COVID-19 Impacts: Gas Turbine Market Will Accelerate at a CAGR of almost 2% through 2020-2024 | Enhanced Efficiency and Robustness of Gas Turbines to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)-- Technavio has been monitoring the gas turbine market and it is poised to grow by USD 2.44 billion during 2020-2024, progressing at a CAGR of almost 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Free Sample Report on COVID-19 Impact

Frequently Asked Questions-

  • What was the value of the gas turbine market in 2019?
  • Technavio says that the value of market was at USD 27.48 billion in 2019 and is projected to reach USD 29.92 billion by 2024.
  • At what rate is the market projected to grow during the forecast period 2020-2024?
  • Growing at a CAGR of almost 2%, the market growth will accelerate in the forecast period of 2020-2024.
  • What is the key factor driving the market?
  • Enhanced efficiency and robustness of gas turbines and the development of GTCC and IGCC technologies are the key factors driving the market growth.
  • Who are the top players in the market?
  • Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG are some of the major market participants.
  • Which region is expected to hold the highest market share?
  • APAC
  • What is the year-over-year growth rate of the global market?
  • The year-over-year growth rate for 2020 is estimated at 0.98%.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Enhanced efficiency and robustness of gas turbines have been instrumental in driving the growth of the market.

Gas Turbine Market 2020-2024: Segmentation

Gas Turbine Market is segmented as below:

  • Product
    • Heavy-duty Gas Turbine
    • Aeroderivative Gas Turbine
  • End-user
    • Power Generation
    • Mobility
    • Oil and Gas
    • Others
  • Technology
    • CCGT
    • OCGT
  • Geography
    • APAC
    • MEA
    • North America
    • Europe
    • South America

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Gas Turbine Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our gas turbine market report covers the following areas:

  • Gas Turbine Market size
  • Gas Turbine Market trends
  • Gas Turbine Market analysis

This study identifies the development of GTCC and IGCC technologies as one of the prime reasons driving the gas turbine market growth during the next few years.

Gas Turbine Market 2020-2024: Vendor Analysis

We provide a detailed analysis of vendors operating in the gas turbine market, including some of the vendors such as Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Turbine Corp., Caterpillar Inc., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines, and Siemens AG. Backed with competitive intelligence and benchmarking, our research reports on the gas turbine market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

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Gas Turbine Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist gas turbine market growth during the next five years
  • Estimation of the gas turbine market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the gas turbine market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of gas turbine market vendors

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • Heavy-duty gas turbine - Market size and forecast 2019-2024
  • Aeroderivative gas turbine - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Technology

  • Market segments
  • Comparison by Technology
  • CCGT - Market size and forecast 2019-2024
  • OCGT - Market size and forecast 2019-2024
  • Market opportunity by Technology

Market Segmentation by End-user

  • Market segments
  • Comparison by End-user
  • Power generation - Market size and forecast 2019-2024
  • Mobility - Market size and forecast 2019-2024
  • Oil and gas - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by End-user

Customer Landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Market Drivers – Demand led growth

Market Challenges

Market Trends

Vendor Landscape

  • Vendor landscape
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Ansaldo Energia Spa
  • Bharat Heavy Electricals Ltd.
  • Capstone Turbine Corp.
  • Caterpillar Inc.
  • General Electric Co.
  • IHI Corp.
  • Kawasaki Heavy Industries Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • OPRA Turbines
  • Siemens AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Source: Technavio Research

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