Global Gas Turbine Market 2018-2022 | Development of GTCC and IGCC Technologies to Boost Growth | Technavio
Aug. 28, 2018
LONDON--(BUSINESS WIRE)--Aug 28, 2018-- analysts forecast the global gas turbine market to grow at a CAGR of over 3% during the forecast period.
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Technavio has published a new market research report on the global gas turbine market from 2018-2022. (Graphic: Business Wire)
The development of GTCC and IGCC technologies is one of the major trends being witnessed in the . Gas turbine combined cycle (GTCC) and integrated coal gasification combined cycle (IGCC) are the two technologies that utilize gas turbines to satisfy the requirement for greener power. The adoption of GTCC and IGCC technologies for power generation is expected to increase substantially during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global gas turbine market is the enhanced efficiency and robustness of gas turbines:
Global gas turbine market: Enhanced efficiency and robustness of gas turbines
The demand for gas turbines is anticipated to increase. This is because of the increased efficiency, implementation of strict carbon emission regulations, and the reduction in the cost of power generation when gas turbines are used. Many leading vendors are investing heavily in the development of high-efficiency gas turbines.
According to a senior analyst at Technavio for research on unit operations, “During the forecast period, the global gas turbine market is anticipated to grow owing to the increased focus of manufacturers on developing gas turbines with better efficiencies. Durability is a major area of focus for turbine manufacturers as the failure of gas turbines causes high financial losses, particularly for capital-intensive plants.”
Global gas turbine market: Segmentation analysis
The global gas turbine market research report provides market segmentation by product (heavy-duty gas turbine and aero-derivative gas turbine), by technology (combined-cycle gas turbine and open-cycle gas turbine), end-user (power generation, mobility, and oil and gas), and by region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the heavy-duty gas turbine segment held the largest market share in 2017, contributing to around 72% of the market. This product segment will dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for close to 46% share. It was followed by the Americas and EMEA respectively. The market share of the APAC region is expected to increase by over 3% during the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 08/28/2018 08:03 AM/DISC: 08/28/2018 08:03 AM