Published Date : May 08, 2017
Albany, New York, May 8, 2017: MarketResearchReports.biz announced the addition of a new research report to its ever-increasing depository. The research report, titled “Gas Turbine Market, Update 2017: Global Market Size, Competitive Landscape, Key Country Analysis, And Forecasts To 2021,” is a detailed take on the impending growth of the overall market. The publication is aimed at facilitating decision-making process of the readers in the most unbiased ways. Development strategies of companies have been discussed in this research report along with an assessment of the factors impacting the various segments.
The research report states that the global gas turbines market is likely to grow at a healthy CAGR during the forecast period. The increasing demand for distributed power generation is expected to be primary growth driver for the global market. Natural gas is a key component of distributed power technologies, which makes them usable in various sectors. These technologies are in high demand as they are affordable, efficient, compact, and help in achieving the soaring energy demands. This has upped the demand for gas turbines in recent years. The usage of gas turbines is also attributable to the emerging trend of efficient operation of power generation systems.
On the basis of technology, the global gas turbine market segmented into combined cycle and open cycle. Of these, the combined cycle segment held a lion’s share in the global market. This segment is expected to continue its dominance in the coming years due to widening applications of combined cycle gas turbines in power generation. The increasing focus on reducing carbon emissions and effective resource utilization is also expected to benefit this technology segment. Inclusion of renewable energy in the overall energy mix is also expected to result in the growth of the global market in the near future.
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Geographically, the global gas turbine market is segmented into the Americas, Asia Pacific, Europe, and the Middle East and Africa. Analysts predict that Asia Pacific is likely to emerge as the leading regional market. The improving economic conditions of developing countries and the growing demand for energy in the region are expected to propel this regional market over the forecast period. Gas turbines will also be in demand across Asia Pacific due to increasing concerns about carbon emissions.
Some of the leading players operating in the global gas turbine market are GE Power, Siemens AG, Nanjing Turbine & Electric Machinery (group) Co., Ltd., and Mitsubishi Hitachi Power Systems, Ltd. The research report provides a comprehensive outlook about the competitive landscape present in the global market along with assesses the threats to the overall market. The research report clarifies the research and development activities being conducted by big player and their investment strategies. Furthermore, the publication also includes an evaluation of the manufacturing abilities of these players and their plans for expanding their geographical presence.
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