Gas Turbines Market Size 2022

The global gas turbine market was valued at USD 22.17 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 6.2%

NEW YORK CITY, NEW YORK, UNITED STATES, October 28, 2022 /EINPresswire.com/ -- Increased Focus on Coal and Nuclear-Driven Turbines. Gas Turbines are a better alternative to coal-driven Turbines. This will fuel industry growth.

The large number of harmful gases emitted by coal-based power stations result from their use. Heating is a large contributor to the emission of these gases. These toxic gases are also produced by nuclear-driven turbines, which can cause long-term environmental damage. Many governments in many countries are working to reduce greenhouse gasses and replace coal- and nuclear-driven generators with gas-driven models. These turbines are less polluting than coal power plants.

Around 2,044 GW of global coal-fired power stations were operational in 2019. China will operate approximately 1,082 coal-fired energy plants by 2021. This will increase air pollution. Junliangcheng Power Plant, which added approximately 650 MW to its gas-driven turbine power station in February 2021, was a significant step towards the transition to gas.

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The TOP key market players listed in the report with their sales, revenues, and strategies are Ural Turbine Works, GE, Mitsubishi-Hitachi, Alstom, Rolls-Royce, BHEL, Siemens, Kawasaki, MAN Diesel, and Turbo and Solar Turbines.

Gas Turbines Market Segmentation: Research Scope

Segmentation 1: Different types of Gas Turbines market

Aeroderivative Gas Turbines
Light Duty Gas Turbines
Heavy Duty Gas Turbines

Segmentation 2: by Application - They are widely used in places including

Power Generation
Aerospace
Marine

Rising demand for electricity around the world has augmented market growth

Due to global urbanization and infrastructural and infrastructure development, the world's electricity needs are increasing. Industrialization is also growing in developing countries. Numerous smart building and smart city initiatives have been launched in many countries to increase the electricity demand. The public and private sector are increasing their power plant capacity to meet electricity demand. Because they are less harmful and efficient, these projects are mainly installing turbines. Many companies have started to use gas-based turbines because of stringent emission regulations by the governments. This factor will likely drive growth in the market over the coming years.

What is the Gas Turbine Market Dynamics

"Rapid technological advancements in energy, coupled with a shift toward distributed power generation technologies, are driving the global gas turbine market ahead."

Due to the rising economic activity of developing countries, there has been an increase in power consumption due to increased industrialization and more electricity use. Because natural gas emits less CO2, more natural gas power stations will be built. This is due to tight emission rules in developed countries.

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Gas turbines offer a competitive advantage over other distributed power generation technologies for backup and onsite power generation due to their high efficiency and large generation capacity. The rise in distributed power generation presents a major market opportunity for small gas turbines. This will be a boon for the market, as micro, mini, and small gas turbine sales will increase.

In the past, electricity was distributed by small power plants using low-voltage DC-based power distribution. This is where the gas turbine's working principle comes into play. Distributed generation allows the object to move and can be used for electric supply or mechanical operations.

Gas turbines offer a competitive advantage over other distributed technology for backup and onsite generation due to their superior efficiency and high generation capacity. Gas turbines see a large market opportunity in distributed power generation.

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