Pune, India, May, 2018 /MRFR Press Release/- Industrial applications market is growing at the highest rate in the Gas Turbines market from 2018-2023.
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Gas Turbines are widely accepted under any situation around the world as they have very high power-to-weight ratio, compared to reciprocating engines. Gas turbines are installed in power generation, oil & gas, industrial, marine and aviation sector. The constant need for electricity and the unstable power supply situation in most developing countries will aid in the growth of the gas turbines market over the forecast period. Fluctuation in international trade of natural gas and continuing distress over stable natural gas supply are restraining the gas turbine market.
The market is expected to grow at a CAGR of 4% during the forecast period.The market is driven by the increasing need for reliable electric supply and subsequent investment in producing new generating capacity, high productivity & low carbon discharge features of natural gas-fired power plants, and new shale gas exploration.
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Major Key Players
- General Electric
- Siemens AG
- Mitsubishi Heavy Industries Ltd.
- Alstom S.A
- Kawasaki Heavy Industries, Ltd.
- Solar Turbines Incorporated.
- Rolls-Royce Holdings plc.
Industrial gas turbine market currently holds more than half of the total share of volume of gas turbine and is expected to dominate the market in forecast period and the growing attention towards the replacement of conventional coal-fired power plant with viable natural gas-fired power plants will enhance the industrial gas turbine market in forecast period.
- Distributer & Supplier companies
- End Users
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
Global Gas Turbine Market, By Product Type
- Heavy Duty
Global Gas Turbine Market, By Capacity
- ≤ 70MW
- 70-300 MW
- ≥ 300 MW
Global Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
Global Gas Turbine Market, By Application
- Power Generation
- Gas & Oil
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