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Gas Turbines Market is projected to reach USD 20.66 Billion by 2022

November 09
16:40 2018

Gas Turbines Market | Market Data Forecast
Gas Turbines Market Report released by Research Cosmos can help you understand market key dynamics, challenges, growth drivers and prominent companies operating in the market.

Gas Turbines Market Overview:

The turbines are mechanical devices that extract energy from various sources, such as water, steam and gas, to transfer it to useful energy. A gas turbine, also called a combustion turbine, is a type of internal combustion engine. The turbines are used to generate electricity from different energy sources, such as tidal energy and wind energy. In addition, turbines are used in aircraft engines. The first practical gas turbine used to produce electricity operated in Neuchâtel (Switzerland) in 1939 and was developed by Brown Boveri. Gas turbines are an important part of the distributed energy technology product group, along with diesel and wind turbines, solar panels and alternative gas engines.

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Gas Turbines Market Drivers and Restraints:

The growth potential and durability of gas turbines is a key driver for the gas turbine market. The higher efficiency of gas turbines is expected to accompany the growth of the market in 2015. It is expected that strict carbon regulations around the world will feed the gas turbine market in the coming years. The technological advance associated with the reduction of energy generation costs and the high performance of gas turbines are the key factors associated with the development of the gas turbine market. As a result, the development of distributed energy systems can be transformed into increased demand for gas turbines in the coming years.

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Gas Turbines Market Geographical Segmentation:

It is expected that the global gas turbine market will grow steadily in the future. Asia Pacific dominated the gas turbine market, followed by North America and Europe. Most of the Asia-Pacific region can be attributed to factors such as rapid economic growth, industrialization and the vast electricity needs of several countries in the region. Japan accounted for most of the gas turbine market in 2015. Latin America represents a region with significant potential for the gas turbine market. This dominance is mainly due to the large population and strong demand for electricity in this region. India and China are the most populated countries in this region. In 2015, only China used more than 20% of the world’s electricity. The generation of energy in Asia-Pacific has been supported by its enormous amount of natural resources.

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Gas Turbines Market Major Companies:

Alstom S.A, Siemens AG, Mitsubishi Hitachi Power Systems, Bharat Heavy Electricals Limited, AnsaldoEnergia S.P.A, and General Electric Company are the major players of the market.

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