Fast-tracked industrialization has spurred a need for constant power supply. Gas turbines can be considered as the perfect source for that. Owing to its high power-to-weight ratio, gas turbines are widely accepted all over the world. The global gas turbine market can expect a rise by moderate 4% CAGR during the forecast period (2018-2023), reveals Market Research Future (MRFR). Their elaborate study report covers various drivers such as demands from sectors such as power generation, oil & gas, industrial, marine and aviation industry. Gas turbine’s low carbon footprint and high productivity has helped the Gas Turbine Market command dominance over several industrial verticals.
On the downside, unstable state of international trade of natural gas and its volatile supply can restrain the gas turbine market for a considerable period. Fluctuating price of natural gas can adversely impact supply and demand chain hampering the moderate growth of the gas turbine market. However, a prolonged effect is nearly impossible as its necessity in diverse sectors is snowballing and can steer the market out of long-term distress.
The Gas Turbine Market is witnessing several strategical decisions such as mergers and acquisitions along with collaborations. For instance, GE recently acquired Alstom Energy which can be considered a definitive step for market growth. Bharat Heavy Electricals Limited is planning to collaborate with Ukraine’s Zorya for warship turbines.
The key players of Global Gas Turbine Markets are General Electric (U.S.), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings Plc. (U.K), Harbin Electric Company Limited. (China), MAN Diesel & Turbo. (Germany), Vericor Power Systems. (Georgia), Solar Turbines Incorporated. (U.S.A), and others.
The Gas Turbines Market is driven by the need of reliable electric supply at low operating and fuel costs, also growing investment towards the replacement of conventional matured structures with modern upgraded one. The Asia-Pacific region is the leading market for Gas Turbines. The rapid industrialization, urbanization, and fast economic growth in the countries such as India and China, will drive the market for Gas Turbines.
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The Global Gas Turbine Market can be segmented by technology, product type, capacity, and application.
By Technology, the Gas Turbine Market can be segmented into open cycle and combined cycle.
Based on Product Type, the gas turbine market can be segmented into heavy duty and aeroderivative.
Capacity-wise, the Gas Turbine Market, includes ≤70 MW, 70-300 MW, and ≥ 300 MW.
Application-based segmentation of the Gas Turbine Market includes power generation, oil & gas, industrial, marine, and aviation.
Region-specific analysis of the Global Gas Turbine Market covers namely North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
The APAC is the leading region by a considerable margin as it is at present, is witnessing substantial industrial growth owing to emerging economies pushing their boundaries to the furthest in hope to gain the maximum benefit. Countries such as India and China are going to substantially contribute to the globally earned revenue. Globally initiatives taken by governments to curb down carbon emission is taking precedence which is bolstering the market growth for gas turbines. Europe, in implementing such regulations, is very strict and that is boosting the regional gas turbine market substantially. Shale gas production increase, on the other hand, is widening the market horizon for a gas turbine in North America.
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General Electric (GE) has recently launched the world’s first 6B repowering gas turbine solution which would bring down fuel consumption considerably in its sites in Asia. GE’s Fleet360° includes F and H class technology that would enhance the machine’s performance further.
With Siemens’ HL-Class gas turbines an efficiency of about 63% in combined cycle operation now seems achievable. Siemens; has done this by boosting the combustion temperature by 100 kelvin and via optimization of various components such as ceramic coatings on the turbine blade.