Gas Turbine Market to be Worth $13.98 Billion by 2030: Grand View Research, Inc.

May 08, 2023

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01 Jun, 2023, 05:00 ET

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SAN FRANCISCO, June 1, 2023 /PRNewswire/ -- The global gas turbine market size is projected to reach USD 13.98 billion by 2030, registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. The industry is predicted to expand rapidly over the forecast period owing to government backing for power production technologies that minimize Carbon Dioxide (CO2) emissions around the world.

Key Industry Insights & Findings from the report:

Read 132 page market research report, "Gas Turbine Market Size, Share & Trends Analysis Report By Capacity (?200 MW, >200 MW), By End-use (Industrial, Power & Utility), By Technology (Combined Cycle, Open Cycle), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Gas Turbine Market Growth & Trends

>200 MW emerged as a significant capacity segment with a revenue share of more than 73.0% in 2022. It is also estimated to be the fastest-growing segment over the forecast period. The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world's major countries, are driving demand in this category. The combined cycle turbines segment accounted for the largest revenue share of approximately 72.0% in 2022 and is anticipated to continue its dominance throughout the forecast period. This technology category is expected to increase at a faster rate in the coming years. These turbines use less fuel to produce the same amount of energy and eliminate transmission and distribution losses.

The power & utility segment accounted for the largest revenue share of approximately 87.0% in 2022. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors. Led by China, Japan, Indonesia, Thailand, and India, Asia Pacific emerged as the largest regional market in 2022 with a share of more than 37.0% of the overall revenue. The region is also estimated to register the fastest CAGR over the forecast period. The region's need for electricity is being driven by rapid urbanization and the emergence of a middle-class population. The rising demand for LNG is primarily driven by the shale gas reserve and technological development in extraction and mining technology, which are consistently lowering the operational cost of gas extraction in the region.

Gas Turbine Market Segmentation

Grand View Research has segmented the global gas turbine market on the basis of technology, capacity, end-use, and region:

Gas Turbine Market - Technology Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Gas Turbine Market - Capacity Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Gas Turbine Market - End-use Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Gas Turbine Market - Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

List of Key Players in the Gas Turbine Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's Conventional Energy Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058Toll Free: 1-888-202-9519Email: [email protected]Web: https://www.grandviewresearch.comGrand View Compass | Astra ESG SolutionsFollow Us: LinkedIn | Twitter

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SOURCE Grand View Research, Inc.