According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Gas Turbine Market (Type: Aeroderivative and Heavy Duty Gas Turbine; Output Range: 1 to 40 MW, 40 MW to 120 MW, and 120 MW and Above; Fuel Type: Diesel Fuel, Heavy Fuel, Dual Fuel, and Natural Gas; Application: Power Generation, Mechanical Drive, and Others) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’ the global gas turbine market is expected to expand at a CAGR of 4.0% from 2019 to 2027 and reach US$ 13.43 Bn by 2027.
As per the report, Asia Pacific held prominent share in the global gas turbine market in 2018 followed by North America and Europe. The Asia Pacific market is anticipated to show good growth opportunities for manufacturers of gas turbines during the forecast period. Global gas turbine market is majorly driven by advanced technologies, which boost generation efficiency, ongoing development of suitable gas infrastructure, and climate change commitments. Asia Pacific, a region with economic growth and high population is thereby anticipated to drive the demand for gas turbines. Owing to growing concerns over air pollution, the power generation industry is shifting toward increasing use of natural gas. The growing use of natural gas is projected to boost the gas turbine market in the world during the forecast period. Power generation and oil & gas industries are the major consumers of gas turbines in the world. Demand for electricity is increasing rapidly in the developing countries due to increasing population, growing middle class, and industrial growth, which is also projected to propel the gas turbine market.