Global Gas Turbine Market 2020-2024
Technavio has been monitoring the gas turbine market and it is poised to grow by $ 2.44 bn during 2020-2024 progressing at a CAGR of 2% during the forecast period. Our reports on gas turbine market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the enhanced efficiency and robustness of gas turbines, growth of distributed power generation base and expanding natural gas pipeline networks. In addition, enhanced efficiency and robustness of gas turbines is anticipated to boost the growth of the market as well.
The gas turbine market analysis includes product segment, end-users segment, technology segment, and geographic landscapes
Technavio's gas turbine market is segmented as below:
- Heavy-duty gas turbine
- Aeroderivative gas turbine
- Power generation
- Oil and gas
By Geographic Landscapes
- North America
- South America
This study identifies the development of GTCC and IGCC technologies as one of the prime reasons driving the gas turbine market growth during the next few years. Also, rapid decline in demand for F-class gas turbines, growing use of alternative fuel types for aeroderivative gas turbines and emergence of new power plants will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our gas turbine market covers the following areas:
- Gas turbine market sizing
- Gas turbine market forecast
- Gas turbine market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading gas turbine market vendors that include Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG. Also, the gas turbine market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.