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Gas Turbine Market | Enhanced Efficiency of Gas Turbines to Boost the Market Growth | Technavio

LONDON--(BUSINESS WIRE)--#GasTurbineMarket--The global gas turbine market size is poised to grow by USD 2.44 billion during 2020-2024, progressing at a CAGR of almost 2% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

The enhanced efficiency and robustness of gas turbines is one of the significant factors that will drive the gas turbine market growth. The implementation of strict carbon emission regulations has encouraged gas turbine manufacturers to invest heavily in the development of high-efficiency gas turbines. Additionally, manufacturers are also focusing on the development of robust turbines that offer the flexibility of fuel, operate at elevated temperatures, and eliminate turbines failures. These advancements will have a significant impact on the growth of the gas turbine market during the forecast period.

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Report Highlights:

  • The major gas turbine market growth came from the heavy-duty gas turbine segment. Heavy-duty (frame) gas turbines are extensively used in large-scale power generating facilities, attributing to the anticipated robust growth of the segment during the forecast period. Owing to the high efficiency of heavy-duty gas turbines, many power plants are widely adopting such turbines so that they can use fewer turbines to generate the power required.
  • APAC was the largest gas turbine market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of an extensive number of thermal power plants that are powered by coal will significantly drive gas turbine market growth in this region over the forecast period.
  • The global gas turbine market is fragmented. Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG are some of the major market participants. To help clients improve their market position, this gas turbine market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global gas turbine market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Development of GTCC and IGCC technologies will be a Key Market Trend

The growing need for reducing carbon emissions led to the development of gas turbine combined cycle (GTCC) and integrated coal gasification combined cycle (IGCC) technologies, one of the vital gas turbine market trends. New GTCC power plants offer 60% efficiency and reduce carbon dioxide and atmospheric pollutant emissions. As a result of such factors, the market will grow during the forecast period.

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Gas Turbine Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist gas turbine market growth during the next five years
  • Estimation of the gas turbine market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the gas turbine market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of gas turbine market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • Heavy-duty gas turbine - Market size and forecast 2019-2024
  • Aeroderivative gas turbine - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Technology

  • Market segments
  • Comparison by Technology
  • CCGT - Market size and forecast 2019-2024
  • OCGT - Market size and forecast 2019-2024
  • Market opportunity by Technology

Market Segmentation by End-user

  • Market segments
  • Comparison by End-user
  • Power generation - Market size and forecast 2019-2024
  • Mobility - Market size and forecast 2019-2024
  • Oil and gas - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by End-user

Customer Landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers – Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Ansaldo Energia Spa
  • Bharat Heavy Electricals Ltd.
  • Capstone Turbine Corp.
  • Caterpillar Inc.
  • General Electric Co.
  • IHI Corp.
  • Kawasaki Heavy Industries Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • OPRA Turbines
  • Siemens AG


  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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