Market Overview: The global gas turbine market exhibited considerable strength in 2020 and is poised to maintain a steady revenue Compound Annual Growth Rate (CAGR) throughout the forecast period. Key drivers propelling revenue growth in this market include the evolving energy landscape and the increasing adoption of gas turbines for power generation. Furthermore, factors such as reliability, high efficiency, operational flexibility, low-emission options, and fuel versatility are expected to fuel the demand for gas turbines, thereby supporting revenue growth.

A gas turbine is an internal combustion engine in which turbine blades are driven by expanding gases originating from the combustion chamber, known as the combustor. It is a machine that converts the potential energy of heated and compressed gas into kinetic energy as it expands within the turbine blades. The gas flows through the blade passage, absorbing kinetic energy and generating rotation at the shaft. This fundamental concept is akin to that of a steam turbine. The mechanical work is then derived from the energy on the rotating shaft. Gas expansion within a gas turbine occurs in one or, more commonly, multiple stages. Gas turbines function with a continuous flow of working fluid and are used for power generation as well as to generate thrust for airplanes.

Get a sample copy of the Gas Turbine Market report: https://www.reportsanddata.com/download-free-sample/4928

Major Growth Drivers of the Global Gas Turbine Market: The robust revenue growth of the global gas turbine market is significantly driven by its high power-to-weight ratio, compact size compared to equivalent internal combustion engines, and its ability to rapidly adapt to varying load conditions, resulting in reduced vibration compared to reciprocating engines. Gas turbines also offer fuel flexibility and can be configured to utilize nearly any combustible gas or light distillate petroleum products. Their robustness and efficiency contribute to fewer operational failures and downtime. Gas turbines provide versatility by supplying both power generation and compressed air for various industrial processes. Their quick start-up and generation of uniform, homogeneous torque are expected to further bolster revenue growth.

Factors Restraining Growth of the Global Gas Turbine Market: Several adverse factors hinder the growth of the global gas turbine market, including the high costs associated with complex design and manufacturing processes required for high-temperature operation. Additionally, factors such as increased fuel consumption during idling and a preference for consistent loads over variable loads are anticipated to somewhat impede market growth. Moreover, the high temperatures in the combustion chamber can result in a shorter lifespan, potentially hampering revenue growth.

Opportunities for Participants in the Global Gas Turbine Market: Opportunities abound for major industry players and new entrants in the global market. These opportunities stem from efforts to reduce tip-leakage flow at the compressor and, importantly, at the turbine while minimizing physical contact between rotating and stationary components. Furthermore, the development of gas turbines capable of utilizing alternative fuels such as hydrogen, ammonia, synthetic methane, and other eco-friendly options with lower carbon emissions presents lucrative prospects. Additionally, the hybridization of gas turbine technology with renewables, the integration of energy storage, and retrofitting for enhanced efficiency are expected to continue driving market growth in the future.

Global Gas Turbine Market Revenue Dominated by Technology Segment: In terms of technology type, the combined cycle segment is projected to capture the largest share of revenue during the forecast period. A combined-cycle power system typically employs a gas turbine to drive an electrical generator and recovers waste heat from the turbine exhaust to generate steam, which is then used to produce additional power through a steam turbine. The overall electrical efficiency of a combined-cycle power system typically ranges from 50% to 60%, representing a substantial improvement over the efficiency of a basic open-cycle application, which is around 33%. These factors are pivotal in driving growth in this segment.

Leading Application Segment in the Global Gas Turbine Market: Regarding applications, the electrical power generation segment is expected to dominate other segments in terms of revenue share throughout the forecast period. Gas turbine combined cycle power plants utilize fossil fuels to generate clean and efficient electricity. Advanced gas turbine plants generate 20% more power than traditional coal-fired thermal power generation systems and achieve maximum efficiency of over 64%, resulting in a 50% reduction in CO2 emissions.

Europe Holds the Largest Share of Global Gas Turbine Market Revenue: Europe emerged as the leading market for gas turbines in 2020, accounting for the highest revenue share among regional markets. This growth is primarily attributed to the region's continuous integration of technological advancements in gas turbines, its focus on Combined-Cycle Gas Turbine (CCGT) power technology, and the increased use of gas-powered systems due to stringent carbon emission regulations. The European gas turbine market is expected to experience robust revenue growth in the forecast period, owing to the presence of key industry players, including Ansaldo Energia, Wartsila, Centrax Gas Turbines, MTU Aero Engines AG, Zorya-Mashproekt, OPRA Turbines, Rolls-Royce, MAN Energy Solutions, and Siemens.

Asia Pacific Leads in Terms of Revenue CAGR: The Asia Pacific gas turbine market is anticipated to register the highest Compound Annual Growth Rate (CAGR) over the forecast period. Rapid industrialization and urbanization in developing economies within the region are driving an escalating demand for power, making it a major factor propelling growth in the Asia Pacific market. Moreover, government initiatives and investments aimed at reducing carbon emissions by transitioning from coal and nuclear power generation to natural gas will further contribute to market expansion in the Asia Pacific region.

Major Companies Profiled in the Report: The report profiles several major companies operating in the global gas turbine market, including Ansaldo Energia, Bharat Heavy Electrical Limited, Capstone Turbine Corporation, Wartsila, Mitsubishi Heavy Industries, Centrax Gas Turbines, Doosan Heavy Industries & Construction, MTU Aero Engines AG, Zorya Mashproekt, General Electric, Kawasaki Heavy Industries, OPRA Turbines, Rolls-Royce, MAN Energy Solutions, Siemens, Solar Turbines, Vericor Power Systems LLC.

Strategies and Objectives of Major Companies: In December 2021, GE and Harbin Electric Corporation collaborated to supply two 9HA.01 heavy-duty gas turbines to the Guangdong Huizhou power plant, which is managed by the Guangdong Energy Group Co., Ltd. This project aims to provide 1.34 gigawatts (GW) of energy to Guangdong province and steam for the chemical complex's industrial processes in Huizhou.

In June 2021, Capstone Green Energy Corporation, formerly known as Capstone Turbine Corporation, announced the provision of two C600S microturbine systems and one C800S microturbine system for various oil and gas projects in Australia, promoting carbon reduction and resilient green energy solutions.

Explore Trending Reports:

Agricultural Pheromones Market-https://www.reportsanddata.com/report-detail/agricultural-pheromones-market

Steel Drums Market-https://www.reportsanddata.com/report-detail/steel-drums-market

Magnesium Phosphate Cement Market-https://www.reportsanddata.com/report-detail/magnesium-phosphate-cement-market

Aluminum Pigments Market-https://www.reportsanddata.com/report-detail/aluminum-pigments-market

Trash Bags (Garbage Bag) Market-https://www.reportsanddata.com/report-detail/trash-bags-garbage-bag-market

Request a customization of the report: https://www.reportsanddata.com/request-customization-form/4928

Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.

About Reports and Data    

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

John W

(Head of Business Development)

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Blogs | Press Release | Industry News | Our competencies

Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports

Browse More Latest Reports @ https://www.reportsanddata.com/report

Browse Latest Blogs: https://www.reportsanddata.com/blogs

Browse Latest Press Release: https://www.reportsanddata.com/press-release