The global gas turbine market size is expected to reach USD 37.90 Billion by 2030 according to a new study by Polaris Market Research. The report “Gas Turbine Market Share, Size, Trends, Industry Analysis Report, By Capacity (?200 MW, >200 MW); By Technology (Open Cycle, Combined Cycle); By End-Use (Power & Utility, Industrial); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising emphasis of the government on the development and the integration of the digital technology along with the increased spending on research & development is expected to drive the growth of the industry over the forecast period. There are several initiatives that are being taken by the government and the industry players to accelerate the advancements in the area of product technology.
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Moreover, increasing adoption of the industry to provide innovative solutions through the integration of the advanced technology along with the other systems is further creating lucrative prospects for industry growth during the forecast years. Based on the technology, the combined cycle gas turbine industry segment is expected to account for the largest market share over the forecast period owing to the several benefits associated with it including higher efficiency, low operating cost, and low emission.
Asia Pacific is likely to witness the largest revenue share in the global gas turbine industry. The high demand is attributed to the increased investment in research & development, technological advancements, along with the rising demand for this technology from several industries present across the region, is contributing to the potential growth of the industry.
Market participants such as Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Gas Turbine, General Electric, IHI Corporation, Ansaldo Energia, Kawasaki Heavy Industries, Ltd., Mapna Group, Mtu Aero Engines AG, Opra Turbines, Rolls-Royce Plc, Solar Turbines Incorporated, Siemens Energy, and United Engine Corporation are some of the key players operating in the global market.
For instance, in June 2021, GE and IHI signed an agreement to develop an ammonia fuels roadmap across Asia. this ammonia roadmap is likely to facilitate the use of ammonia as a carbon-free fuel to lower carbon emissions in both existing and new products.
Polaris market research has segmented the gas turbine market report on the basis of capacity, technology, end-use, and region:
Gas Turbine, Capacity Outlook (Revenue - USD Billion, 2018 - 2030)
Gas Turbine, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Gas Turbine, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Gas Turbine, Regional Outlook (Revenue - USD Billion, 2018 - 2030)