Over the past few years gas turbines have witnessed exponential growth due to the technological advances that have resulted in the design and development of highly efficient gas turbine units. Gas turbines are used in diversified services from jet engines and simple mechanical drives on land, sea and air to sophisticated gas lasers and supersonic wind tunnels. In the aerospace applications these units are referred to as jets, turbojets, turbofans, and turboprops. In land and sea based applications these units are referred to as mechanical drive gas turbines. Gas turbines are increasingly being used in power plants both in the utility and power sectors for their tremendous energy producing capacity, compactness, inherent flexibility, high performance, operational availability and multiple fuel capability. Aerospace sector seems to be the most promising sector in future due increasing investments in manufacturing and migration across various regions.
Based on the design type of gas turbines commercially available, this market is classified as industrial, heavy duty and aero derivative. Due to the rise in population and rapid industrialization, the dependence on natural gas is increasing which can be impetuous in gas turbines. Various turbines are used for different applications depending up on the power requirement. Another important trend that drives growth for the gas turbine is growing aerospace industry.
The gas turbines market is scrutinized by segments including design type, capacity, technology, application and geography. Based on technology in accordance to the operation cycles, the market is segmented into combined cycle and open cycle. The report also comprises of the region wise study of the global market including Americas, Europe, Asia-Pacific and Rest of the World.
Amongst the applications, aerospace has the highest CAGR of 4.78% for the forecast period 2017 to 2021. Industrial turbines held the major share in gas turbines market for 2016, during the forecast period of 2017 to 2021. Escalating demand less GHG emissive fossil fuel for power generation is propelling the growth of gas turbines market.
Sample companies profiled in this report are:
- Siemens AG
- General Electric Company
- Solar Turbines
- Ansaldo Energia