The global gas turbine market was valued at US$17 050.05 million in the year 2019.
The global gas turbine market holds lucrative growth opportunities owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality.
The continuous rise in demand of energy in Asia Pacific region is driving the demand of industrial products from last few years. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a significantly large number of buyers hailing from diverse industrial backgrounds.
Owing to low production cost in Asian countries backed with rising industrialisation, manufacturers are investing in economies such as India and China which is propelling the market growth.
Positive outlook towards power sector, oil and gas sector coupled with rapid industrialisation across developed and emerging economies will drive the gas turbine market size. Additionally, expectation of rise in consumer demand and investment by public and private sector in small and medium scale industries will anticipated to drive the market of global gas turbine in future.
The market is also expected to register huge growth in demand post COVID-19 pandemic situation attributable to factors such as lower operating costs, lower emissions, high power density, and quality exhaust stream that can be further used in other processes.
As compared to other combustion-based power generation technologies, gas turbines are very efficient and also result in lower carbon emissions.
Heavy duty gas turbine market is anticipated to witness significant growth on account of economic cost structure, high capacity operations and lower pressure ratios to yield maximum specific power. Growing product demand across utility aided and heat recovery power generating plants owing to lower turbine dimensions and cost along with maximum cycle efficiency will further drive the business landscape.
Rising concerns toward GHG emission in line with stringent government norms pertaining to adoption of gas fired turbines over traditional power generating units will further complement the industry landscape. Moreover, increasing energy demand across developing nations along with ongoing adoption of renewables when compared to conventional fuels will strengthen the product integration.
Companies mentioned include:
- General Electric.
- Ansaldo Energia.
- Siemens AG.
- Caterpillar Inc.
- Kawasaki Heavy Industries.
- Centrax Gas Turbines.
Read the article online at: https://www.worldpipelines.com/business-news/31122020/global-gas-turbine-report-released/