Global Gas Turbines Market Projected to Exceed $18 Billion by 2030, Reports MarkWide Research
According to a recent report published by MarkWide Research, titled, “Global Gas Turbines Market,” the worldwide market for gas turbines is on track to achieve significant growth, with a projected market value expected to exceed $18 billion by the year 2030. This growth is driven by the increasing demand for cleaner and more efficient power generation solutions in the energy and aviation sectors.
Market Overview:
Gas turbines, also known as combustion turbines, are pivotal in converting natural gas or other fuels into electricity or mechanical energy. These versatile engines are used in various applications, including power plants, aircraft propulsion, and industrial machinery.
Key Market Insights:
- Energy Transition: The primary driver of the gas turbines market is the global energy transition toward cleaner and more sustainable power generation, where gas turbines play a crucial role in natural gas-based electricity production.
- Aviation Sector: Gas turbines are integral to the aviation industry, powering commercial and military aircraft, and their adoption is growing with the expansion of air travel.
- Industrial Applications: Gas turbines are used in various industrial applications, such as combined heat and power (CHP) systems, providing efficient energy solutions.
Market Forecast and Growth Prospects:
The global gas turbines market is poised for substantial growth, with a projected CAGR exceeding 4% during the forecast period, 2023-2030. The market, valued at approximately $12 billion in 2022, is expected to surpass $18 billion by 2030. This growth trajectory is driven by the increasing demand for gas turbines in power generation and aviation applications.
Challenges and Opportunities:
Challenges in the gas turbines market include the need for constant innovation to improve efficiency and reduce emissions. Opportunities lie in developing advanced gas turbine technologies, such as combined cycle power plants and sustainable aviation solutions.
Regional Analysis:
- North America: North America, particularly the United States, is expected to lead the gas turbines market due to investments in natural gas-based power generation and the presence of major aviation manufacturers.
- Europe: Europe represents another significant market, with a focus on reducing greenhouse gas emissions and increasing the use of natural gas in power plants.
- Asia-Pacific: Asia-Pacific is witnessing rapid industrialization and urbanization, driving the demand for gas turbines in both power generation and aviation sectors, especially in countries like China and India.
Competitive Landscape:
Prominent players in the global gas turbines market include General Electric Company, Siemens AG, and Rolls-Royce Holdings plc, among others. These companies are dedicated to developing more efficient and environmentally friendly gas turbine technologies.
Conclusion:
The global gas turbines market plays a pivotal role in the global shift toward cleaner and more sustainable energy solutions. With ongoing advancements in technology and the increasing adoption of gas turbines across industries, the market is poised to shape the future of energy and aviation.