Single Shaft Turbine Industry - Regional Synopsis
APAC Market Forecast
Asia Pacific industry is set to hold largest revenue share of 33% by 2037. The region's rapidly growing middle class and increasing urbanization are the main drivers of power consumption. One defining megatrend in the Asia-Pacific region is still urbanization. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents. Moreover, the existence of developing nations like China and India, along with the accessibility of affordable labor and raw materials, encourages multinational corporations to grow their regional operations.
North American Market Statistics
Single shaft turbine market in North America is estimated to hold second largest revenue share of about 27% during the forecast period. The main factors driving the need for gas turbines in North America are the availability of shale gas deposits and advancements in mining and extraction technologies, which are continuously bringing down the cost of gas extraction operations. Additionally, there have been numerous large-scale gas-based power commissioning in this region. The commercial production of shale gas by oil and gas firms has been made possible by technological advancements in completion processes such as multistage hydraulic fracturing and drilling techniques like horizontal wellbores.
