Industrial Gas Turbines Market Trends and Opportunity Analysis to 2021

December 13 06:28 2018

Industrial Gas Turbines Market | Research Cosmos
The growth in the energy demand of several industries is fueling the Industrial Gas Turbines Market. In addition, the flexibility to use different fuels to power the turbines should stimulate market growth.

Industrial Gas Turbines Market Overview:

An industrial gas turbine is a combustion engine used to generate mechanical energy from various fuels, such as natural gas or liquid fuels. This mechanical energy generated is used to drive an integrated generator that produces electrical energy. The gas turbine is a motor generally used in the power plant that produces electricity. It is also known as a combustion engine capable of converting natural gases and liquid liquids into mechanical energy.

Industrial Gas Turbines Market Size:

As expected in the market report, the global gas turbine market was estimated at USD 16.0 billion in 2017. The turnover of this market is expected to reach USD 20.5 billion by 2021 with an increasing CAGR of around 4% between 2017 and 2021.

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Industrial Gas Turbines Market Drivers and Restraints:

The growth in the energy demand of several industries is fueling the market. In addition, the flexibility to use different fuels to power the turbines should stimulate market growth. However, the strict environmental regulations associated with gas turbines should hinder the growth of the market during the forecast period.

Industrial Gas Turbines Market Segmentation:

The global market for industrial gas turbines is segmented by product, capacity, technology, applications and geography. Based on the product, the market is divided into heavy and air. According to its capacity, it is classified in less than 70 MW, 70 to 300 MW and more than 300 MW. Based on technology, the market is divided into open cycle and combined cycle. Depending on the applications, the market is classified as generating electricity, oil and gas, among others.

Industrial Gas Turbines Market Geographic Segmentation:

By region, it is analyzed in North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Of all the regional segments of the global gas turbine market, Asia-Pacific held the largest market share in 2015. This predominance is mainly due to the large population and strong demand for electricity in this region. India and China are the most populated countries in this region. In 2015, only China consumed more than 20% of electricity in the world. The generation of energy in Asia-Pacific has been supported by its enormous amount of natural resources.

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Key Players of Industrial Gas Turbine Market:

Key players in market include Ansaldo Energia, Bharat Heavy Electricals Limited, General Electric, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd., Man Diesel & Turbo, Mitsubishi Hitachi Power Systems Ltd., Opra Turbines B.V., Siemens, and Vericor Power Systems.

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