According to the new market research report Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022, published by MarketsandMarkets™, The gas turbines market is expected to grow from an estimated USD 17.51 Billion in 2017 to USD 20.66 Billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The global market is witnessing significant growth driven by the increasing demand for natural gas-fired power plants, rising demand for electricity, and reducing carbon dioxide emissions.

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The combined cycle power plants segment was the largest market and is estimated to account more than two-thirds of the total market. Combined cycle power plants are similar to open cycle power plants, except, in combined cycle plants, the waste heat from gas turbines is used to make steam to produce additional electricity using steam turbines. The initial costs for installation and the investments required till the commissioning of combined cycle power plants are high. Combined cycle power plants help lower the total emissions since the exhaust is utilized for other operations.

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The demand for gas turbines can be directly linked to the development of gas-fired power plants. However, the production and supply of most of the world’s natural gas is concentrated in a few countries, causing price disparities. Moreover, supply disruptions are prevalent due to geopolitical tensions and pipeline and related infrastructural issues. Hence, factors such as the price disparity in the international trade of natural gas and continuing concerns over stable natural gas supply are restraining the gas turbines market.

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The leading players in the gas turbines market include GE (US), Siemens (Germany), MHPS (Japan), and Ansaldo (Italy). Contracts & agreements was the most commonly used strategy by top players in the market, accounting for more than two-thirds of the total developments share. It was followed by expansions, new product launches, and other developments.

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