Gas Turbine Market is valued at USD 18.0 Billion in 2018 and is expected to reach USD 22.3 Billion By 2025 with a CAGR of 3.1% over the forecast period.
A gas turbine is an instrument which utilizes the energy stored in gas—either in the form of kinetic energy of the flowing gas stream or the potential energy of a gas under pressure—to produce rotary movement. Gas turbine also knows as combustion turbine and it has three main elements. These elements include upstream rotating gas compressor, combustor, and downstream turbine, which is common in almost all turbines. Gas turbine is used for various different purposes in various industries such as oil and gas, power generation, aviation, power plants and others.
Gas Turbine Market report is segmented on Technology, design, application and by regional & country level. Based upon Technology, gas turbine market is segmented into Open Cycle and Combined Cycle. On the design, market is segmented into Heavy Duty and Aeroderivative. Based upon application, gas turbine market is classified into Power and Oil & Gas.
The regions covered in this Gas Turbine market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Gas Turbine market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Gas Turbine market are
There is a constant increase in the global population which has increased the energy demands and also increased the industrialization on a large scale. There has been rapid increase in the industrialization which has also contributed the growth of energy demands globally are expected to promote the growth of gas turbine market. There gas turbines are also known as combustion turbines which has wide variety of applications in the different industries. There has also been change in the government regulation to reduce the carbon footprint in the environment which has also expected to drive the growth of gas turbine market over the forecast period. Moreover, there has been various technological advancement in the gas turbine which is expected to increase the efficiency and also expected to create ample opportunities in the gas turbine market. However, high cost and increase of renewable energy sources are expected to hamper the growth of gas turbine market over the forecast period.
North America and Europe is expected to account for the largest market share in the global market. Due to the presence of develop economies such as U.S., Canada, Germany, UK and others are expected to promote the growth of these regions. Furthermore, high number of power plants is present in the region and plants causing excessive pollution are closed by the government to reduce the carbon footprints. Asia Pacific is expected to develop significantly over the forecast period owing to the developing economies such as China, India and others over the forecast period. Increased urbanization, increase in per capita income couple with fast economic growth are expected to gain traction in the near future. Middle East and Latin America is also expected to closely follow Asia Pacific in terms of growth. Africa is expected to develop considerably over the forecast period.
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