As per a recent gas turbine market analysis by Future Market Insights (FMI), the global market was valued at over US$ 19 Bn in 2021 and is projected to expand at a modest CAGR of 4% over the forecast period. The steady requirement of efficient power generation technology in developed countries and flourishing industrial sector in developing economies remain the major drivers of the gas turbine market.
Emerging gas turbine markets such as China and India provide various untapped and undiscovered prospects for the market to expand.
Competitive advantage of gas turbines is high over other distributed generation technologies for backup power and onsite generation because of their better efficiency and stable generation capacity. As a result, the rise of distributed power generation represents a significant gas turbine market opportunity.
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The rise in the global awareness of environmental health is also heavily influencing a paradigm shift in the conventional coal-powered plant industry. The stringent government regulations regarding the greenhouse emissions further have further incentivized the use of gas turbine systems.
The volatility of natural gas prices restricts the growth of the industry. The erratic nature of transnational factors establishes an uncertainty about the demand for gas turbines.
Despite the restraints, the gas turbine market is expected to reach a valuation of US$ 23 Bn by 2026.
“The cultural change from coal-based power generation to gas-based power generation in advanced and emerging countries such as the United States, Japan, China, and India, as well as supportive government policies for the construction of gas-based power plants, are the major factors influencing the industry's development.” as reported by FMI’s lead analyst.
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