According to a new market report published by Lucintel, the future of the global gas turbine market looks good with opportunities in oil and gas industry. The global gas turbine market for oil and gas industry is expected to reach an estimated $1.2 billion and it is forecast to grow at a CAGR of 3.5% from 2019 to 2024. The major drivers for growth of this market are growing exploration & production activities and increasing investment in unconventional oil and gas resources.
Browse 74 market data tables and 98 figures spread through 149 pages and in-depth TOC on “Global Gas Turbine Market”
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In this market, different types of gas turbine such as power generation and mechanical drive are used as application. On the basis of comprehensive research, Lucintel forecasts that gas turbine used for power generation in the oil and gas industry is expected to remain the largest segment. Power requirement in the offshore platforms and remote exploration locations is likely to drive this segment over the forecast period. Gas turbines used for mechanical drive is expected to witness highest growth during the forecast period.
By turbine size, the ‘1-20 MW’ turbine is expected to remain the largest segment supported by its wider application area. Turbine size ’20 MW and above’ is expected to witness highest growth during the forecast period. High efficiency as compared to smaller turbines is driving growth of this segment over the forecast period.
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Rest of the World is expected to remain the largest market by value and capacity. North America is likely to witness the highest growth over the forecast period due to growing investment in unconventional oil and gas facilities.
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An emerging trend, which has a direct impact on the dynamics of the industry, includes development and use of high temperature materials for gas turbines. General Electric, Siemens, Mitsubishi Heavy Industries, Solar Turbines, and Kawasaki Heavy Industries are among the major gas turbine manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global gas turbine market by application, turbine size, design type, technology, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Gas Turbine Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global gas turbine market by application, turbine size, design type, technology, and region as follows:
By Application [Capacity (MW) and Value ($ Million) from 2013 to 2024]:
- Power Generation
- Mechanical Drive
By Turbine Size [Capacity (MW) and Value ($ Million) from 2013 to 2024]:
- 1-20 MW
- 20 MW and above
By Design Type [Capacity (MW) and Value ($ Million) from 2013 to 2024]:
- Aero Derivative
- Heavy Duty
By Technology [Capacity (MW) and Value ($ Million) from 2013 to 2024]:
- Simple Cycle
- Combine Cycle
By Region [Value ($ Billion) and Volume (Billion Square Feet) from 2013 to 2024]:
- North America
- Asia Pacific
- The Rest of the World
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This 149-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/gas-turbine-market-oil-and-gas-industry.aspx or [email protected].
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global gas turbine market in the oil and gas industry by application (power generation and mechanical drive), turbine size (1-20 MW, and 20 MW & above), by design type (aeroderivative and heavy duty), technology (simple cycle, combine cycle, and co-generation), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
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