By Editors of Power Engineering
Research group MarketsandMarkets have projected the total market for gas turbine services could reach $18.45 billion by 2021.
In a report, the group indicated the gas turbine market will have a compound annual growth rate of 4.1 percent over the next five years. The current size of the market is estimated to be $15.11 billion.
MarketsandMarkets estimated the growth will be largely due to emission regulations and upgrades on aging gas turbine drives.
Power generation will consist of nearly half of the total gas turbine market, due to the rise in demand for gas turbines for combined-cycle power plants. Gas turbine installation reached 50 GW in 2015.
North America will dominate the gas turbine market due to the large number of existing gas turbines, many of which need to be serviced or replaced.