Gas Turbine Market to reach USD 17.29 billion by 2028, exhibiting a CAGR of 3.3% during the forecast period.

At the beginning of a recently published report on the Gas Turbine Market 2022-2029, extensive analysis of the industry has been done with an insightful explanation. The overview has explained the potential of the market and the role of key players that have been portrayed in the information that revealed the applications and manufacturing technology required for the growth of the Gas Turbine Market
Various segments of the market have been divided into different divisions. They have been depicted maximum share and profit maximization of the industry during the forecasting period of 2022 to 2029. This is mentioned in the report too. Depending on the information, it has been recognized with different data and figures offered by the analysis of the overall understanding of the marketplace and value. Various distinctive features involve the market's knowledge based on the factors like the demographic changes, dimensions, historical details, and overviews. The research is also included in the strategic movements that are undertaken by the top-notch markets.
The Global Gas Turbine Market size is projected to reach USD 17.29 billion by 2028, exhibiting a CAGR of 3.3% during the forecast period.

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List of Key Players Profiled in this Market Report
• GE (U.S.)
• Siemens (Germany)
• Mitsubishi Hitachi Power Systems, Ltd. (Japan)
• Ansaldo Energia (Italy)
• Solar Turbines (U.S.)
• Kawasaki Heavy Industries, Ltd. (Japan)
• Doosan Heavy Industries & Construction (South Korea)
• Bharat Heavy Electrical Limited (India)
• OPRA Turbines (The Netherlands)
• Rolls-Royce (U.K)
• Vericor Power Systems LLC (U.S.)
Scope of the Report:
• Gas Turbine Market 2021 global industry research report is a professional and in-depth study on the Advanced Traffic Management Systems trends, share, size, growth, as well as industry analysis. Furthermore, size, the revenue shares of each segment and its sub-segments, as well as forecast figures are also covered in this report.
• The Global Gas Turbine Market report is provided for the international markets as well as development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analysed. This report additionally states import/export consumption, supply and demand Figures, cost, price, revenue and gross margins.
• The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of industry. Furthermore, the report offers a detailed analysis and information as per Gas Turbine Market Growth Analysis by manufacturers, segments helping our readers to get a comprehensive overview of the global

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Segments
Heavy Duty Technology to Hold Large Market Share

By capacity the market is segmented into 1-2 MW, 2-5 MW,5-7.5 MW,7.5-10 MW,10-15 MW,15-20 MW,20-30 MW,30-40 MW,40-100 MW,100-150 MW,150-300 MW, and 300+ MW. As per technology, it is classified into heavy-duty, light industrial, and aeroderivative. Based on cycle, it is bifurcated into combined cycle and simple cycle. By sector, it is categorized into aviation, manufacturing, oil & gas, power utilities, and others. Regionally, it is grouped into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers & Restraints
Replacement of Coal and Nuclear Turbines by Gas-Based Turbines to Boost Market Growth
The rising adoption of gas turbines instead of nuclear and coal turbines is likely to boost market development. Concerns regarding the emission of toxic materials from nuclear and coal are likely to boost demand for natural gas-based turbines. For example, China operated nearly 1,082 coal-fired power plants, which, in turn, is likely to boost the air pollution level. Junliangcheng Power Plant installed 650 MW gas-driven turbines in February 2021. This factor is likely to increase the turbine’s demand. Furthermore, infrastructural development and rapid urbanization lead to rising electricity demand. Private and public sectors install new power plants to increase their power plant capacity and meet the demand for sustainable energy resources. Several industries install gas-based turbines to expand their operations. In addition, governments implement strict norms provoking manufacturers to install gas-based turbines and reduce emission levels. These factors are likely to drive the gas turbine market growth.
However, fluctuating natural gas prices and geopolitical tensions may hamper the growth of the market.
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Regional Insights
Rising Shale Gas Exploration to Boost Market Growth in North America
North America is projected to dominate the gas turbine market share because of the rising shale gas exploration activities. The market in North America stood at USD 4.43 billion in 2020 and is expected to dominate market share in the upcoming years. As per the U.S. Energy Information Administration (EIA) information in 2019, approximately 40% of the nation’s power is generated using coal plants, and 25% of power is generated through the adoption of natural gas. Approximately 14GW boiler and 49GW coal plants were closed down, and nearly 15GW were replaced with natural gas cycle. Rapid digitization and the emergence of several companies are likely to boost gas-based turbine adoption. These factors are likely to fuel the market growth in the upcoming years.
Asia-Pacific is expected to gain the largest market share because of rapid urbanization and industrialization. The rising demand for clean energy is expected to boost natural gas-based turbine demand. Further, the dependence on coal power boosts pollution levels, which may boost the product adoption. In addition, the rising adoption of gas-based turbines in South Korea, Japan, Australia, India, and China is expected to boost market development.
In Europe, the rising adoption of natural gas plants over coal and nuclear is expected to boost the product adoption. Increasing carbon emissions and rising initiatives by the European Union to reduce greenhouse gas are likely to boost the product’s adoption. These factors may propel market progress.

Competitive Landscape
Prominent Players Develop Advanced Turbines to Improve Brand Image
The prominent companies operating in the market develop advanced products to boost their brand image. For example, Mitsubishi Power established its novel turbine that operates on gas in Dubai in May 2021. It will focus on J- Series Air-cooled gas-driven turbine sales. It can operate on 30% hydrogen and 70% natural gas. This strategy may enable the company to attract more consumers and boost its brand image globally. Furthermore, the adoption of research and development may allow companies to tackle challenges in the market and improve their product quality. This strategy may help companies to boost their market position globally.

Industry Development
• March 2021: Mitsubishi Power declared the development of a 40MW class gas turbine that uses 100% ammonia. The project was aimed at reducing carbon emissions since ammonia does not produce carbon emissions.
Table of Contents:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Gas Turbine Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Gas Turbine Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary

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