The gas turbine market in North America is expected to grow from US$ 6,723. 3 million in 2018 to US$ 9,334. 7 million by 2027; it is estimated to grow at a CAGR of 3. 7% from 2019 to 2027. North American countries have witnessed a sudden rise in the demand for electricity as a result of the increasing population and surge in per capita consumption of electricity.
New York, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Gas Turbine Market Forecast to 2027 -Covid-19 Impact and Analysis - by Technology, Capacity, and Application and Country" - https://www.reportlinker.com/p05953803/?utm_source=GNW
The US, a primary gas producing country in this region, is planning to renovate their infrastructure for electricity generation with gas-based power generation.
Industrial establishments and manufacturing plants are also magnifying the demand for electricity, which is also likely to increase the requirement of gas turbines.The gas turbines have substituted coal and nuclear driven turbines, and this has been another major factor driving the market in North America.
The natural-gas driven gas turbine produces nearly three times less carbon dioxide emission as compared to coal-driven turbines.In comparison with alternatives such as coal and nuclear energy sources, gas turbines require low operational costs and generate cleaner power.
Besides this, the gas turbines are durable, cheaper to install and efficient with less downtime and functional failure as compared to nuclear and coal driven turbines.
The combined cycle segment led the North America gas turbines market, based on technology, in 2018. The market for this segment was valued at US$ 4507.1 million in 2018 and is projected to reach US$ 6308.0 million by 2027; it is estimated to grow at a CAGR of 3.8% during the forecast period. The waste heat recovery unit of combined cycle power generation technology has replaced the silence of gas turbines which helps in reducing the space and weight constraints. This feature would raise the demand for combined cycle technology during the forecast period.
The COVID-19 outbreak has been affecting economies and industries in various North American countries due to lockdowns, travel bans, and business shutdowns imposed by governments.Energy & power is one of the major sectors suffering serious disruptions.
In addition to this, travel bans in North America are affecting the business collaborations and partnerships opportunities. The US is the worst-affected country in the region terms confirmed cases and reported deaths.
The overall North America gas turbine market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America gas turbine market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America gas turbine market. Ansaldo Energia S.p.A.; Bharat Heavy Electricals Limited (BHEL); General Electric Company; Harbin Electric Company Limited; Kawasaki Heavy Industries, Ltd.; Man Energy Solutions; Mitsubishi Hitachi Power Systems, Ltd.; Siemens AG; Solar Turbines Incorporated; and Wärtsilä Corporation are among the players operating in the North American market.
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