Gas Turbine Market to Increase Gradually with the CAGR 4.11% with Market Valuation Reaching USD 27.57 Billion by 2030, Public And Private Sectors Have Been Increasing Power Plant Capacity Which is Set To Create Market Growth Opportunities

The global gas turbine market size is estimated to display strong growth by reaching USD 27.57 billion by 2030. Fortune Business Insights™ in its report titled “Gas Turbine Market Size, Share & COVID-19 Impact Analysis, By Capacity (1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, 15-20 MW, 20-30 MW, 30-40 MW, 40-100 MW, 100-150 MW, 150-300 MW, and 300+ MW) By Technology (Heavy Duty, Light Industrial, and Aeroderivative),  By Cycle (Simple Cycle, and Combined Cycle), By Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, and Others),  Regional Forecast, 2022-2030” observes that the market size in 2022 stood at USD 19.74 billion and is expected to reach USD 20.79 billion in 2023. The market is expected to witness a strong CAGR of 4.11% during 2023-2030. A gas turbine is defined as a combustion turbine which is a type of continuous and internal combustion engine. These turbines are very effective as these turbines primarily run on natural gas. Rising demand for the electricity has been increasing the demand for the gas turbines. Public and private sectors have been increasing power plant capacity either by installing new power plants or by expanding their power plant capacity.   

GE Amped With the Energy Transition By Integrating New Technologies

In January 2022, GE Digital’s Autonomous Tuning Speed up the Energy Transition with Machine Learning and Artificial Intelligence for the reduction of harmful emissions and fuel consumption for gas turbines. Additionally, this will cost lower machinery and operational flexibility.

Due To Lockdown Restrictions, Supply Chains Were Disrupted And Several Power Plant Projects Faced Investment Issues

The COVID-19 became a global health threat, which affected the power sector due to lockdowns imposed by several countries. Due to lockdown restrictions, the supply chains got immensely disrupted and several power plant projects faced investment issues. Many governments closed international borders and imposed travel restrictions due to which the machinery, the power generation equipment, and experts required to install equipment were not available.

Growth In The Aviation Industry And Increasing Consumption Of Electricity To Drive Market Growth

Growth in the aviation industry and increasing consumption of electricity is set to drive gas turbine market growth. The demand for electricity is increasing globally and there has been a decreasing consumption of fossil fuels as they increase emissions around the world. The governments in several countries are replacing coal-fired steam plants and combined cycle power plants with such turbines as they consume natural gas as their primary fuel. The gas based power produce lesser greenhouse gases. Rising investments in the aviation sector is expected to create a growth opportunity for this market.

However, geopolitical tensions can causes uncertainty regarding the availability or demand for gas. This can cause higher gas price volatility which is expected to hamper the market growth.

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https://www.fortunebusinessinsights.com/gas-turbine-market-106255

New Contract Orders For The Market Players Is Set To Drive The Market Share

The market has various several large-scale players across the world. These include a group of major companies having a wider geographical presence. Several companies are participating in organic and inorganic developments to solidify their market position across the globe. New contract orders for the market players is set to drive the market share. In February 2023, Mitsubishi Power accepted an order from Uzbekistan for Two Steam Turbines and Two M701F Gas Turbines for Talimarjan-2 TPP Project in Uzbekistan.

Key Industry Development

• January 2021: Ansaldo Energia was awarded a contract by the Gruppo Arvedi for the delivery and refurbishment of the new combined cycle power Plant in Servola. The plant will include an AE64.3A gas turbine equipped with the advanced generation technologies to have low operational emissions, flexibility, and high efficiency.

List of Key Companies Profiled in the Market Report:

• GE (U.S.)
• Siemens (Germany)
• Mitsubishi Power (Japan)
• Ansaldo Energia (Italy)
• Solar Turbines (U.S.)
• Kawasaki Heavy Industries, Ltd. (Japan)
• Doosan Heavy Industries & Construction (South Korea)
• Bharat Heavy Electrical Limited (India)
• OPRA Turbines (The Netherlands)
• Rolls Royce (U.K.)
• Vericor Power Systems LLC (U.S.)

Further Report Findings

• North America is set to dominate the global market share due increasing number of turbine plants which are gas-driven. The market was valued at USD 5.98 million in 2022 as these plants have been conducting natural gas as shale gas exploration activities.  
• Asia Pacific is set to record the highest CAGR due to rapid industrialization and urbanization have increased demand for energy. The government in this region has taken several steps to lessen carbon emissions which has further increases the use of gas-driven turbines in Japan, China, India, Australia, and South Korea.

Table of Segmentation