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The global Gas Turbine Market size is projected to reach a CAGR of 5.3% from 2022-2028.
Gas turbine is a mechanical device, which harnesses energy from working fluid or gas by utilizing its kinetic energy or potential energy. These turbines run on brayton cycle, which is equipped with a heater, compressor, turbine, and cooler. The working fluid undergoes thermodynamic process where the system converts mechanical/heat energy into rotating energy, which, in turn, produces the electricity as output.
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Rapid technological advancements in the energy sector coupled with increase in focus toward distributed power generation technology, are some of the factors that have supported long-term expansion for Gas Turbine Market.
Recent Developments
In October 2019, GE launched 7HA.03, the newest version of its HA gas turbine, to power FPL's Dania Beach Clean Energy Center in Fort Lauderdale, Florida.
In June 2021, OPRA Turbines signed an agreement with Quanta. This partnership enabled Quanta to become a reseller for OPRA Turbines in the offshore oil & gas segment in the North Sea region.
Prominent Players
- Siemens AG
- Mitsubishi Heavy Industries Ltd
- General Electric Company
- Kawasaki Heavy Industries Ltd
- Wartsila Oyj Abp
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Asia Pacific to Dominate the Market
Asia Pacific dominated the global gas turbine market, in terms of value. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market's growth.
Gas Turbine Market Segmentation:
On the basis of Design Type
· Heavy duty (frame)
· Aeroderivative
On the basis of Backing Type
· Power Generation
· Oil & gas
On the basis of Technology
· Open Cycle
· Combined Cycle
On the basis of Rated Capacity
· 1–40 MW
· 40–120 MW
· 120–300 MW
· Above 300 MW
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
In addition to the market data for Gas Turbine Market, Delvens offers client-centric report and customized according to the company’s specific demand and requirement.
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