Pune, 24, Nov 2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for Industrial Gas Turbine Market was valued USD 9 Bn. in 2021 and is expected to grow at a CAGR of 6 % over the forecast period to reach USD 14 Bn. by 2029.
Industrial Gas Turbine Market Overview
An industrial gas turbine is a type of combustion engine that produces mechanical energy from natural gas fuels. This mechanical energy is converted into electricity via an integrated generator. Traditional gas- and oil-fired steam power plants have been replaced in favor of more efficient combined-cycle power plants driven by gas or oil turbines. The global power demand is rising, as is the demand for clean energy, and these are the major factors expected to drive the growth of the industrial gas turbine market.
Industrial Gas Turbine Market Scope and Research Methodology
The research report titled “Industrial Gas Turbine Market” published by MMR highly depends on both primary and secondary data sources. The research process involves the investigation of various factors affecting the industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. The market size for top-level markets and sub-segments is normalized, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast.
The bottom-up technique is widely employed in the whole market engineering process, along with multiple data triangulation methodologies, to perform Industrial Gas Turbine market estimation and forecasting for the overall market segments and sub-segments covered in this research. Major Key Players in the Industrial Gas Turbine market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research involved a study of the top manufacturers’ annual and financial reports, while primary research was done through interviews with company key persons and industry professionals such as experienced front-line staff, CEOs, and marketing executives.
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Industrial Gas Turbine Market Dynamics
Traditional coal-fired power plants are known to release large amounts of harmful gases and significantly contribute to global warming. Coal-fired power plants are a major source of pollution. Rising greenhouse gas emissions need to have the development of cleaner means of generating electricity, which is expected to drive the demand for industrial gas turbines over the forecast period.
The global population, growing industrial sector, and growth of infrastructure development activities have resulted in a massive increase in power consumption. As demand for electricity rises, various countries throughout the world are boosting their ability to generate electricity by building additional plants or increasing the capacity of existing ones. Companies are more likely to adopt industrial gas turbine systems as a result of stringent government laws regulating greenhouse gas emissions. These factors are expected to boost the growth of the industrial gas turbine market during the forecast period.
Natural gas prices are affected by actions that have the potential to disrupt natural gas research. Geopolitical concerns increase uncertainty about gas availability and demand. This might lead to more volatility in gas prices. Gas prices have dropped dramatically in the United States as a result of shale gas extraction, while prices elsewhere in the world remain relatively high. This has a negative impact on the market for industrial gas turbines.
Industrial Gas Turbine Market Regional Insights
Asia Pacific is expected to grow at a rapid rate. Several factors contribute to the region’s market growth, including growing industrialization, rising energy demand, and growing demand for sustainable energy technology. For power generation, the Asia Pacific region is largely dependent on coal. Coal combustion causes significant pollution in the atmosphere. Government initiatives to reduce carbon emissions have led to the usage of gas turbines in countries such as Japan, China, Australia, South Korea, and India.
Industrial Gas Turbine Market Segmentation
Industrial Gas Turbine Market Key Competitors:
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Key questions answered in the Industrial Gas Turbine Market are:
Maximize Market Research is leading automation and process control research firm, has also published the following reports:
Turbines Market – The Turbines Market size is expected to reach USD 49.06 Bn. by 2029 at a CAGR of 4.6 percent during the forecast period. The increased attention to environmental issues, and financial incentives from various governments across the world are two significant factors driving the growth of the Turbines market.
Gas Turbine Market – The Gas Turbine Market size is expected to reach USD 25.08 Billion by 2029 at a CAGR of 3.6 percent during the forecast period. The Growing Aviation Industry and Increasing Consumption of Electricity and rising Electricity demand are driving the growth of the Global Gas Turbine Market.
Heavy Duty Gas Turbine Market – The Heavy Duty Gas Turbine Market size is expected to reach USD 6652.91 Mn by 2029 at a CAGR of 9.5 percent during the forecast period. Low operating cost, low emissions, high power density and high quality exhaust stream are the major key factors contributing to the growth of the Global Heavy Duty Gas Turbine Market.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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