The global gas turbine market size is expected to reach USD 30.08 billion by 2025, according to a new report by Grand View Research, Inc. The increasing availability of natural gas for power generation, expanding oil & gas industry, awareness regarding flexible resources for energy production based on renewable energy sources are some of the key factors expected to play a significant role in propelling the global demand.
Even though the demand for natural gas as a fuel for new capacity additions is fast catching up, its limited availability is expected to pose a significant challenge. Geopolitical issues are another major factor, which is likely to affect the natural gas supply.
Turbines with capacity ≤200 MW are likely to maintain the highest market share due to rising demand for flexible power generating units and rapidly growing oil & gas industry. Easily available financing prospects for small power plants are another factor supporting the growth of low capacity turbines.
The market is consolidated with top five market players accounting for over 65% market share. Being a mature market, market participants focus on post-sales services to remain competitive. Mergers and acquisition is a key strategy implemented. One such example is the acquisition of Alstom’s power and grid business by GE.
Browse full research report on global gas turbine market: http://www.grandviewresearch.com/industry-analysis/gas-turbine-market
U.S. gas turbine market revenue by application, 2014-2025 (USD Million)
Further key findings from the report suggest:
- The global gas turbine market demand was over 60,000MW in 2015 and is expected to grow at an estimated CAGR of 4.3% from 2016 to 2025
- Power generation was the largest application segment in 2015 and is likely to continue the trend during the forecast period
- Due to Fukushima nuclear disaster, Japanese government is now focusing on R&D for combined cycle power plant
- Iraq government tied up with General Electric to set up 3,000MW gas power plant
- Asia Pacific is expected to grow at a CAGR of 5.4% in terms of revenue over the forecast period and is expected to be the fastest growing region
- Europe is expected to grow at an estimated CAGR of 4.9% in terms of revenue from 2016 to 2025
- Major players operating in the global gas turbine market include General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia S.P.A., Bharat Heavy Electricals Limited, Opra Turbines B.V., Solar Turbines Incorporated, etc.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/conventional-energy
Application Market Share, By Capacity (MW), 2015
Grand View Research has segmented the global gas turbine market on the basis of capacity, technology, application and region:
Capacity Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 – 2025)
- ≤200 MW
- >200 MW
Technology Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 – 2025)
- Open Cycle
- Combined Cycle
Application Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 – 2025)
- Power Generation
Regional Outlook (Capacity, Mega Watts; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Central & South America
Access research insight: http://www.grandviewresearch.com/research-insights/gas-turbine-market-insights-size-trends
About Grand View Research
Grand View Research, Inc. is a 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. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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