Gas Turbine Market size will exceed USD 23 billion by 2024.Replacement of conventional coal fired generation systems with sustainable gas fired technology will stimulate the global gas turbine market size over the forecast timeframe. Stringent emission reduction targets to reduce impact of greenhouse gases will boost the industry growth. In 2015, Government of France passed Energy Transition for Green Growth legislation with the aim to reduce emission level by 40% and increase the renewable energy consumption to 32% by 2030.
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MaketStudyReport.com adds a New Gas Turbine Market Research Report for the period of 2016-2024 that shows the market is growing at steady CAGR to 2024.
Growing demand for the reliable, clean and affordable electricity for better economic and social development will embellish in global gas turbine market size from 2016 to 2024. Countries including the U.S. and UK have introduced various action plans to meet their growing electricity demand with the clean energy sources.
U.S. federal government is targeting increase the energy mix from the gas fired station to 30% by 2025.
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Power generation applications are set to exceed 57 GW by 2024. Ongoing capacity addition with expansion of existing generating stations by countries including China, India and South Africa will positively impact industry growth.
U.S. gas turbine market share is anticipated to expand over 8% by 2024. Regulations to enhance the safety of existing gas fired stations coupled with the deployment of new high capacity generation plants to cater the growing demand will augment the industry growth.
For Europe, UK gas turbine market size for 2015 was valued over USD 180 million. Growing investments towards the replacement of existing coal fired stations with new clean energy systems will complement the industry outlook.
The Government of UK is targeting to shut down all the coal fired power plants by 2025 in line of fulfilling its clean energy commitment.
China gas turbine market is set to exceed 12 GW by 2024. Electrification programs including China Township Electrification Program for supplying reliable power to end consumers will augment the country’s business landscape.
Saudi Arabia gas turbine market revenue was valued over USD 1 billion in 2015. Rising onshore and offshore drilling and exploration will add to the revenue over the forecast timeline.
Argentina is predicted to exceed 1.5 GW by 2024. Growing investments towards the enhancement of marine and aviation industry will boost the business growth.
Key industry participants include Mitsubishi Hitachi Power Systems, General Electric, Kawasaki Heavy Industries, Siemens, Vericor Power Systems, Bharat Heavy Electricals, Ansaldo Energia, Solar Turbines, Man Diesel &Turbo, Capstone Turbine, Harbin Electric, Cryostar, NPO Saturn, Opra Turbines, Zorya-Mashproekt and others.
Gas turbine market research report includes in-depth coverage of the industry with estimates &forecast in terms of volume in MW and revenue in USD Million from 2013 to 2024, for the following segments:
Global Gas Turbine Market, By Product:
Heavy Duty, Aeroderivative
Global Gas Turbine Market, By Capacity:
≤ 70 MW, 70 – 300 MW, ≥ 300 MW
Global Gas Turbine Market, By Technology:
Open Cycle, Combined Cycle
Global Gas Turbine Market, By Application:
Power Generation, Oil &Gas, Industrial, Marine, Aviation
The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, MEA
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