Gas Turbine Market Overview:

Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the Gas Turbine Market. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The analysis in the report provides an in-depth aspect at the current status of the Gas Turbine market, with forecasts outspreading to the year 2030.

Expected Expansion of Gas Turbine Market: 

The size of the global gas turbine market was estimated at USD 20.28 billion in 2023, and it is anticipated that overall gas turbine revenue will increase by 3.6% between 2024 and 2030 to reach almost USD 25.98 billion.

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Gas Turbine Market Scope and Methodology:

Maximize market research covers competitive landscape, key competitors and their market shares for better understanding of the industry. The report also discusses new product developments and technology trends. The report provides a detailed overview of the Gas Turbine market through both quantitative and qualitative analysis. The report aims to help readers develop business strategies and assess their position in the market by providing a comprehensive analysis of the competitive landscape. The purpose of the report is to provide the necessary information to make an informed decision regarding the Gas Turbine market. In addition, the report delivers information on revenue, sales volume, and average price of the entire market and sub-segments in various segments and regions to assist portable notebook manufacturers, new entrants, and companies involved in the industry chain market.

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Gas Turbine Market Regional Insights:

In a regional analysis, the Gas Turbine market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. These regions are classified as corresponding countries such as the United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Rest of Europe, China, India, Japan, Australia, and South Korea.

Gas Turbine Market Segmentation:

by Type

Heavy Duty
Aeroderivative

The Heavy Duty and Aeroderivative segments make up the Gas Turbine Market. Due to its low pressure, high capacity, and low cost construction that yields maximum power, the heavy-duty category leads the market. A major factor in the growing demand for heavy-duty gas turbines is the ability to achieve optimal cycle efficiency at a low cost of investment due to the turbine's small size. It is anticipated that the business environment will be driven by the continuous breakthroughs in technology efficiency, flexibility, and dependability. The aero-derivative segment is anticipated to grow at an 8.1% CAGR throughout the forecast period. It is constructed around aviation gas turbines, also referred to as aircraft engines. It weighs less than a large-duty engine, starts up quicker, and is simpler to install.

by Technology

Open cycle
Combined cycle

There are two segments in the gas turbine market: mixed cycle and open cycle. With the highest revenue (78%), combined cycle technology is predicted to continue to dominate the market. They reduce transmission and distribution losses and require less fuel to produce the necessary energy output. Combined cycle turbines have efficiencies ranging from 60 to 80% due to their exceptional efficiency and user-friendliness. In addition to this increasing need, the technology is bolstered by stringent laws governing coal plants, cheap gas, and the integration of renewable energy sources. The combined cycle power plant offers a variety of renewable energy output and is a useful addition to solar and wind power due to its rapid start and stop capabilities. The growth is primarily attributable to proximity and effective waste heat use.

by Power Rating

Below 40
40-120
120-300
Above 300

The market is divided into four segments based on Power Rating: below 40 MW, 40-120 MW, 120-300 MW, and beyond 300 MW. Turbines with power ratings between 120 and 300 MW are frequently used for power generation and are anticipated to rule the market. The rise is ascribed to growing urbanization, which raises power consumption and product demand. The main factor driving demand is the switch from coal-fired to gas-fired power plants. The lower-size turbines also help with operation and maintenance, which is a major motivator.
The size of the global gas turbine market was estimated at USD 20.28 billion in 2023, and it is anticipated that overall gas turbine revenue will increase by 3.6% between 2024 and 2030 to reach almost USD 25.98 billion.

by Application

Power generation
Oil & gas
Aerospace
Process plants

The market for gas turbine services is divided into categories such as process plants, power generation, oil and gas, marine, and aerospace. The power utility industry is anticipated to lead the worldwide market throughout the forecast period. In many power-generating units, the replacement of conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that predominantly use natural gas as fuel as gas exploration intensifies. The Energy Information Administration (EIA) estimates that natural gas supplies roughly 25% of the nation's electricity, with coal providing over 40% of the total. By the end of, more than 49 GW of coal-fired power units had been shut down.

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Gas Turbine Market Key Players:

1) General Electric Company
2) Siemens AG
3) Mitsubishi Hitachi Power Systems, Ltd.
4) Rolls-Royce Holdings plc
5) Ansaldo Energia S.p.A.
6) Solar Turbines Incorporated
7) Bharat Heavy Electricals Limited (BHEL)
8) Kawasaki Heavy Industries, Ltd.
9) Man Energy Solutions SE
10) Caterpillar Inc.
11) Harbin Electric Company Limited
12) Sulzer Ltd.
13) MTU Aero Engines AG
14) EthosEnergy Group
15) PW Power Systems, Inc.
16) NPO Saturn

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Key questions answered in the Gas Turbine Market are:

• What is Gas Turbine?
• What was the Gas Turbine market size in 2023?
• What is the growth rate of the Gas Turbine Market?
• What is the CAGR at which the Gas Turbine market will grow during the forecast period?
• What are the different segments of the Gas Turbine Market?
• Which is the fastest-growing region in the Gas Turbine market?
• Which are the factors expected to drive the Gas Turbine market growth?
• What growth strategies are the players considering to increase their presence in Gas Turbine?
• What are the upcoming opportunities and trends for the Gas Turbine Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Gas Turbine Market?
• What segments are covered in the Gas Turbine Market?
• Who are the key players in the Gas Turbine market?
• Who are the leading companies and what are their portfolios in Gas Turbine Market?

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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