Sarasota, FL, Aug. 15, 2016 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Gas Turbines (Heavy Duty and Aeroderivative) Market, By Rated Capacity (1 To 40 MW, 40 To 120 MW, 120 To 300 MW, and Above 300 MW), By Application (Oil & Gas, Power Generation and Other Industries) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global demand for gas turbines market was valued at USD 16.0 billion in 2015, is expected to reach USD 20.5 billion in 2021 and is anticipated to grow at a CAGR of around 4% between 2016 and 2021.
Gas turbines burns fuel such as natural gas, oil, powdered coal and convert it into mechanical energy. Gas turbine have three main parts specifically air compressor, combustion chamber and turbine. Modern gas turbines usually use liquid fluid but they may also use gaseous or natural fuel. The fundamental function of the gas turbine is related to that of the steam power plant except that air is utilized instead of water. Most significant application of gas turbines is in the field of power generation and in aircraft systems.
Browse 55 Market Tables and 42 Figures spread through 110 Pages and an in-depth TOC on "Gas Turbines Market - Global Size, Shares, Trends, Segment & Forecast to 2021”
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The gas turbine is the engine mainly used at power plant which generates electricity. A gas turbine is also known as combustion engine that can change liquid fluids and natural gases to mechanical energy. Gas turbines are available in sizes ranging from 500 kilowatts (kW) to 250 megawatts (MW). In past years, gas turbines are only used for generating electricity, but today gas turbines are one of the most widely used power generating technologies. There are several ways in which gas turbines can be used for production of electricity and other forms of valuable energy.
Increasing efficiency and durability of gas turbines is major driving factors for gas turbines market. A strict carbon emission regulation across the globe is expected to drive the gas turbines market in the near future. Furthermore, advancement in technology and lower power generating cost are the factors to drive the growth of the gas turbines market. Extended start-up time, lesser efficiency at idle speed and low sensitivity to modification in power demand are expected to hamper the demand growth over the coming few years.
The industrial gas turbine market can be segmented on the basis of design types which include heavy duty type and aeroderivative type gas turbines. The heavy duty type gas turbine was leading segment in 2015 owing to increase in the number of large gas fired plants and the demand for heavy duty gas turbines. The industry can be further divided by rated capacity turbines are segmented into 1 to 40 MW, 40 to 120 MW, 120 to 300 MW, and above 300 MW. Oil & gas, power generation and other industries are application segment of gas turbines market.
Browse the full "Gas Turbines (Heavy Duty and Aeroderivative) Market, By Rated Capacity (1 To 40 MW, 40 To 120 MW, 120 To 300 MW, and Above 300 MW), By Application (Oil & Gas, Power Generation and Other Industries) - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/gas-turbines-market
Asia Pacific dominated the gas turbines market in 2015. This is primarily due to growing electricity demand and technological advancement in power plant machinery. Japan accounted for largest share in gas turbines market in this region in 2015. The global steam turbine market is expected to experience significant growth owing to the large coal-fired capacity in emerging markets such as China and India. China is expected to show promising growth over the forecast period due to high electricity demand.
North America was one of the leading players in the gas turbines market in 2015. North America market has accounted for slow market growth owing to less investment in power plants. The growth in this region can be attributed to growing investments in power plants in upcoming years.
The European market is predicted to remain weak due to uncertainty over future power demand growth. However, European market faces certain disadvantages, such as increasing environmental concerns and thus the regulatory and rules limitations on fossil-fuel fired power plants along with increasing renewable energies. These factors may act as a barrier to the growth of the gas turbines market.
Latin America is expected to be the future market for gas turbines due to increase in combined cycle power plants and growth in power generation sector in this region. Although, market share of gas turbines market was little during previous years, it may show development in next couple of years. Latin America may shows promising growth in gas turbines market in upcoming years.
Increased gas turbine installations in the Middle East generate a massive market for maintenance and repair services in the region. Growth of gas turbines market in this region is largely driven by personal and community investments in power generation and oil & gas sector. Middle East and Africa represent a region with a large potential for this market in forecast period.
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Siemens AG, Alstom S.A, Bharat Heavy Electricals Limited, Mitsubishi Hitachi Power Systems, General Electric Company, Ansaldo Energia S.P.A and among others are some of the major players in this market.
The report segments the global Gas Turbines market as
Gas Turbines Market: Design Type Segment Analysis
- Heavy duty
Gas Turbines Market: Application Segment Analysis
- Oil & gas
- Power generation
- Other industries
Gas Turbines Market: Rated Capacity Segment Analysis
- 1 to 40 MW
- 40 to 120 MW
- 120 to 300 MW
- Above 300 MW
Gas Turbines Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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