You are here
Gas Turbines Market worth $20.66 Billion by 2022
Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022
According to the new market research report "Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The gas turbines market is expected to grow from an estimated USD 17.51 Billion in 2017 to USD 20.66 Billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The global market is witnessing significant growth driven by the increasing demand for natural gas-fired power plants, rising demand for electricity, and reducing carbon dioxide emissions.
Don’t miss out on business opportunities in Gas Turbines Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
“Combined cycle the largest gas turbines market by technology.”
The combined cycle power plants segment was the largest market and is estimated to account more than two-thirds of the total market. Combined cycle power plants are similar to open cycle power plants, except, in combined cycle plants, the waste heat from gas turbines is used to make steam to produce additional electricity using steam turbines. The initial costs for installation and the investments required till the commissioning of combined cycle power plants are high. Combined cycle power plants help lower the total emissions since the exhaust is utilized for other operations.
Browse and in-depth TOC on "Gas Turbines Market"
67 - Tables
31 - Figures
161 - Pages
View more detailed TOC @
“The power generation application segment is expected to be the fastest growing market.”
Gas turbine power plants are widely used as medium-sized peak load plants to run intermittently during short durations of high power demand on electric systems. The power generation segment is expected to be the fastest growing segment. Gas turbines are used for power generation in small- and medium-scale industries. Gas turbines are also used widely by independent power producers, small and medium power utilities, and municipalities. Gas turbines are used in open cycle and combined cycle power plants in utilities, for base load standby power, and peak loading applications. They are also used as cogeneration plants for industrial plants with high heat load and district heating schemes. The increase in the demand for natural gas power plants in various industries will drive the power generation segment during the forecast period.
“Asia Pacific: The leading gas turbines market”
The market in Asia Pacific is expected to dominate the gas turbines market during the forecast period. There is a huge increase in the demand for electricity in Asia Pacific; however, utilities are facing challenges such as meeting energy efficiency targets and adhering to federal carbon policies. Factors such as urbanization, industrialization, and fast economic growth are driving the demand for electric power in various countries in the region. This has led to the development of new power plants, especially gas-fired ones.
Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsample.asp?id=94641697
To provide an in-depth understanding of the competitive landscape, the report includes the profiles of some of the leading players in the gas turbines market including GE (US), Siemens (Germany), MHPS (Japan), and Ansaldo (Italy).
Browse Adjacent Markets @ Energy and Power Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.