle plants, which have lower carbon dioxide (CO2) emissions. This is because meeting the new performance standards for CO2 emissions will be difficult with simple cycle plants. Many upcoming projects for the construction of power plants have propelled the demand for CCGT. 

Top Drivers for Gas Turbines Market For Power Industry Size to Grow by $ 2.22 Billion During 2021-2025

Vendor Analysis: Ansaldo Energia Spa, Bharat Heavy Electricals Ltd. and Capstone Turbine Corp. are key growth contributors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. 

Gas Turbines Market For Power Industry: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive gas turbines market for power industry growth during the next five years
  • Precise estimation of the gas turbines market for power industry size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the gas turbines market for power industry industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of gas turbines market for power industry vendors

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