As reported by Global Market Insights, Inc., gas turbine market size is projected to surpass an annual installation of 34 GW by 2024.
Ever increasing energy demand from several manufacturing units and associated industrial establishments will drive global gas turbine market size. The introduction of stringent energy conservation mandates complemented by growing investments to minimize energy related carbon emissions will force the search for sustainable power generation sources, further stimulating gas turbine market trends.
Furthermore, the stabilization of shale gas prices attributed toward surging production & exploration activities across offshore and onshore basins will accelerate the product adoption, thereby augmenting gas turbine market growth.
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Exploitation of existing energy resources such as coal and hydro power has encouraged to search for a sustainable alternative for electricity generation. The implementation of gas turbine in parallel to other power generating sources will considerably improve the power generating capacity, thereby will help to cater the growing energy demand. The introduction of stringent regulatory framework in order to achieve energy optimizations will further augment the overall industry dynamics.
How will the growing product penetration across commercial and industrial establishments boost < 50 KW gas turbine market share?
The increasing penetration of < 50 KW gas turbine is supported by the growing consumer inclinations toward onsite sustainable power generation across the isolated commercial and industrial establishments. The robust development of commercial sector is anticipated to boost <50 KW gas turbine market revenue to over USD 70 million by 2024.
What will favor the expansion of >200 MW gas turbine market share?
The capability of large capacity power generation along with greater fuel efficiency will favor the expansion of >200 MW gas turbine market share. These high capacity turbines have been increasingly getting deployed across several manufacturing and power generation units, on account of its longer life cycle, flexibility in energy production and environmental proximity.
How will the North America gas turbine market grow over 2018-2024?
The North America gas turbine market will surpass an annual installation rate of over 2 GW during the forecast period. Such growth is attributed toward the ample availability of shale gas in the region which will encourage the deployment of gas turbines. In addition, the shifting preferences toward adoption of CHP (combined heat and power) generation plants will foster the regional gas turbine industry outlook.
Furthermore, the modernization activities to revamp the existing electricity infrastructure in line with the proliferating on-site generation technologies will fuel the product demand.
What will strengthen the China gas turbine market outlook?
China gas turbine market will be driven be the growing development of large-scale gas fueled power generating plants. The country is one of the fastest growing economies owing to the presence of large manufacturing sector and robust industrialization. Thereby, China necessitates alternative power generating sources to meet the growing energy requirement from the expansion of manufacturing sector. The incorporation of gas turbine will not only help to cater the growing energy demand, but also will aid in the industrial development, further strengthening the market outlook.