Increasing Electricity Demand Expected to Drive the Global Gas Turbine Market

The Global Gas Turbine Market size is anticipated to grow at a CAGR of about 5.3% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Growing electricity demand is one of the main drivers of the Global Gas Turbine Market's growth. The need for energy rises as a result of industrialization, economic growth, and population growth. Gas turbines are becoming more and more popular as a flexible and efficient way to generate electricity. In addition, gas turbines emit less carbon dioxide than other types of power plants, such as those that burn coal. Due to this, gas turbines are the most often used method of meeting the world's expanding energy needs, which is anticipated to increase market size throughout the projected period.

Gas turbine makers are increasingly using digital technologies to improve the efficiency, dependability, and performance of their machines. Using digital twins to create virtual models of gas turbines is one example of this, which may be used to predict maintenance needs and optimize efficiency. Gas turbine manufacturers are also using Internet of Things (IoT) sensors to obtain real-time data from their devices. This data can be used to monitor the health of gas turbines and identify potential problems before they cause outages. Optimizing gas turbine performance and reducing emissions are two further uses for IoT data. Therefore, an increasing inclination towards digital technologies and IoT, is anticipated to reshape the gas turbine industry in the coming years.

Although the gas turbine industry has a lot of potential, there are a few barriers that could keep it from expanding in the years to come. Among these challenges are rising natural gas prices, competition from renewable energy sources, limited supplies of natural gas, etc. One of their main challenges is competition from renewable energy sources because of their efficiency and affordability. To solve these challenges, manufacturers in the global gas turbine market are investing a lot of money in research and development to develop affordable, ecologically friendly solutions. Therefore, it is expected that the manufacturers' ongoing efforts will increase the size of the Global Gas Turbine Market in the upcoming years, further states the research report, “Global Gas Turbine Market Analysis, 2024.”

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Segmentation Analysis

Power Generation Segment Holding Major Share

Based on application, the market is further bifurcated into power generation, oil & gas, marine, aerospace, process plants, and others. The power generation segment is leading the market and is anticipated to hold the position during the forecast period as well. Gas turbines are the most widely utilized power production technology in the world because of their exceptional efficiency and adaptability. Because of their quick start and stop durations, gas turbines are great power producers and are ideal for supplying electricity during peak demand times. They are relatively clean and efficient since they emit fewer greenhouse gases than coal-fired power facilities, hence, a major share of the Global Gas Turbine Market comes from the power generation industry.

Asia-Pacific Region Dominating the Market

The economy of the Asia-Pacific area has expanded quickly and continues to do so, which is increasing energy demand. The increasing need for energy due to factors including urbanization, infrastructure expansion, and expanding industry drives the demand for gas turbines. With approximately 41.5% of the Global Gas Turbine Market in 2022, the Asia-Pacific region leads the market, followed by North America with around 27% and Europe with approximately 32%. The Asia-Pacific region is expected to maintain its market position throughout the projection period due to several favorable factors.

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Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Dell Inc, Quantum Corporation, IBM Corporation, Harmonic Inc., Video Stream Networks S.L., WideOrbit Inc., Grass Valley USA, LLC, AVI Systems, Evertz Technologies Limited, Rohde & Schwarz Gmbh & Co. Kg, Eletec Broadcast Telecom S.A.R.L, Clyde Broadcast, Sencore, EVS Broadcast Equipment, ACORDE Technologies S.A, ETL Systems Ltd, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various provinces, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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