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Market Research Report

Global Gas Turbines Market Outlook 2016-2024

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Global Gas Turbines Market

Market Overview

Rising demand for power across the world, rapid urbanization, growing investment in energy and power projects and increasing shale gas exploration activities are major factors supporting the growth of global gas turbine market. Moreover, low carbon emissions due to excess air and low cost of lubricating oil is accelerating the demand for gas turbines. However, lack of proper infrastructure in developing and under developed countries with lack of funding and initiatives by government are the major roadblocks for the growth of gas turbines market.

Goldstein Research analyst forecast the global gas turbines market size to reach USD 22.43 billion by 2024 from USD 16.84 billion in 2016, growing at a CAGR of 3.65% during the period 2016-2024.

Covered In This Global Gas Turbines Market Report

The report covers the present ground scenario and the future growth prospects of the gas turbines market for 2016-2024 along with the capacity (MW) of gas turbines in every region. We calculated the market size and revenue share on the basis of cost of gas turbines based on rating capacity and installed capacity of natural gas turbine plants across the globe. Our report also presents data and spending on the basis of innovations and new gas turbines projects in major countries.

Global Gas Turbines Market Segmentation


Based on Technology

  • Open Cycle
  • Combined Cycle

Based on Product Type

  • Heavy Duty
  • Aero-derivative

By Rating Capacity

  • Less than 40 MW
  • 40–120 MW
  • 120–300 MW
  • Above 300 MW

Based on Applications

  • Power Generation
  • Transportation
  • Others

Based on End User

  • Oil & Gas
  • Industrial
  • Marine
  • Aviation

Based on Geography

  • North America (U.S. & Canada) Gas Turbines Market
  • Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Gas Turbines Market
  • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Gas Turbines Market
  • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Gas Turbines Market
  • Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Gas Turbines Market


On the basis of product type, heavy duty gas turbines is the dominating segment owing to its huge acceptance in high power generating plants and held over 78% of the global gas turbines market in 2016. Large capacity generating power plants with low cost of power generation is driving the growth of heavy duty gas turbines market.

Gas turbines market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global gas turbines market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global gas turbines market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global gas turbines market report comprises of the following companies as the key players in the Gas Turbines market: Ansaldo Energia, GE, Kawasaki, MHPS, Siemens, Solar Turbines and Motor Sich.

Other high-flying vendors in the market are: MAN Diesel and Turbo, Niigata Power Systems, OPRA Turbines, Power Machines, Allison Engine Company, Avio, International Aero Engines, MTU Aero Engines, Price Induction, Ruston, Snecma, Solar Turbines, Turbomeca, Zorya-Mashproekt, Bharat Heavy Electricals, Toshiba, Mitsubishi Hitachi Power Systems and Alstom S.A.

According to our global gas turbines market study on the basis of extensive primary and secondary research: “High power generation and efficient utilization of power generation systems are the emerging trend gaining huge interest in the market across the globe. Gas turbines have very power-to-weight ratio as compared to heat engines which increases the efficiency of power generation.”

According to the report, one of the major drivers fueling the gas turbines market is the “Increasing demand for hybrid or distributed power generation. Gas turbines can be operated on wide variety of fuels makes it more economical for use and thereby contributing in boosting the demand for gas turbines in all industry verticals.”

Further, the report states that lack of awareness mainly in developing countries and high cost of core engine of gas turbines due to usage of exotic materials may hinder the market growth. Moreover, gas turbines are less receptive towards the fluctuating changes in power demand as compared to piston or reciprocating engines.

Based on geography, Asia-Pacific region is expected to occupy the major market share and is projected to grow at a CAGR of 9.0% during the forecast period, owing to the increasing electricity demand in the region. Moreover, increasing number of energy projects to replace coal based plants with renewable resource based plants is expected to propel the market growth over the forecast period. Furthermore, growing demand for power generation and increasing energy based projects are likely to catalyze new business opportunities in Latin America region.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this gas turbines report

  • What is the total market size by 2024 and what would be the expected growth rate of gas turbines market?
  • What are the restraints and drivers for gas turbines in every region and what would be the opportunities over the forecast period?
  • What are the current product development & innovations, research and development activities, along with the new product launches in the gas turbines market?
  • What are the key market trends?
  • What are the factors which are driving this market?
  • What are the major barriers to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities for the existing and entry level players?
  • What are the recent developments and business strategy of the key players?

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Global Gas Turbines Market Outlook 2016-2024

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