Global Gas Turbine Market projected to surpass US$27 billion driven by the transition towards clean energy

NOIDA, UTTAR PRADESH, INDIA, August 23, 2023/EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the global gas turbine market is projected to grow at a CAGR of 4.27% between 2023 and 2028 to reach US$27.182 billion by 2028. The prime factors propelling the global gas turbine market growth include the increasing demand for electricity, the transition toward cleaner energy, and increasing investments.

A gas turbine, also known as a combustion turbine, is a type of internal combustion engine that converts energy from fuel into mechanical power through a series of combustion and expansion processes. Gas turbines are widely used in various applications, including power generation, aviation, and industrial processes, due to their high efficiency and power-to-weight ratio.

Various collaborations and technological advancements are driving the global gas turbine market. For instance, Siemens Energy and Cyfield Construction Ltd. partnered together in March 2021 to assist in greener and more effective energy generation in the Middle Eastern island of Cyprus. By supplying technology and ongoing support for the 260mw Cyfield Mari combined-cycle power plant, Siemens Energy assisted in this transformation. The power plant anticipates the greatest efficiency in the power plant range with the SGT-800 gas turbine technology from Siemens Energy.

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The global gas turbine market is segmented into <100 MW, 100 MW-300 MW, and>300 MW depending on the power rating. The market demand for more than 300 MW sector is anticipated to increase as a result of the investments in the >300 MW segment. For instance, in April 2022, Edra Energy, a prominent gas-based power plant in Malaysia, initiated the operations of its expansive 2.2 GW combined-cycle power facility situated in Alor Gajah, Malacca. This newly established plant boasts the capacity to produce power through three distinct blocks, each with the capability of generating 745 MW independently.

The global gas turbine market is segmented into gas cycle, combined cycle, and cogeneration based on the type. The combined cycle segment is growing rapidly owing to the higher efficiency and lower environmental impact of combined cycle power plants. Combined cycle plants can achieve greater energy conversion efficiencies by utilizing waste heat from the gas turbine to drive a steam turbine, resulting in increased overall electricity generation from the same amount of fuel.

The global gas turbine market is divided into power generation, oil and gas, and others based on the application. The growth of the power-generating segment is being driven by the expansion of power production activities globally. For instance, according to the BP Statistical Review of World Energy, 2022, the power generated by natural gas rose from 6.37K TWh in 2020 to 6.52K TWh in 2021.

According to geographical segmentation, North America holds a sizable share of the global gas turbine market driven by the increasing need for efficient power generation, the transition towards cleaner energy, and government measures. For instance, the Energy Information Administration (EIA) projected a rise in oil output of 41,000 barrels per day (bpd), to 9.33 million bpd in June 2023. The largest shale oil area in Texas and New Mexico, the Permian area, is predicted to see a major increase in crude output of 15,000 barrels per day (bpd), reaching a record high of 5.71 million bpd.

The research study includes coverage of Siemens, General Electric, Mitsubishi Heavy Industries Ltd., BHEL, Kawasaki Heavy Industries Ltd., Solar Turbine Incorporated (Caterpillar Inc.), OPRA Turbines, Capstone Turbine Corporation, MAN Energy Solutions SE, and Ansaldo Energia S.p.A. among other significant market player in the global gas turbine market.

The global gas turbine market report segments the market as below:

• By Power Rating

o <100 MW
o 100 MW-300 MW
o >300 MW

• By Type

o Gas Cycle
o Combined Cycle
o Cogeneration

• By Application

o Power Generation
o Oil and Gas
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• UAE
• Israel
• Saudi Arabia
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others

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Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
[email protected]
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