Gas Turbine Market to Reach $22.5 Billion by 2026

The global Gas Turbine Market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period, owing to an increase in demand of gas turbines in power generation. Gas turbines are majorly used for power generation. However, they are also used for mechanical drive purposes and in jet engines.

Gas turbine power plants are widely used as medium-sized peak load plants used to run intermittently during short durations of high power demand on an electric system. They are also used as cogeneration plants for industrial plants with high heat load and district heating schemes. The increase in electricity demand is expected to drive the power generation market for the gas turbines market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=94641697

The combined cycle segment is expected to account for the largest share market during 2021 to 2026, driven by more power and low emission. In a combined cycle, the air is compressed in the compressor and heated in a heating chamber. The amount of the gas remains the same as an external source heats the air. In these plants, the waste heat from the gas turbine is used to make steam for producing additional electricity using a steam turbine.

In 2020, the Asia Pacific market accounted for the largest share of the global gas turbines market by region. Rapid economic growth, industrialization, and strict norms for carbon dioxide emission are expected to drive the Asia Pacific gas turbines market. Also, the gas turbines market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=94641697

Some of the key players in the Gas Turbine Market are Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany).

Currently working as a Senior Research Associate with hands on experience in Market Research, Business Research, Consumer Research and Process Research