Gas turbines market for power industry | Growth opportunities led by Ansaldo Energia Spa and Bharat Heavy Electricals Ltd. – Technavio

NEW YORK, Nov. 12, 2023 /PRNewswire/ — The gas turbines market for power industry is forecast to grow by USD 3,356.87 million from 2022 to 2027, at a CAGR of 3.05%, according to the recent market study by Technavio. Technavio has extensively analyzed 15 major vendors, including Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Centrax Ltd., Cryostar, Doosan Corp., General Electric Co., Harbin Electric Co. Ltd., IHI Corp., JSC The Ural Turbine Works, Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, MAPNA Group Co., Motor Sich JSC, OPRA Technologies B.V., Pumori Energy Ltd., Siemens AG, Vericor Power Systems, and Mitsubishi Heavy Industries Ltd. The growth of the market will be driven by the growth of distributed power generation base, an increase in CCGT power plants, and a focus on the reduction of carbon emissions.

Technavio categorizes the global gas turbines market for power industry as a part of the global heavy electrical equipment market, which covers products and companies engaged in the manufacture of equipment for the generation, distribution, and transmission of power for fixed-use and large electrical systems.

Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

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Key Benefits for Industry Players & Stakeholders – 

The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape – Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by product (heavy-duty gas turbine and aero-derivative gas turbine), technology (CCGT and OCGT), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Segmentation by product (Inclusion/Exclusion)

Heavy-duty gas turbine

The heavy-duty gas turbine segment was valued at USD 10,055.10 million in 2017 and continues to grow until 2021. The high efficiency of heavy-duty gas turbines has increased their adoption in many power plants. In addition, the significant rise in the demand for power generation across the world is driving the growth of the segment.

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What are the key data covered in this gas turbines market for power industry report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the gas turbines market for power industry between 2023 and 2027Precise estimation of the size of the gas turbines market size and its contribution to the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the gas turbines market industry across APAC, North America, Europe, Middle East and Africa, and South AmericaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of gas turbines market vendors

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The Offshore Wind Turbine Market is poised to grow by 54975 MT during 2022-2026, accelerating at a CAGR of 24% during the forecast period. The Gas Turbine Market is estimated to grow at a CAGR of 2.81% between 2022 and 2027. The size of the market is forecast to increase by  USD 4,023.23.

Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio