The global gas turbine Market size is projected to reach a CAGR of 5.3% from 2022-2028.
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.
Rapid technological advancements in the energy sector coupled with increase in focus toward distributed power generation technology, are some of the factors that have supported long-term expansion for Gas Turbine Market.
The pandemic is estimated to have an impact on various factors of the value chain of the gas turbine market. The electric power generation market declined, and the mechanical drive market declined, which was a grim year all around the world, as the COVID-19 pandemic killed millions and cratered economies.
Asia Pacific dominated the global gas turbine market, in terms of value. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market's growth.
Insights are provided for each region and major countries within the regions
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Report Feature |
Descriptions |
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Growth Rate |
CAGR of 5.3% during the forecasting period, 2022-2028 |
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Historical Data |
2019-2020 |
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Forecast Years |
2022-2028 |
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Base Year |
2021 |
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Units Considered |
Revenue in USD million and CAGR from 2022 to 2028 |
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Report Segmentation |
Design type, backing type, technology, rated capacity and region. |
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Report Attribute |
Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
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Regional Level Scope |
North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
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Country Level Scope |
U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
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Companies Profiled |
Siemens AG, Mitsubishi Heavy Industries Ltd, General Electric Company, Kawasaki Heavy Industries Ltd, and Wartsila Oyj Abp. |
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Available Customization |
In addition to the market data for Gas Turbine Market, Delvens offers client-centric report and customized according to the company’s specific demand and requirement. |
Gas Turbine Market is segmented into design type, backing type, technology, rated capacity and region.
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