Gas Turbine Market estimated to exceed USD 23 billion by 2024.

Sellbyville, DE -- (SBWire) -- 01/16/2019 --Global Gas Turbine Market is expected to chart a stable growth graph over the coming seven years, owing to rapid industrialization and rising demand for power generation. Replacements of old coal fired plants with the recent gas-fired technology will be another factor driving the market size. Strict regulatory targets toward limiting greenhouse gas emissions will favor the demand for gas-fired power generation stations, in turn propelling the industry outlook. According to Global Market Insights, Inc., "Gas Turbine Market estimated to surpass USD 23 billion by 2024."

Global gas turbine market size is poised to exceed 120 GW by 2024, as reported by Global Market Insights, Inc. The renewable energy sector, which is a full-fledged market in itself relies on specialized turbines to generate power. The end users of these gas turbines are the oil & gas, aviation, marine, and power generation industries. Power generation is the leading application of gas turbine industry, which is set to exceed 57 GW by 2024, having had over 40% of the total share in 2015.

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Gas turbine industry based on product type is bifurcated into heavy duty and aeroderivative. The rising demand of aeroderivative gas turbines for medium range capacity (70-300 MW) will showcase a significant boost in the industry trends. Aeroderivative gas turbine market size is estimated to witness a cumulative annual growth rate of over 9% over the period of 2016-2024. In addition, open cycle gas turbine market is expected to witness moderate growth over 2016-2024, owing to its rising preference for high energy and low fuel consumption output.

Rising demand for low-cost, clean, and reliable technologies will boost the industrial applications in this industry. O&G turbine market is also witnessing a significant boost with an y-o-y growth of over 6% between 2016-2024.

U.K. gas turbine market is estimated to generate demand of over 1 Gigawatt by 2024, owing to increasing replacement in existing coal fired stations.

Initiatives on several electrification programs such as China Township Electrification Program will stimulate the China gas turbine industry share in the coming years. China market is projected to grow at an annual rate of more than 10% over the period of 2016-2024.

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Operational efficiency, effective environmental proximity, lower overall operational cost, and effective waste heat utilization are few imperative factors driving the combined cycle gas turbine market size. Resurgent industrial headway coupled with rising energy demand and stabilization of gas prices have instituted a favorable business scenario. In addition, overburdening of existing energy resources including coal and hydro power in conjunction with regulatory focus towards energy optimization will further foster the overall industry potential.

Prominent participants in the gas turbine market include GE, Bharat Heavy Electricals Limited, Siemens, Wärtsilä, Solar Turbines, MAN Diesel & Turbo, Mitsubishi Heavy Industries, Ansaldo Energia, Cryostar, Kawasaki Heavy Industries, Ltd., OPRA Turbines, Vericor Power Systems LLC (an MTU Aero Engines Company), Zorya-Mashproekt, and NPO Saturn.