The analysts forecast global gas turbine market to grow at a CAGR of 3.49% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global gas turbine market for 2016-2020. The capacity additions of new gas turbines as well as aftermarket gas turbines in various end-user segments and the average price of various types of gas turbines have been considered in determining the market size.
The following companies are the key players in the global gas turbine market: Ansaldo Energia, GE, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Siemens, and Solar Turbines. Other Prominent Vendors in the market are: MAN Diesel and Turbo, Motor Sich, Niigata Power Systems, OPRA Turbines and Power Machines.
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According to the Gas Turbine market report a key growth driver is the increasing efficiency and durability of gas turbines. The increasing efficiency of gas turbines is projected to drive their adoption for power generation applications. Stringent carbon emission regulations worldwide; focus on high performance and lower power generating cost; and volatility in fuel costs are driving demand for highly efficient gas turbines.
The global Gas Turbine market analyst said one trend which will positively impact the market is the regulations being enacted by governments worldwide. Concerns about resource depletion, increase in harmful emissions, and stricter regulations for climate change mitigation has increased the focus on technologies that can produce power in a much cleaner and efficient manner.
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Global Gas Turbine Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Gas turbines are used mainly in gas-fired power plants; these plants have an internal combustion engine wherein the fuel is mixed with air, leading to ignition. The resultant high-temperature gas is directed toward a gas turbine through a nozzle, which results in rotation of the turbine.
Further, the report states that one challenge that could hinder market growth is the risk of volatile natural gas prices.
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