According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global gas turbine market size is expanding at a steady rate. Gas turbine refers to a type of internal combustion (IC) engine that generates electric current by converting natural gases and liquid fuels like kerosene, propane or fuel oil into mechanical energy. These turbines have a relatively lower operational cost as compared to other alternatives. They are also extremely durable and efficient while having less operational failure and downtime. Apart from this, these turbines offer high speed, which results in quicker power generation and provides better service in minimal time. As a result, these turbines are widely utilized in industrial processes for mechanical drives, propulsion systems, and automobiles for supercharging systems.
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Global Gas Turbine Market Trends:
The rising demand for electricity from across the globe is one of the major factors spurring the growth of the market. With extreme global climatic conditions and changing lifestyles, the adoption rates of heating, ventilation and air conditioning (HVAC) system are escalating which, in turn, is increasing the consumption of power. Additionally, developing economies are constantly in the requirement of uninterrupted power supply, which has led to the rising demand for gas turbines across these countries. Moreover, growing concerns regarding the adverse environmental effects of traditionally used power generation technologies have provided a thrust to the market growth. Since gas turbines significantly reduce carbon emissions, they have emerged as an environment-friendly alternative. Furthermore, manufacturers are continually investing in research and development (R&D) activities to improve the efficiency of the turbines. For instance, General Electric (GE) Power has announced its 9HA units which will enable the conversion of fuel to electricity at a cost-effective rate. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 4% during 2019-2024.
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Market Summary:
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