Opportunities for the gas turbine market to reach $1.2 billion by 2024


   June 14, 2019
According to a new market report published by Lucintel, the future of the global gas turbine market looks good with opportunities in oil and gas industry. The global gas turbine market for oil and gas industry is expected to reach an estimated $1.2 billion and it is forecast to grow at a CAGR of 3.5% from 2019 to 2024. The major drivers for growth of this market are growing exploration & production activities and increasing investment in unconventional oil and gas resources.

Browse 74 market data tables and 98 figures spread through 149 pages and in-depth TOC on “Global Gas Turbine Market"

To download report brochure, please go to https://www.lucintel.com/gas-turbine-market-oil-and-gas-industry.aspx and click "report brochure" tab

In this market, different types of gas turbine such as power generation and mechanical drive are used as application. On the basis of comprehensive research, Lucintel forecasts that gas turbine used for power generation in the oil and gas industry is expected to remain the largest segment. Power requirement in the offshore platforms and remote exploration locations is likely to drive this segment over the forecast period. Gas turbines used for mechanical drive is expected to witness highest growth during the forecast period.

By turbine size, the ‘1-20 MW’ turbine is expected to remain the largest segment supported by its wider application area. Turbine size ’20 MW and above’ is expected to witness highest growth during the forecast period. High efficiency as compared to smaller turbines is driving growth of this segment over the forecast period.

Rest of the World is expected to remain the largest market by value and capacity. North America is likely to witness the highest growth over the forecast period due to growing investment in unconventional oil and gas facilities.

An emerging trend, which has a direct impact on the dynamics of the industry, includes development and use of high temperature materials for gas turbines. General Electric, Siemens, Mitsubishi Heavy Industries, Solar Turbines, and Kawasaki Heavy Industries are among the major gas turbine manufacturers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the global gas turbine market by application, turbine size, design type, technology, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Gas Turbine Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global gas turbine market by application, turbine size, design type, technology, and region as follows:

By Application [Capacity (MW) and Value ($ Million) from 2013 to 2024]:


  • Power Generation


  • Mechanical Drive


By Turbine Size [Capacity (MW) and Value ($ Million) from 2013 to 2024]:


  • 1-20 MW


  • 20 MW and above


By Design Type [Capacity (MW) and Value ($ Million) from 2013 to 2024]:


  • Aero Derivative


  • Heavy Duty


By Technology [Capacity (MW) and Value ($ Million) from 2013 to 2024]:


  • Simple Cycle


  • Combine Cycle


  • Co-generation


By Region [Value ($ Billion) and Volume (Billion Square Feet) from 2013 to 2024]:


  • North America


  • Europe


  • Asia Pacific


  • The Rest of the World


This 149-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/gas-turbine-market-oil-and-gas-industry.aspx or helpdesk@lucintel.com.

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com

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