Gas Turbine Market to Grow at 3.49% CAGR Driven by Power Generation Applications to 2020
PUNE, India, June 3, 2016 /PRNewswire/ --
One trend which will positively impact the gas turbine market is the regulations being enacted by governments worldwide with concerns about resource depletion, increase in harmful emissions, and stricter regulations for climate change mitigation bettering the focus on technologies that can produce power in a much cleaner and efficient manner. The analysts forecast global gas turbine market to grow at a CAGR of 3.49% during the period 2016-2020.
Complete report on gas turbine market spread across 106 pages, analyzing 6 major companies and providing 60 data exhibits is now available at http://www.rnrmarketresearch.com/global-gas-turbine-market-2016-2020-market-report.html.
According to the 2016 report, a key growth driver for gas turbine market is the increasing efficiency and durability of gas turbines. The increasing efficiency of gas turbines is projected to drive their adoption for power generation applications. Stringent carbon emission regulations worldwide; focus on high performance and lower power generating cost; and volatility in fuel costs are driving demand for highly efficient gas turbines.
Worldwide, power generation is undergoing a transformation from centralized systems to integrated networks due to growing reliance on distributed power generation systems. Distributed power technologies are less than 100 MW in size with the standard size being less than 50 MW, which is the limit permitted by distribution systems at distribution voltages
The following companies are the key players in the global gas turbine market: Ansaldo Energia, GE, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Siemens, and Solar Turbines. Other prominent vendors in the market are: MAN Diesel and Turbo, Motor Sich, Niigata Power Systems, OPRA Turbines and Power Machines.
Gas turbines are an essential part of distributed power technologies product portfolio along with diesel and gas reciprocating engines, solar panels, fuel cells, and small wind turbines. Thus, growth of distributed power systems will translate to an increased demand for gas turbines during the forecast period.
The use of gas turbines is increasing the world over in sync with the rising demand for global power and cleaner solutions. APAC countries such as China and India are expected to contribute significantly to the growth of the segment with a large number of ongoing power generation projects. The mobility segment mainly consists of aeronautic and marine applications of gas turbines and is predicted to be the fastest growing end-user segment in the market. The oil and gas industry, including all segments of the value chain like upstream, midstream, and downstream, use gas turbines for power generation. The midstream and downstream segments are likely to drive the global gas turbine market in the coming years. Order a copy of Global Gas Turbine Market 2016-2020 report @ http://www.rnrmarketresearch.com/contacts/purchase?rname=582881.
Global Gas Turbine Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. The report covers the present scenario and the growth prospects of the global gas turbine market for 2016-2020. The capacity additions of new gas turbines as well as aftermarket gas turbines in various end-user segments and the average price of various types of gas turbines have been considered in determining the market size.
Further, the gas turbine market report states that one challenge that could hinder market growth is the risk of volatile natural gas prices.
Another related report is Global Commercial Aircraft Gas Turbine Engine Market 2015-2019, the analysts forecast global commercial aircraft gas turbine engine market to grow at CAGRs of 5.85% in terms of revenue and 5.78% in terms of unit sales over the period 2014-2019. The global aircraft fleet has been growing rapidly. In 2014, more than 1,900 new commercial aircraft were delivered and there were order backlogs of well over 10,000. The aircraft engines account for up to a third of the value of a new commercial jet aircraft. Along with the growing demand for aircraft, the market for aircraft engines will also increase. Aircraft manufacturers are integrating improved engines into their new aircraft design, so as to provide an improvement in aircraft performance and range. Browse compete report @ http://www.rnrmarketresearch.com/global-commercial-aircraft-gas-turbine-engine-market-2015-2019-market-report.html .
Explore other new reports on Turbine Market @ http://www.rnrmarketresearch.com/reports/manufacturing-construction/machines-equipment/turbines.
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