Gas Turbines Market Zooms Towards Billion-Dollar Valuation: Estimated to Reach USD 25.19 Billion by 2030: Verified Market Research®

The "Global Gas Turbines Market Size By Technology (Open Cycle and Combined Cycle), By Power Rating (Below 40 MW, 40–120 MW, 120–300 MW, and Above 300 MW), By Application (Power Generation, Oil & Gas), By Geographic Scope & Forecast, 2023-2030" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Gas Turbines Market, including its growth prospects, market trends, and market challenges.

JERSEY CITY, N.J., May 17, 2023 /PRNewswire/ -- The Global Gas Turbines Market is projected to grow at a CAGR of 3.60% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 18.33 Billion in 2021 and is expected to reach USD 25.19 Billion by the end of the forecast period.

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Browse in-depth TOC on "Gas Turbines Market"

202 - Pages
126 – Tables
37 – Figures

Gas Turbines Market Driven by Increasing Demand for Electricity and Technological Innovations

The global gas turbines market is experiencing exponential growth, fueled by the rising demand for electricity worldwide. Over the past two decades, the demand for electricity has doubled, and it is projected to increase exponentially in the near future. This surge in electricity demand has become a primary driver for the growth of the gas turbines market. Additionally, technological advancements and innovations have led to increased shale gas production, further boosting the market. Moreover, countries across the globe are gradually phasing out coal-based power generation in favor of gas-fired power plants, which is expected to significantly contribute to the growth of the global gas turbines market.

However, despite these positive market drivers, certain restraints are hindering the growth of the global gas turbines market during the forecast period. Concerns regarding the price volatility of natural gas are expected to pose challenges for the market's growth. Moreover, issues associated with natural gas infrastructure could create additional obstacles. Despite these challenges, the gas turbines market is poised for substantial growth.

The dominance of the Asia Pacific region in the gas turbines market can be attributed to the region's growing demand for electricity, driven by high levels of urbanization and infrastructural developments. Significant investments in large-scale gas-fired combined cycle power generation further contribute to the market's expansion in the region.

Within the market, the power generation application segment is anticipated to dominate during the forecast period. The increasing demand for combined power plants, characterized by low carbon dioxide emissions and higher efficiencies, drives the growth of this segment.

Key players in the global gas turbines market include MAN Diesel, Harbin Electric, Ansaldo, GE, Siemens, MHPS, Kawasaki Heavy Industries, Vericor Power, OPRA, and Centrax. These companies are actively engaged in financial statements, product benchmarking and SWOT analysis, and the implementation of key development strategies to maintain their competitive edge.

In conclusion, the global gas turbines market is experiencing rapid growth due to the escalating demand for electricity, technological advancements, and the transition from coal-based power generation to gas-fired plants. Although challenges related to natural gas price volatility and infrastructure exist, the market's potential remains strong. Key players are continuously striving to improve their market position through strategic initiatives.

Based on the research, Verified Market Research® has segmented the global Gas Turbines Market into Technology, Power Rating, Application, And Geography.

• Gas Turbines Market, by Technology
• Open Cycle
• Combined Cycle
• Gas Turbines Market, by Power Rating
• Below 40 MW
• 40–120 MW
• 120–300 MW
• Above 300 MW
• Gas Turbines Market, by Application
• Power Generation
• Oil & Gas
• Others
• Gas Turbines Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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