The Gas Turbines Market For Power Industry is being driven by Growth of distributed power generation base
The Gas Turbines Market For Power Industry is expected to grow at a CAGR of 2.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2.55 billion. In the power industry, stringent carbon emission regulations have intensified the need for high-performance, cost-effective power generation solutions. This trend is driving the demand for advanced gas turbines with superior efficiency levels. Major players, such as General Electric Co. and Siemens AG, are responding to this market dynamic by investing heavily in the development of high-efficiency H-class gas turbines. Notable examples include General Electric Power and Water division's 9HA/7HA-series CCGT and Siemens' SGT5-8000H, both boasting over 60% efficiency in combined cycle configurations. The ongoing competition among manufacturers to achieve higher efficiency levels will continue to fuel market growth, as they strive to capture the untapped potential in this sector.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.31% |
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Market growth 2024-2028 |
USD 2.55 billion |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
2.23 |
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Key countries |
US, China, Germany, Japan, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Experts predict a significant growth in the Gas Turbines for Power Industry Market, driven by the shift from coal-based power to gas-based power and technological advancements in power generation equipment. Machinery used in power plant projects, including turbo fans, turbines, gas compressors, and combustors, are in high demand. However, travel restrictions and international border closures due to the ongoing pandemic have disrupted the supply chain, leading to investment issues. The power generation sector is transitioning towards combined cycle and simple cycle turbines, CHP plants, and distributed power to reduce greenhouse gas (GHG) emissions. The energy industry is focusing on electrical energy generation and mechanical energy conversion using turbine blades. CO2 emissions from gas-based power plants are still a concern, but advancements in turbine technology are making gas turbines more efficient and environmentally friendly. Despite these challenges, the future of the Gas Turbines for Power Industry Market looks promising, with continued investment in power plant projects and the need for reliable and efficient power generation solutions. The market is expected to grow, driven by the demand for cleaner and more sustainable energy sources.
The industrial machinery and supplies and components market, a significant segment of the global industrial machinery industry, encompasses businesses specializing in the manufacturing of machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industrial applications. Key growth drivers for the industrial machinery, supplies, and components market include the expanding industrial output in process and discrete industries, fueled by increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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