Trends, opportunities and forecast in this market to 2021 by turbine size (1 - 60 MW, 61 -180 MW, More than 180 MW), and region (North America, Europe, Asia Pacific and Rest of the World)
According to a new market report published by Lucintel, the future of the global gas turbine market looks promising with opportunities in 1-60 MW, 61-180 MW, and more than 180 MW sized gas turbine. The global gas turbine market for power generation is expected to reach an estimated $13.2 billion by 2021 and is forecast to grow at a CAGR of 3.3% from 2016 to 2021.
The major drivers for the growth of this market are increasing focus on relatively cleaner energy sources and growing investment in gas-fired power generation due to its lower cost of generating electricity.
This report has 69 figures/charts and 18 tables spread through 94 pages
In this market, 1-60 MW, 61-180 MW, and more than 180 MW are the turbine sizes used for power generation.
On the basis of comprehensive research, Lucintel forecasts that the gas turbine with size of ‘more than 180 MW’ is expected to show above average growth during the forecast period.
Within the gas turbine market, the 61 MW to 180 MW turbine size is expected to remain the largest segment by both value and volume. High efficiency and low cost per MW are the major factors which would spur growth for this segment over the forecast period.
ROW is expected to remain the largest market and is expected to witness the highest growth over the forecast period due to large scale demand for natural gas based power generation in the region.
For business expansion, this report suggests innovation and new product development to achieve higher efficiency, low emissions, and improved operating cycle.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing focus on gas turbine advancement in order to raise efficiency and development of high temperature materials for turbines. General Electric, Siemens, and Mitsubishi Heavy Industries, are among the major suppliers of gas turbine.
The study includes a forecast for the growth opportunities in the global gas turbine market by turbine size and region, as follows:
Turbine size [Volume (GW) and Value ($ billion) from 2010 to 2021]:
- 1 - 60 MW
- 61 -180 MW
- More than 180 MW
Region [Volume (GW) and Value ($ billion) from 2010 to 2021]:
- North America
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