Global Gas Turbine Market Expected to Reach US$ 13.43 Bn by 2027
According to anew market report published by Industry Probe (www.industryprobe.com) titled ‘Gas Turbine Market (Type: Aeroderivative andHeavy Duty Gas Turbine; Output Range: 1 to 40 MW, 40 MW to 120 MW, and 120 MWand Above; Fuel Type: Diesel Fuel, Heavy Fuel, Dual Fuel, and Natural Gas;Application: Power Generation, Mechanical Drive, and Others) – Global IndustryDynamics 2018-19, Trends and Forecast, 2020–2027’ the global gas turbine market is expected to expandat a CAGR of 4.0% from 2019 to 2027 and reach US$ 13.43 Bn by 2027.
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As per the report, Asia Pacific held prominent share in the global gasturbine market in 2018 followed by North America and Europe. The Asia Pacific marketis anticipated to show good growth opportunities for manufacturers of gasturbines during the forecast period. Global gas turbine market is majorly drivenby advanced technologies, which boost generation efficiency, ongoingdevelopment of suitable gas infrastructure, and climate change commitments.Asia Pacific, a region with economic growth and high population is thereby anticipatedto drive the demand for gas turbines. Owing to growing concerns over airpollution, the power generation industry is shifting toward increasing use ofnatural gas. The growing use of natural gas is projected to boost the gas turbine market in the world during theforecast period. Power generationand oil & gas industries are the major consumers of gas turbines in theworld. Demand for electricity is increasing rapidly in the developing countriesdue to increasing population, growing middle class, and industrial growth,which is also projected to propel the gas turbine market.
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Along with the driving factors propelling the growth of the gas turbinemarket, the report mentions some of the challenging factors that may hinder thegrowth of the market during the forecast period. The report states that the averagecost of gas turbines is around US$ 1,100/kW of power generated. Along withprocurement of gas turbines, buyers have to spend a major amount on periodicmaintenance. For a long time, gas turbine OEM companies such as GE, MHPS, andSiemens offered long-term service agreements for the duration of its usablelife. However, the power generation industry is looking for alternatives toreduce the procurement cost beyond its warranty period. High procurement costsare making it difficult for middle-scale and small-scale buyers to procure gasturbines as these buyers operate on a low-profit-margin. High procurement costis expected to hamper market growth during forecast period.
The report Industry Probe has segmented the global gas turbine market interms of type, fuel type, application and region. Based on region, Asia Pacificholds major share of the global gas turbine market, followed by North America. AsiaPacific gas turbine market would be propelled by the growing development oflarge-scale gas fueled power generating plants. Owing to the presence of largemanufacturing sector and robust industrialization, Asia Pacific is one of thefastest growing region in the world. Additionally, Asia Pacific requiresalternative power generating sources to meet the growing energy requirementfrom the expansion of manufacturing sector. The incorporation of gas turbine wouldnot only help to cater the growing energy demand, but also would aid in theindustrial development, further strengthening the market outlook.
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The gas turbine market is dominated by several players who are focused onthe development of new types to cater to the changing consumer preferences.
The report includes the below mentioned pointers of major playersoperating in the gas turbine market:
· Competition Matrix
· Company Overview
· Market Share Analysis (2018)
· Product Innovation
· Business Strategies / RecentDevelopments
· Technological advancements
· Key mergers and acquisitions
· Expansion strategies
· Company Financials
Originally published on- https://industryprobe.weebly.com/blog/global-gas-turbine-market-expected-to-reach-us-1343-bn-by-2027-industry-probe
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