May 18, 2020
As per the report titled ‘Gas Turbine Market Size By Capacity, By Product , By Technology, By Application, Industry Analysis Report, Regional Analysis, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global gas turbine market is anticipated to grow momentously through 2026.
Surging demand for electricity, abundance of natural gas including shale gas, increasing need for energy efficient solutions along with growing focus towards reducing carbon emission are major factors driving the growth of global gas turbine market.
Based on the capacity, <50kW segment is estimated to witness an accelerated growth during the forecast period. Increasing deployment of co-generating units for heat consumption and sustainable energy generation across industrial, small-scale commercial, and isolated grid networks is fueling the segmental share.
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Meanwhile, >1MW to 30 MW segment is experiencing decent growth owing to extensive use of these turbines in power generation stations and mechanical drives.
>30MW to 70MW segment is set to display strong growth trends over the analysis timeframe, primarily due to their extensive adoption in oil & gas sector and their wide range of industrial applications.
Speaking of the application spectrum, marine segment is projected to see a sizeable growth during the analysis period. Introduction of government regulations aimed at reducing carbon emissions along with innovations in gas turbine technology are stimulating product adoption across marine sector.
Considering the geographical landscape, Latin America gas turbine market is predicted to account for significant market share by the end of 2026. Implementation of numerous regulations along with increasing foreign direct investments due changes in economic and energy policy in Brazil and Argentina are supporting in Latin America market outlook.
Middle East & Africa gas turbine market is reckoned to gain decent traction over the next six years, owing to upgradation of existing infrastructure supported by investments in gas-fired distributed energy systems.
Major players operating in global gas turbine market are OPRA Turbines B.V., Kawasaki Heavy Industries Ltd., Siemens AG, General Electric, Mitsubishi Hitachi Power Systems, Ltd., Wartsila Corp., Harbin Turbine Company Limited, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, MAN Energy Solutions, Vericor Power Systems, Capstone Turbine Corporation, UEC Saturn, Cryostar, and Zorya-Mashproekt.