According to the new market research report „Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region – Global Forecast to 2022 „ , published by MarketsandMarkets ™, The gas turbines market is expected to grow to an estimated $ 17.51 trillion in 2017 to $ 20.66 trillion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The global market is witnessing significant growth driven by the increasing demand for natural gas fired power plants, rising demand for electricity, and reducing carbon dioxide emissions.
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Combined cycle the largest gas turbines market by technology.
The combined cycle power plants segment is the largest market and is more than two-thirds of the total market. Combined cycle power plants are similar to open cycle power plants, except in combined cycle plants. The waste heat from gas turbines is used to produce steam. The initial costs for installation and the investments required for the commissioning of combined cycle power plants are high. Combined cycle power plants help lower the total emissions since the exhaust is used for other operations.
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The power generation application segment is expected to be the fastest growing market.
Gas turbine power plants are widely used as medium-sized peak load devices to run intermittently during short durations of high power demand on electric systems. The power generation segment is expected to be the fastest growing segment. Gas turbines are used for power generation in small and medium-scale industries. Gas turbines are thus widely used by independent power producers, small and medium power utilities, and municipalities. Gas turbines are used in open cycle and combined cycle power plants in utilities, for standby power, and peak loading applications. They are also used as cogeneration plants for industrial plants with high heat load and district heating schemes. The increase in the demand for natural gas power plants in various industries will drive the power generation segment during the forecast period.
Asia Pacific: The leading gas turbines market
The market in
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To provide in-depth understanding of the competitive landscape, the report includes the profiles of some of the leading players in the gas turbines market including GE (US), Siemens (Germany), MHPS (Japan), and Ansaldo (Italy).
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