Gas Turbine Market Growth Forecast Shows USD 23 billion by 2024
Gas Turbine Market size will exceed USD 23 billion by 2024, as reported in the latest study.
Replacement of conventional coal fired generation systems with sustainable gas fired technology will stimulate the global gas turbine market size over the forecast timeframe. Stringent emission reduction targets to reduce impact of greenhouse gases will boost the industry growth. In 2015, Government of France passed Energy Transition for Green Growth legislation with the aim to reduce emission level by 40% and increase the renewable energy consumption to 32% by 2030.
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Growing demand for the reliable, clean and affordable electricity for better economic and social development will embellish in global gas turbine market size from 2016 to 2024. Countries including the U.S. and UK have introduced various action plans to meet their growing electricity demand with the clean energy sources. U.S. federal government is targeting increase the energy mix from the gas fired station to 30% by 2025.
Aeroderivative gas turbine market share is anticipated to expand significantly over 9% by 2024. Increasing investments towards the strengthening of maritime forces will positively impact the business landscape. In 2016, GE supplied 20 LM2500 aeroderivative technology to the U.S. navy under Austal USA LCS program.
Power generation applications are set to exceed 57 GW by 2024. Ongoing capacity addition with expansion of existing generating stations by countries including China, India and South Africa will positively impact industry growth.
U.S. gas turbine market share is anticipated to expand over 8% by 2024. Regulations to enhance the safety of existing gas fired stations coupled with the deployment of new high capacity generation plants to cater the growing demand will augment the industry growth.
For Europe, UK gas turbine market size for 2015 was valued over USD 180 million. Growing investments towards the replacement of existing coal fired stations with new clean energy systems will complement the industry outlook. The Government of UK is targeting to shut down all the coal fired power plants by 2025 in line of fulfilling its clean energy commitment.
China gas turbine market is set to exceed 12 GW by 2024. Electrification programs including China Township Electrification Program for supplying reliable power to end consumers will augment the country's business landscape.
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India gas turbine market is predicted to witness strong growth of over 12% by 2024. Rising private investments to enhance the power generation capability will complement the industry outlook.
Saudi Arabia gas turbine market revenue was valued over USD 1 billion in 2015. Rising onshore and offshore drilling and exploration will add to the revenue over the forecast timeline. Argentina is predicted to exceed 1.5 GW by 2024. Growing investments towards the enhancement of marine and aviation industry will boost the business growth.
Key industry participants include Mitsubishi Hitachi Power Systems, General Electric, Kawasaki Heavy Industries, Siemens, Vericor Power Systems, Bharat Heavy Electricals, Ansaldo Energia, Solar Turbines, Man Diesel & Turbo, Capstone Turbine, Harbin Electric, Cryostar, NPO Saturn, Opra Turbines, Zorya-Mashproekt and others.
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MarketSizeForecasters.com, a Skyline Market Research LLP brand, is an online aggregator of market research reports. MarketSizeForecasters.com offers a comprehensive collection of full length reports on global and regional markets in 100+ industry verticals. We have partnered with some of the leading business and market research publishing houses and regularly update our online library to offer wide range of reports to our customers.