According to the research report titled ‘Global Gas Turbine Market - Analysis By Product Type (Heavy Duty, Aeroderivative), Technology (Combined Cycle, Open Cycle), Application, By Region, By Country (2020 Edition): Market Insight, Covid-I9 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global gas turbine market was worth USD 17050.05 million in 2019 and is anticipated to showcase lucrative growth trends over the analysis period 2020-2025.
 

Stringent regulatory standards related to environment protection, supportive government policies on energy conservation, and rising consumer awareness about product quality are the major factors driving global gas turbine market growth.
 

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Increasing product applications in power and oil & gas sectors along with fast paced industrialization across developed and emerging economies are adding substantial traction to overall market development. Rising consumer demand and growing investments by public & private sector in small and medium scale industries is further favoring the industry outlook.
 

Moreover, this vertical is likely to record significant growth post the COVID-19 pandemic, primarily due to favorable features provided by gas turbines such as reduced operating costs, high power density, lower emissions, and quality exhaust streams, which make them a better option in comparison with other combustion-based power generation technologies.
 

Based on product type fragmentation of worldwide gas turbine industry, heavy duty segment is anticipated to expand lucratively over the analysis period, owing to low cost structure, high-capacity, and low pressure ratios to obtain maximum power.
 

As per the regional framework, Asia Pacific market is slated to accrue significant returns over the projected timeline, owing to high demand for energy, low costs of production, rapid industrialization, and high investments by manufacturers in developing economies such as India and China.
 

Prominent players swaying worldwide gas turbine industry trends are Siemens AG, Centrax Gas Turbines Ltd., Ansaldo Energia S.p.A., OPRA Turbines, Capstone Green Energy Corporation, Kawasaki Heavy Industries Ltd., Caterpillar Inc., Mitsubishi Heavy Industries Ltd., Bharat Heavy Electricals Ltd., and General Electric Company.