Gas Turbines Market has been valued US$ 20.37 billion in the year 2021 and it is estimated to reach US$ 30.07 billion by the year 2027, with a CAGR of 5.9% from 2022 to 2027. Gas Turbines is a combustion engine at the heart of a power plant that can convert natural gas or other liquid fuels to mechanical energy. This energy then drives a generator that produces the electrical energy that moves along power lines to homes and businesses ; these are the main factors that have considerably increased the demand for the Gas Turbines in the market, thereby driving the huge growth of the Gas Turbines market in the upcoming years

Market Drivers and Restrains:

The main factors that have considerably increased the demand for the Gas Turbines in the market is mainly due to the rapid technological advancements in the energy sector coupled with increase in focus toward distributed power generation technologies. The gas turbine market is expected to grow significantly during the forecast period on account of rise in government support across the world for power generation technologies that aim to reduce carbon dioxide (CO2) emissions; these are the main factors that have considerably increased the demand for the Gas Turbines in the market, thereby driving the huge growth of the Gas Turbines market in the upcoming years

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Report is segmented as:

Gas Turbines Market is segmented on the basis of by:

By Technology (Open Cycle and Combined Cycle),

By Application (Power Generation, Industrial and Aviation)

Geographical Segmentation:

Gas Turbines Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Gas Turbines is due to the paradigm shift from coal-based power generation to gas-based power generation of developed and developing countries such as the U.S. these are the main factors that have considerably increased the demand for the Gas Turbines in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Gas Turbines Market

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Impact of COVID-19 on Market

Covid -19 pandemic has created huge losses in every sector across the world, and temporary lack of growth in export and import activities, which has impacted the raise of Gas Turbines market growth. Due to covid-19 many companies has shutdown and stopped their production and has decreased the availability of Gas Turbines. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Gas Turbines market growth.