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The global gas turbine market was valued at $18.5 billion in 2020, and is projected to reach $25.4 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030. Gas turbine is a mechanical device, which harnesses energy from working fluid or gas by utilizing its kinetic energy or potential energy
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Opportunity Analysis and Industry Forecast, 2016-2023 Gas Turbine Market is projected to reach $25.4 billion, growing at a CAGR of 3.3% by 2030.
Gas Turbine Market The global gas turbine market was valued at $18.5 billion in 2020, and is projected to reach $25.4 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030. Gas turbine is a mechanical device, which harnesses energy from working fluid or gas by utilizing its kinetic energy or potential energy. These turbines run on brayton cycle, which is equipped with a heater, compressor, turbine, and cooler. The working fluid undergoes thermodynamic process where the system converts mechanical/heat energy into rotating energy, which, in turn, produces the electricity as output. For sample @ https://www.alliedmarketresearch.com/request-sample/7588 In addition, assured long-term fuel supply across various oil producing companies across the globe is one of the key factors supporting the growth of the gas turbine market. Gas turbines play an important role in reducing greenhouse gas (GHG) emissions. As compared to other combustion-based electricity generation applications, these are proficient and also result in decreasing carbon emissions. The execution of various climate change initiatives along with implementation of regulations to cut down GHG emissions are expected to boost the demand for gas turbines during the forecast period.
Gas Turbine Market • Gas Turbine Market: • By Region • Asia-Pacific accounted for a major gas turbine market share in 2020, owing to surge in demand for energy alternative having low environmental impact. • Owing to technological advancements in the energy sector and decrease in cost of shale gas production, natural gas production increased by 10.4% during 2010–2020, globally. • Rapid industrialization and increase in urbanization are driving an enormous and ever-growing power demand in the region, which necessitates the development of numerous power generation projects. • This, in turn, is driving the demand for gas turbines in China. • In addition, according to the India Brand Equity Foundation (IBEF), India’s power sector is dominated by coal-based generation, accounting for 61.3% of the total installed capacity in June 2021.
Gas Turbine Market • By Technology: • The combined cycle technology accounted for a major share in the gas turbine market in 2020, as it requires lower fuel to produce the required energy output and reduces transmission & distribution losses. • Combined cycle turbines are known to be highly efficient and facilitate system efficiencies in the range of 60.0–80.0%. • In addition, surge in demand for this technology is being compelled by stricter regulations for coal plants, low gas prices, and the integration of renewable power. • Combined cycle power plant (CCPP) complements solar and wind power, as it can start and stop quickly, and thus is proficient in offsetting the variations in renewable energy power. • Furthermore, favorable government policies regarding the usage of clean fuels for electricity generation and the reduction of GHG emissions are expected to increase the demand for natural gas-based power plants. • In addition, decline in gas prices and the discovery of shale gas reserves are expected to propel the gas turbine market growth during the projected period. • For enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/7588
COVID-19 impact analysis: • Lockdown impositions in major cities and economies have resulted in most of the industries around the world, thereby halting their production. This has further resulted in reduction of oil & gas demand around the world. • For instance, as per the bp statistical review of world energy 2021, global natural gas consumption was reported to be 3822.8 billion cubic meters in 2020, which was a decline by around 81.1billion cubic meters as compared to 2019. • In addition, power demand from industrial and commercial end users has seen a significant dip in recent times, owing to the global pandemic. • Thus, the demand for gas turbine is declined during the pandemic outbreak. • This trend is likely to continue for few more coming years until all industrial activities across the globe resume to normal that are halted amid government-imposed lockdown measures. • For detailed analysis of COVID-19 impact on this market @ https://www.alliedmarketresearch.com/request-for-customization/7588?reqfor=covid Gas Turbine Market
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