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Gas Turbine Market Trends

Report ID: GMI1181
Published Date: Jan 2024
Report Format: PDF

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Gas Turbine Market Trends

The rising environmental apprehensions and strict governmental directives to curb greenhouse gas emissions have prompted industries to embrace robust energy conservation measures, thereby boosting the sector's potential. The growing share of renewable energy sources, combined with a focused commitment to energy efficiency, will drive the adoption of related products. Additionally, the escalating demand for electricity, paralleled by substantial investments in the extraction and trading of natural gas, will positively impact the overall business landscape.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of gas turbine was worth USD 16.7 billion in 2023 and is set to grow at 5.5% CAGR through 2034, attributed to the growing need for power generation led by surging industrialization worldwide.

Open cycle gas turbine market is poised to record 4.5% CAGR between 2024 and 2034, owing to their ability to start quickly and achieve full load rapidly for meeting peak power demand and providing grid stability.

North America gas turbine industry was worth USD 2.3 billion in 2023 and is set to exhibit robust growth through 2034, attributed to the ongoing transition to cleaner energy sources along with environmental concerns and emission regulations.

Some of the leading gas turbine firms are General Electric, Mitsubishi Heavy Industries Ltd., Opra Turbines, Mitsubishi Heavy Industries Ltd., Siemens, Kawasaki Heavy Industries, Ltd., Bharat Heavy Electricals Limited (BHEL), MAN Energy Solutions, and Capstone Green Energy Corporation