A gas turbine converts natural gas and other liquids into mechanical energy. This energy fuels the generator to produce electricity. There are many advantages associated with gas turbines, such as high power-to-weight ratio and low operating pressure. Despite being small in size, gas turbines have a high power rating. They reduce carbon emissions and release fewer emissions into the air than other engines.
On the basis of application, the gas turbine market is segmented into power generation, oil and gas and industrial sectors. The power generation segment has the largest market share in 2018.
Gas turbines are one of the most widely used technologies deployed in the production of electricity. A gas turbine is used to convert liquid fuel or the natural gas it receives into mechanical energy.
This mechanical energy drives the generator to produce electrical energy. Electrical energy is supplied to homes and businesses through power lines.
The gas turbine heats the mixture of air and fuel at extremely high temperatures, resulting in the spinning of the turbine blades. These spinning blades in turn produce generators. One should not notice that this is the production of hot gas during the combustion of fuel and not the fuel that rotates through the turbine blades. The environmentally friendly properties of gas turbines using natural gas and causing less gas pollution have supported the power generation segment of the worldwide gas turbine market.
Geographically, the gas turbine market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America had the largest share of the global market in 2018, followed by Europe.
Market growth in North America mainly accounted for the rapid growth in the power generation industry in the region. Additionally, the growth of the gas turbine market in the region has been mainly attributed to increasing environmental regulations enforced by the government, so as to reduce the rate of carbon footprint with a lower value.
Rapid growth in energy demand, especially from manufacturing plants and other related industrial installations, is expected to drive market growth. In addition, rapid growth in the power generation sector in major countries such as the US and Canada increases the demand for gas turbines in the North America region.
Lower costs related to power generation and technological development are also expected to fuel the growth of the gas turbine market in the North American region.
Ansaldo Energia SPA, General Electric Company, Harbin Electric Company Limited, Kawasaki Heavy Industries Limited, Man Energy Solutions, Mitsubishi Hitachi Power Systems, Limited, Siemens AG, Solar Turbine Incorporated, Wärtsilä Corporation, and Bharat Heavy Electricals Limited (BHEL). Major Players in the Global Gas Turbine Market.
The global gas turbine market size has been obtained according to primary and secondary sources. For the improvement of quality and quantity in the market research process has been conducted through internal and external sources.
Also, a vast number of interviews have been conducted for increment in participation in industries and commentators to validate data, and also increase insights into the subject of the same.
The participants were in the form of VPS, Business Development Managers, external sales managers valuation experts as well as research analysts and key opinion leaders in specialization in the gas turbine market.
.JPG)
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