Zion Market Research has published a new report titled “Gas Turbines Market (Heavy Duty and Aeroderivative), By Rated Capacity (1 To 40 MW, 40 To 120 MW, 120 To 300 MW, and Above 300 MW), By Application (Oil & Gas, Power Generation and Other Industries) – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global gas turbines market was valued at USD 16.0 billion in 2015, is expected to reach USD 20.5 billion in 2021 and is anticipated to grow at a CAGR of around 4% between 2016 and 2021.
The gas turbine is the engine majorly utilized at the power plant that produces electricity. It is also popular as a combustion engine, which can modify natural gasses and liquid fluids to mechanical energy. Gas turbines are obtainable in different sizes ranging from 250 megawatts (MW) down to 500 kilowatts (kW). For the last decade, gas turbines are only utilized for producing electricity, but now gas turbines are one of the most commonly utilized power breeding technologies. There are various ways by which gas turbines can be utilized for the generation of electricity and other types of energy. In 2015, global gas turbines market was estimated at USD 16.0 billion. By 2021, the global market is anticipated to value USD 20.5 billion and will grow with 4 % CAGR from 2016 to 2021.
On the basis of design type, gas turbines market is segmented as an aero-derivative and heavy duty. Based on rated capacity, gas turbines market is bifurcated as Above 300 MW, 120 to 300 MW, 40 to 120 MW, and 1 to 40 MW. On the basis of application, gas turbines market is categorized as power generation, oil & gas, and other industries.
In 2015, Asia Pacific was the dominant region in the overall gas turbines market all over the world. This dominance was mainly seen due to the high electricity demand and huge population in this region. India and China are most well-known countries in this region. In the same year, China single-handedly guzzled more than 20% of the electricity of the world. Power creation in Asia Pacific was sustained by their huge quantity of natural resources. Also, various companies are taking the initiative that is adding in the development of the global market. For instance, GE Energy Financial Services has decided recently decided to bring world’s most superior technology for a gas turbine to CPV Fairview Energy Center in Pennsylvania.
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The global market has a tough competition due to local as well as global players. Some of the noteworthy players of the gas turbines market are Alstom S.A, Siemens AG, Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals Limited, Ansaldo Energia S.P.A. General Electric Company, and others.