According to a new report from Markets and Markets, entitled, "Gas Turbines Market by Design Type (Heavy Duty & Aeroderivative), Rated Capacity (1-40 MW,40-120 MW,120-300 MW, & Above 300 MW), Application (Oil & Gas, Power & Other), Technology (Open Cycle & Combined Cycle), and Region - Forecast and Trends to 2020", the gas turbines market is expected to grow from an estimated US$16.2 billion in 2015 to US$19.6 billion by 2020, at a CAGR of 3.9% from 2015 - 2020.
The market report defines and segments the global gas turbines market with an analysis and forecast of the market size. Factors such as, increasing demand for electric power worldwide and subsequent investments in creating new generating capacity, high efficiency and low carbon emission characteristics of natural gas-fired power plants, and shale gas boom are driving the gas turbines market worldwide.
Gas turbines find application mainly in open cycle and combined cycle power plants. The global market, in terms of value, for gas turbines used in the combined cycle power plants was the highest and it accounted for more than two thirds of the value of the total market. Though the initial cost and the subsequent investments till the commissioning of combined cycle power plants are relatively high, it offers nearly one third more power for approximately the same fuel costs, when compared to the open cycle power plants. It also has lower total emissions since the exhaust is utilised for other operational purposes.
In this report, the gas turbines market has been analysed with respect to five regions, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific will continue to dominate the market. Factors such as urbanisation, industrialisation, and fast economic growth necessitates huge requirement for electric power from various countries in this region, which demands development of new power plants, especially gas-fired ones.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the gas turbines market including General Electric Company (US), Siemens AG (Germany), Mitsubishi Hitachi Power Systems, Ltd. (Japan), and Alstom S.A. (France) among others. Dominant players are trying to penetrate developing economies and are adopting various methods to grab the market share.
Read the full report here.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/15012016/gas-turbines-market-worth-us196-billion-by-2020-2168/