IRVING, Texas, Nov. 16, 2016 /PRNewswire/ -- According to a new market report published by Lucintel, the global gas turbine market for power generation is expected to reach an estimated $13.2 billion by 2021 and is forecast to grow at a CAGR of 3.3% from 2016 to 2021. The major drivers for the growth of this market are increasing focus on relatively cleaner energy sources and growing investment in gas-fired power generation due to its lower cost of generating electricity.
In this market, 1-60 MW, 61-180 MW, and more than 180 MW are the turbine sizes used for power generation. On the basis of comprehensive research, Lucintel forecasts that the gas turbine with size of 'more than 180 MW' is expected to show above average growth during the forecast period.
ROW is expected to remain the largest market and is expected to witness the highest growth over the forecast period due to large scale demand for natural gas based power generation in the region.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing focus on gas turbine advancement in order to raise efficiency and development of high temperature materials for turbines. General Electric, Siemens, and Mitsubishi Heavy Industries, are among the major suppliers of gas turbine.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.