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Gas Turbine Market Is Expected to Reach $25.4 Billion by 2030: Says AMR

Rise in demand for natural gas-fired power plants, emergence of efficient power generation technology, reduction in emission of carbon dioxide, impact of shale gas, and growing aviation industry across the globe drive the gas turbine market. Based on technology, the combined cycle segment would remain lucrative by 2030. By region, on the other hand, North America would register the fastest CAGR by 3.9% by 2030.

Portland, OR, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global gas turbine market was estimated at $18.5 billion in 2020 and is expected to hit $25.4 billion by 2030, registering a CAGR of 3.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Rise in demand for natural gas-fired power plants, emergence of efficient power generation technology, reduction in emission of carbon dioxide, impact of shale gas, and growing aviation industry across the globe drive the Gas Turbine Market. On the other hand, volatility in natural gas price and shifting focus toward renewable energy impede the growth to some extent. However, increasing trend of distributed power generation is projected to create lucrative opportunities in the industry.

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COVID-19 scenario-

  • Lockdown impositions across the world led to halted production activities, which in turn gave way to decline in demand for oil & gas from several verticals, which affected the global gas turbine market.
  • Nevertheless, government bodies in different countries have eased off the existing regulations, and the market is projected to recoup soon.

The global gas turbine market is analyzed across technology, design type, rating capacity, application, and region. Based on technology, the combined cycle segment held the major share in 2020, garnering nearly two-thirds of the total market. The same segment would also cite the fastest CAGR of 3.6% during the forecast period.

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By design type, the heavy duty segment accounted for more than two-thirds of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The aero-derivative segment, on the other hand, would grow at the fastest CAGR of 3.9% from 2021 to 2030.

Based on region, the market Asia-Pacific contributed to the major share in 2020, holding more than two-fifths of the global gas turbine market. North America, however, would grow at the fastest CAGR by 3.9% from 2021 to 2030.

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The key market players analyzed in the global gas turbine market report include   BayerischeMotoren Werke AG (BMW) (Rolls-Royce Motor Cars Limited), Capstone Green Energy, Caterpillar Inc. (Solar Turbines Incorporated), General Electric Company, Harbin Electric Company Limited, IHI Corporation, Wartsila, Kawasaki Heavy Industries Ltd., Mitsubishi Hitachi Power Systems, Ltd. (MHPS), Ansaldo Energia, Siemens AG, Bharat Heavy Electricals Limited,  MTU Aero Engines (Vericor Power Systems), Volkswagen Group (MAN Energy Solutions).These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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