Gas Turbine Industry - What Factors will drive the Industry in Upcoming YearsPosted by Nicky Arora on October 24th, 2019 The Global Gas Turbine Market size is projected to reach USD 30.08 billion by 2025, according to a new report by Grand View Research, Inc., witnessing a CAGR of 4.8% during the forecast period. The market is expected to be driven by increasing pressure from international agencies to reduce carbon footprint, along with low shale gas prices. Incentives provided by regional governments to gas-based power generation companies to combat increasing carbon footprints are likely to drive market growth. Gas turbines witnessed a distinctive increase in 2015, hinting a change in policies by power generators to capitalize on low gas prices. Some of the largest gas turbine shipments are estimated to be heading toward Latin America, U.S., and Europe. However, Asia Pacific will likely exhibit the fastest growth rate in the foreseeable future. Post 2016, steam turbine orders are picking up as well, mimicking the trend in gas turbines, owing to rising CHP installations across the globe. Combined cycle power generation is the most efficient form of technology to generate electricity. This technology segment also accounts for the largest share in the gas turbine market. Gas power production in Asia Pacific is still at a nascent stage, but with aggressive development programs undertaken by the regional governments to improve gas infrastructure, the region is slated to witness rapid growth. India is also increasing its focus on the use of cleaner resources. In January 2017, Siemens and Marubeni announced plans to build a 1,200 MW combined cycle power plant in Thailand. In 2015, the company sold approximately 18 models of SGT-800 industrial gas turbines to Thailand. Six of these turbines had a capacity of 53 MW each, while the capacity of the remaining twelve units was 50.5 MW each. The units were intended to be installed in nine combined cycle cogeneration power plants with a total installed electrical capacity of 1100 MW. Further key findings from the report suggest:
Grand View Research has segmented the gas turbine market on the basis of capacity, technology, application, and region: Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
Gas Turbine Application Outlook (Volume, MW; Revenue, USD Million, 2014 - 2025)
Gas Turbine Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
o U.S
o Germany o UK o France
o China o India o Japan
o Brazil
o Saudi Arabia Access Informative Sample @ https://www.grandviewresearch.com/industry-analysis/gas-turbine-market About Grand View Research: Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide. Contact: Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105 United States Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Like it? Share it!More by this author |