Market Introduction
Gas Turbine is an internal combustion engine comprising combustion chambers that releases expanding gases, which further drive the blades of a turbine. The gas turbine converts natural gas and other liquids into mechanical energy. This energy then fuels generators to produce electrical energy. The various advantages associated with gas turbines are high power to weight ratio and low operations pressure. Despite being small in size, the gas turbines possess a high power rating. They reduce carbon emissions and release fewer emissions into the air as compared to other engines. Thus, the substitution of gas turbines in place of coal and nuclear driven turbines is expected to create a significant demand for gas turbines in the coming years, which is further anticipated to drive the gas turbine market. The ongoing The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The energy and power industry is one of the major industries that is suffering serious disruptions. In addition to this, North America travel bans are affecting the business collaborations and partnerships opportunities. US is the worst affected country in terms confirmed cases and reported deaths.
Market Overview and Dynamics
The mineral insulated heating cable market in North America is expected to grow from US$ 6,723.37 Mn in 2018 to US$ 9,334.79 Mn by 2027; it is estimated to grow at a CAGR of 3.7% from 2019 to 2027. New trend of growth for distributed power generation is going to be a positive sign for gas turbine market. The organizations of people and resources are drifting away from the centralized system towards integrated networks that include both distributed and centralized elements. Electric power systems are riding the wave of decentralization through the deployment and use of distributed power technologies. Distributed power systems are being used and will continue to be used in the future to provide electrical and mechanical power to the nearest point of use. In the year 2012, $150 billion was distributed in distributed power technologies. Gas turbines are included in the portfolio of distributer power technologies. The innovative emergence of the aero-derivative gas turbines has fuelled the upswing of distributed power systems. Thus, an increase in the trend for distributed power generation is expected to bolster well the demand for gas turbines in the near future.
Key Market Segments
In terms of technology, the combined cycle accounted for the largest share of the North America gas turbine market in 2018. In terms of Capacity, 120-300 MW segment held a larger market share of the gas turbine market in 2019. Further, the power generation segment held a larger share of the market based on application in 2018.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the gas turbine market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), General Electric Company, Harbin Electric Company Limited, Kawasaki Heavy Industries, Ltd., Man Energy Solutions, Mitsubishi Hitachi Power Systems, Ltd., Siemens AG, Solar Turbines Incorporated and Wärtsilä Corporation among others.
Reasons to buy report
NORTH AMERICA GAS TURBINE MARKET SEGMENTATION
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 6,723.37 Million |
| Market Size by 2027 | US$ 9,334.79 Million |
| CAGR (2019 - 2027) | 3.7% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Gas Turbine Market is valued at US$ 6,723.37 Million in 2018, it is projected to reach US$ 9,334.79 Million by 2027.
As per our report North America Gas Turbine Market, the market size is valued at US$ 6,723.37 Million in 2018, projecting it to reach US$ 9,334.79 Million by 2027. This translates to a CAGR of approximately 3.7% during the forecast period.
The North America Gas Turbine Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Gas Turbine Market report:
The North America Gas Turbine Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Gas Turbine Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Gas Turbine Market value chain can benefit from the information contained in a comprehensive market report.
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