ALBANY, N.Y., Aug. 20, 2020 /PRNewswire/ — Electricity demand across various countries around the world may skyrocket in the coming years. Thus, major upgrades are required to generate electricity. The use of gas turbines as an efficient electricity generator may help in bringing considerable growth opportunities for the gas turbine market.
After an out-and-out research on all the parameters, the analysts at Transparency Market Research predict the global gas turbine market to expand at a CAGR of ~4 percent between 2020 and 2030. The global gas turbine market was valued at US$ 36.7 bn in 2020 and is prognosticated to reach a valuation of US$ 53.8 bn by the end of the forecast period.
The undertaking of diverse climate change initiatives by governments of various countries with the aim of reducing carbon emissions may serve as expansive growth generators for the gas turbine market. The escalating awareness about the advantages of gas turbines may further boost the growth rate of the gas turbine market.
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Gas Turbine Market: Transparency Expert Diagnosis
The TMR analysts, while decoding the reasons for the growth of the gas turbine market, highlight factors such as magnifying environmental concerns, increasing investments in research and development activities, and rising demand for renewable energy as major growth influencers. The analysts also stress on the surging demand across diverse applications in various industries such as oil and gas, power generation, and aviation to remain as the key growth factor for the gas turbine market.
Furthermore, the analysts suggest the manufacturers in the gas turbine market to expand their market share through collaborations, joint ventures, and partnerships. The analysts also advise the manufacturers to introduce novel concepts.
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Gas Turbine Market: Key Revelations
- North America holds the title of the leading region in terms of growth with revenues in 2020 anticipated at US$ 10,510 mn
- The U.S. is extrapolated to hold a prominent share and the gas turbine market in the country is projected to expand at a CAGR of 4.5 percent between 2020 and 2030
- Asia Pacific held a significant share of the global gas turbine market in 2019
- India, China, and Japan were the major growth-generating countries in the region in 2019
- Europe, South America, and the Middle East and Africa are expected to record moderate growth through the forecast period
Explore 269 pages of cutting-edge research, extensive insights, and detailed projections. Analyze and discover the latest developments in the Gas Turbine Market (Type: Heavy-duty Gas Turbines, Industrial Gas Turbines, and Aero Derivative Gas Turbines; Capacity: Less than 40 MW, 40–120 MW, 120–300 MW, and Above 300 MW); Application: Power Generation, Aviation, Oil & Gas, and Industrial; and Technology: Open Cycle and Combined Cycle) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/gas-turbines-market.html
Gas Turbine Market: Growth Propellers
Technological advancements across the gas turbine market may bring immense growth opportunities. Manufacturers are developing gas turbines that display enhanced reliability, flexibility, and efficiency. This aspect will attract good sales outputs, thus leading to an improvement in the growth rate.
- Adoption of gas turbines by heavy industries as an efficient power generator may invite substantial growth opportunities for the gas turbine market
- Government initiatives regarding renewable energy sources may assist the gas turbine market to garner growth
- Stringent regulations in terms of carbon emissions may further bring exponential growth opportunities for the gas turbine market
- Customized gas turbines for catering to a specific end-user may further strengthen the web of growth
Analyze global gas turbine market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Gas Turbine Market: Competitive Analysis
The players in the gas turbine market invest heavily in research and development activities for exploring novel insights. Mergers, acquisitions, partnerships, collaborations, and joint ventures help in strengthening the position of the players in the gas turbine market. Some well-established participants in the gas turbine market are Kawasaki Heavy Industries, Ltd., Mitsubishi Hitachi Power Systems, Ltd., Solar Turbines Incorporated, OPRA Turbines B.V., and Vericor Power Systems.
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Global Gas Turbine Market: Segmentation
- Less than 40 MW
- 40–120 MW
- 120–300 MW
- Above 300 MW
- Power Generation
- Oil & Gas
- Open Cycle
- Combined Cycle
- North America
- Asia Pacific
- Middle East & Africa
- South America
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