Gas Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The gas turbine market is projected to grow steadily at around 3.8% in the foreseeable future, attributed to a surging global demand for electricity, which has doubled in the past two decades and is expected to continue growing at double the rate of overall energy demand in the next 25 years. This expansion is propelled by technological advancements, particularly in shale gas production, prompting various countries to transition from coal-based power plants to gas-fired ones.

However, despite this momentum, the market faces constraints due to the rising deployment of renewable energy sources, which offer enhanced efficiency. Turbines exceeding 120 MW capacity are poised to dominate the market, in tandem with the increasing demand for electricity.

The preference for gas-based power generation over nuclear power plants due to associated threats presents an opportunity for market growth. The Asia-Pacific region, with its growing reliance on gas-based power generation and heightened oil and gas activities, emerged as the dominant market in 2018.

As for current trends, there's a notable surge in demand for turbines for power generation. Governments globally are intensifying efforts to reduce reliance on coal-based plants, driving the need for gas turbines. China, for instance, has shown a 70% increase in final investment decisions for gas-based power generation, surpassing coal for the first time. The cost-effectiveness and reliability of gas-based power, coupled with the urgency to curb carbon emissions, are key factors fueling this demand.

However, while gas turbines are considered a transitional technology by EU policymakers to meet 2030 targets until other technologies mature, concerns arise regarding emissions of methane and other harmful gases, potentially posing a threat to market growth.
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