Gas turbines market for power industry | The growth of distributed power generation base is a factor that drives the market growth- Technavio

NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The gas turbines market for power industry is forecast to grow by USD 3,356.87 million from 2022 to 2027, at a CAGR of 3.05%, according to the recent market study by Technavio. Technavio has extensively analyzed 15 major vendors, including Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Centrax Ltd., Cryostar, Doosan Corp., General Electric Co., Harbin Electric Co. Ltd., IHI Corp., JSC The Ural Turbine Works, Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, MAPNA Group Co., Motor Sich JSC, OPRA Technologies B.V., Pumori Energy Ltd., Siemens AG, Vericor Power Systems, and Mitsubishi Heavy Industries Ltd. The growth of the market will be driven by the growth of distributed power generation base, an increase in CCGT power plants, and a focus on the reduction of carbon emissions.

Technavio categorizes the global gas turbines market for power industry as a part of the global heavy electrical equipment market, which covers products and companies engaged in the manufacture of equipment for the generation, distribution, and transmission of power for fixed-use and large electrical systems.

Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by product (heavy-duty gas turbine and aero-derivative gas turbine), technology (CCGT and OCGT), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Segmentation by product (Inclusion/Exclusion)

• Heavy-duty gas turbine

The heavy-duty gas turbine segment was valued at USD 10,055.10 million in 2017 and continues to grow until 2021. The high efficiency of heavy-duty gas turbines has increased their adoption in many power plants. In addition, the significant rise in the demand for power generation across the world is driving the growth of the segment.

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What are the key data covered in this gas turbines market for power industry report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the gas turbines market for power industry between 2023 and 2027
• Precise estimation of the size of the gas turbines market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the gas turbines market industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of gas turbines market vendors

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• The Gas Turbine Market is estimated to grow at a CAGR of 2.81% between 2022 and 2027. The size of the market is forecast to increase by USD 4,023.23.

Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio