Gas Turbine Market to Attain Value of US$ 54.7 Billion by 2031, observes TMR Study

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Oct 27, 2022, 11:30 ET

Expansion of captive power plants is likely to drive the heavy-duty gas turbine category in the global market
An increase in power demand worldwide is anticipated to boost the global gas turbine market

WILMINGTON, Del., Oct. 27, 2022 /PRNewswire/ -- In 2021, the worth of global gas turbine market reached value of US$ 37.5 Bn. The global market is anticipated to rise at 4% CAGR during the forecast period, from 2022 to 2031. It is projected that the global gas turbine market will reach valuation of US$ 54.7 Bn by 2031. The global gas turbine market is being driven by rapid technical developments in the energy industry and a growing emphasis on distributed energy solutions. An upsurge in the use of renewable energy sources has been triggered by an increase in energy demand. As a result, many businesses are choosing to generate electricity using gas turbines rather than coal-fired power plants, which is likely to drive future business opportunities in gas turbine. Electric power generation is one of the important end-use industries of gas turbine.

The development of natural gas power plants has been encouraged by the implementation of strict restrictions to minimize CO2 emissions, which is anticipated to raise demand for gas turbine. In order to strengthen their revenue streams, key players operating in the gas turbine are manufacturing gas turbines that can run on a combination of both hydrogen and natural gas.

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Key Findings of Market Report

The use of energy has increased globally as a result of rapid industrialization and urbanization. Investments in renewable sources of energy like natural gas are also being fueled by the strict rules that are being put in place to reduce CO2 emissions. Gas turbine demand is anticipated to increase as a result throughout the forecast period.
Due to their efficient and reliable power generating capability, gas turbines have considerable edge above all other distributed generation methods for onsite generation and backup power. In order to meet the rising demand for power, developing markets are improving their energy capacity. The capacity to use waste fuels in microturbines represents the largest opportunity for gas turbine in developing nations.
Depending on technology, the heavy-duty gas turbine category is anticipated to account for a significant portion of the market throughout the forecast period. Growth of the segment is ascribed to increasing number of industrial facilities and economic zones in developing nations.

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Global Gas Turbine Market: Growth Drivers

In terms of application, the electric power generation category is anticipated to lead the market in the forthcoming years. The segment is being driven by an increase in power consumption and adoption of stringent laws pertaining to emissions of carbon dioxide.
Asia Pacific is anticipated to hold the most revenue share in the global gas turbine market during the forecast timeframe. The regional market is being driven by the rapid urbanization, industrialization, and growth in R&D spending in developing countries like India and China.

Global Gas Turbine Market: Key Competitors

Harbin Electric Machinery Company Limited
Kawasaki Heavy Industries, Ltd.
Bharat Heavy Electricals Limited
Capstone Green Energy Corporation
Rolls-Royce Holdings plc
MTU Aero Engines AG

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Global Gas Turbine Market: Segmentation

Type

Turbojet
Turboprop
Turbofan
Afterburning Turbojet

Capacity

Below 40 MW
41 - 120 MW
121 – 300 MW
301 MW and Above

Cycle

Open Cycle
Combined Cycle

Technology

Heavy-duty Gas Turbine
Industrial Gas Turbine
Aero-derivative Gas Turbine

Application

Electric Power Generation
Industrial Usage
Marine Propulsion
Locomotive Propulsion
Automotive Propulsion

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