Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy-duty and Aero-derivative), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Application (Power Generation, Oil & Gas, Marine, Aerospace, Process Plants, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

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According to the analyst, the global gas turbine market is anticipated to witness growth over the forecast period, owing to sirge in demand for distributed power generation technologies. In addition, incraese in environmental concerns due to high amount of carbon emissions from coal-based power generation has resulted in the adoption of low carbon emission power generation technologies such as gas-powered turbines.

The major factors driving the shift from coal-based power generation to gas-based power generation are suitable economics & supporting policies for setting up gas-based power plants. Moreover, rise in power generation activities across the globe, owing to surge in demand for electricity as a result of population growth and rapid urbanization is boosting the product demand. Thus, the growth in the power generation sector along with an increased focus on generating electricity through sustainable energy resources is the major driver for the global gas turbines market.

However, volatile price of natural gas is expected to hamper the growth of the gas turbine market during the forecast period. Conversely, rise in trend of distributed power generation and replacement of phased out nuclear & coal plants are expected to provide growth opportunities for the gas turbine market during the forecast period.