The report "Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022", The gas turbines market is expected to grow from an estimated USD 17.51 Billion in 2017 to USD 20.66 Billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The global gas turbines market is witnessing significant growth driven by the increasing demand for natural gas-fired power plants, rising demand for electricity, and reducing carbon dioxide emissions.
Browse 67 Market Data Tables and 31 Figures spread through 161 Pages and in-depth TOC on "Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022"
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“Combined cycle the largest gas turbines market by technology.”
The combined cycle power plants segment was the largest market and is estimated to account more than two-thirds of the total market. Combined cycle power plants are similar to open cycle power plants, except, in combined cycle plants, the waste heat from gas turbines is used to make steam to produce additional electricity using steam turbines. The initial costs for installation and the investments required till the commissioning of combined cycle power plants are high. Combined cycle power plants help lower the total emissions since the exhaust is utilized for other operations.
“The power generation application segment is expected to be the fastest growing market.”
The power generation application segment is expected to be the fastest growing segment during the forecast period. The demand for electricity is growing due urbanization and industrialization. Gas turbines are used in open cycle and combined cycle plants. Combined cycle power plants are more efficient than steam turbines as they generate more power. Gas turbines are used in utilities for base load standby power and peak load applications. The power generated from combined cycle power plants have lower carbon dioxide emissions and governments are implementing stricter norms on such emissions. Thus, an increase in the demand for natural gas power plants will lead to the growth of the power generation segment.
“The market in Asia Pacific is expected to grow at the highest CAGR from 2017 to 2022”
The market in Asia Pacific is expected to dominate the gas turbines market during the forecast period. There is a huge increase in the demand for electricity in Asia Pacific; however, utilities are facing challenges such as meeting energy efficiency targets and adhering to federal carbon policies. Factors such as urbanization, industrialization, and fast economic growth are driving the demand for electric power in various countries in the region. This has led to the development of new power plants, especially gas-fired ones.
To provide an in-depth understanding of the competitive landscape, the report includes the profiles of some of the leading players in the gas turbines market including GE (US), Siemens (Germany), MHPS (Japan), and Ansaldo (Italy). The dominant players are trying to gain footholds in developing economies and are adopting various methods to grab market shares.
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