Gas Turbines for Power Industry Statistics - Forecast and Analysis 2023-2027
The gas turbine market for power industry is expected to grow at a CAGR of 3.05% during 2022-2027. Technavio’s research analysis gives the market projection, and it predicts market size growth statistics. As per the statistics, market will grow by USD 3,356.87 million. The market growth is directly proportional to a few factors such as growing distribution of power generation base and increasing focus on reducing the carbon emissions.
For the period of 2022-2027, the projected market growth momentum is positive thus it gives a positive outlook for the market and their investors. It will further make the position of vendors stronger in the gas turbine market for power industry.
Our researchers collected some statistical market facts related to major market drivers. According to these facts, the growing numbers of CCGT power plants is becoming a key market driver which contributes to the gas turbine market for power industry growth. Apart from these drivers there are a few market challenges such as irregularity in natural gas prices may hamper the market growth.
There are many technological innovations happening worldwide in the gas turbines and that will be the reason behind the growth of global gas turbine market for the power industry. Some key manufacturers, such as General Electric (GE) and Siemens, seem to be investing greatly in the development of high-efficiency gas turbines. Some market vendors are as follows:
- IHI Corp.
- Harbin Electric Co. Ltd.
- Capstone Green Energy Corp.
- Caterpillar Inc.
- Centrax Ltd.
- Cryostar
- Doosan Corp.
- General Electric Co.
- Bharat Heavy Electricals Ltd.
- Ansaldo Energia Spa
This illustrated statistical data consists of various market information and analysis for better understanding of specific business requirement. Technavio, also has a rigorous subscription platform having lifetime access to the 17,000+ reports at customized plans and rates.
