The global gas turbine market is projected to grow at a CAGR of 4.1% from 2021-2026, driven by urbanization and technological advancements.
According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global gas turbine market reached a value of US$ 21 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.1% during 2021-2026.
A gas turbine is an internal combustion (IC) engine that generates mechanical energy by using the heat produced by liquid fuels and natural gases. It runs through a downstream turbine, an upstream rotating compressor, and a combustion chamber that compresses the atmospheric air. It offers numerous benefits, including lesser pollutants, low operational cost, and a high power-to-weight ratio as compared to its counterparts. At present, the electricity generated by gas turbines is mainly used in powering heavy machineries, such as ships, trains, pumps, tanks, aircraft, and electrical generators.
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Global Gas Turbine Market Trends:
Due to rapid urbanization and increasing reliance on electrical appliances, there is a considerable rise in the need for an uninterrupted power supply. This represents one of the key factors propelling the growth of the market. Moreover, the growing utilization of heating, ventilating, and air conditioning (HVAC) systems is driving the market. Furthermore, leading key players are funding research and development (R&D) projects to introduce turbines that eliminate turbine failures, operate at elevated temperatures, and provide the flexibility of fuel usage. These innovations are projected to create a lucrative market outlook.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Breakup by Rated Capacity:
Breakup by Technology:
Breakup by Design Type:
Breakup by End-User:
Breakup by Region:
Key highlights of the Report:
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The article discusses the global gas turbine market trends, growth, and forecast from 2021 to 2026.
Gas turbines offer low operational costs, high power-to-weight ratio, and reduced pollutants.
Market growth is driven by rapid urbanization and increased reliance on electrical appliances.
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