The global gas turbine market revenue is expected to expand at a moderate CAGR over the forecast period. Increasing stringent carbon emission regulations is a key factor expected to drive growth of the global gas turbine market over the forecast period. Technological advancements to fulfill the demand for reliable electric supply and rising investment for developing new products are other factors expected to fuel growth of this market in the near future.
The global gas turbine market report has been segmented on the basis of capacity, technology, application, and region. On the basis of capacity, the target market is segmented into ≤200 MW and >200 MW. On the basis of technology, the target market is segmented into open cycle and combined cycle. The combined cycle technology segment is expected to register highest share in terms of revenue over the forecast period. On the basis of application, the target market is segmented into power generation, industrial, and aviation. The power generation application segment is expected to register highest share in terms of revenue over the forecast period.
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Based on the region the gas turbine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to increasing demand for power generation and rapidly growing industrialization in various countries in the region. The market in Middle east & Africa is estimated to register significant share in terms of revenue the forecast period, owing to rising preference towards exploration activities in various countries in this region.
Key players operating in the global gas turbine market include Siemens AG, General Electric Company, Mitsubishi Heavy Industries, Ltd., Ansaldo Energia SpA, Solar Turbines Incorporated, United Engine Corporation, MAN Energy Solutions, Opra Turbines BV, Bharat Heavy Electricals Limited, and Vericor Power Systems, LLC.