Gas Turbine Market Analysis

Gas Turbine Market Analysis

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The open cycle gas turbine industry size will witness growth rate of 4.5% through 2034. These systems are known for their ability to start quickly and achieve full load rapidly. This makes them suitable for meeting peak power demand and providing grid stability. Moreover, the business landscape is projected to benefit from the expansion of power generation applications to offshore platforms, as well as the increasing application across aircraft.

The aero-derivative gas turbine market holds a share of over 20% in 2023. The industry dynamics are set to receive a boost from the availability of highly flexible and mobile technologies. The growing applicability in various sectors such as marine propulsion, power utilities, and district heating is expected to enhance the overall business landscape. The product comes with significant advantages, including lightweight design, environmental friendliness, higher rotation speed, operational versatility, and low water consumption, thereby accelerating the industry's potential.

The ≤ > 1 MW to 30 MW gas turbine industry is set to surpass USD 2.5 billion by 2034. The key manufacturers are directing their attention towards producing turbines that are both cost-effective and efficient, catering to a broad range of applications in power generation, mechanical drive, and the oil & gas sector. The goal is to empower installers to yield substantial returns and build long-term savings. Additionally, the increasing consumer emphasis and industry proximity, coupled with favorable regulatory reforms, will favor the business scenario.

Based on application, the market is segmented as power plants, oil & gas, process plants, aviation marine and others. The rapid industrialization coupled with strict energy efficiency requirements has driven industries to implement efficient power generation systems. Government regulations aimed at curbing emissions, coupled with stable gas prices, are expected to boost technological advancements in this sector. The continuous growth of manufacturing and processing plants will contribute to the expansion of self-regulated power generation facilities, driving the industrial gas turbine market. Furthermore, governmental efforts to incorporate a sustainable energy mix are anticipated to have a positive impact on the industry.

• The North America gas turbine industry was reached USD 2.3 billion in 2023. The transition to cleaner energy sources along with environmental concerns and emission regulations will shape the demand curve for the market. For instance, the region was able to witness only 1% increase in CO2 emissions in 2022 which was much slower in comparison to the previous year’s 7% increase.

   

• The business outlook is anticipated to receive a boost owing to the rising demand for energy and a shifting emphasis towards the generation of renewable energy. The industry landscape is set to receive a boost as a result of increased industrialization and infrastructure modernization through investments in gas-fired distributed energy. This support is expected to enhance gas power generation in the process.