Gas Turbine Market Analysis

Capacity (Less than 30 MW, 30-120 MW, 120-200 MW, Above 200 MW)

The global gas turbine market is segmented and analyzed for demand and supply by capacity into less than 30 MW, 30-100 MW, 100-200 MW and above 200 MW. Out of these, the above 200 MW segment is estimated to gain the largest market share of about 37% in the year 2037. The growth of the segment can be attributed to the growing demand for efficient, reliable and cost-effective power generation solutions in large-scale applications. For instance, 6 GE LM2500XPRESS gas turbines will generate approximately 200 megawatts (MW) of power at the temporary gas-fired power plant in Dublin, allowing Ireland to meet its electricity demand and ensure the stability of its electricity supply. Additionally, higher fuel efficiency and lower maintenance costs associated with gas turbines are expected to drive the growth of the segment. Moreover, above 200 MW turbines are more efficient than smaller turbines and can generate more power with less fuel. This makes them a more cost-effective option for power generation companies.

Type (Open Cycle, Combined Cycle)

The global gas turbine market is segmented and analyzed for demand and supply by type into open cycle and combined cycle. Out of these, the open cycle segment is estimated to gain a significant market share of about 64% in the year 2037. The growth of the segment can be attributed to the increasing installation of open cycle gas turbines in industrial, power and oil & gas industries owing to its lower capital costs and faster start-up time. It is also beneficial for providing base load and peak load power in an efficient and reliable manner. It is analyzed that gas turbines with open cycles are observed to have high thermal efficiency of up to 44%. A gas turbine with an open cycle (OCGT) is the simplest way to generate electricity or power from gas combustion. An OCGT consists only of a gas turbine, with no waste heat recovered.

Our in-depth analysis of the global market includes the following segments: