North America Gas Turbine Market size is estimated to rise substantially from 2020 to 2026 on account of rising renewable energy sources demand along with growing inclination toward power optimization. Gas turbine is the mechanical device which produces energy from the kinetic energy of working fluid or gas. The working fluid experiences thermo-dynamic process in which the system converts the mechanical energy into rotating energy producing the electricity as output. In addition, large deployment of wind farms across the region will drive the industry outlook.
North America Market, By Product
Aero-Derivative turbines will grow at a significant CAGR through 2026 owing to paradigm shift toward the clean energy generation sources along with its high product efficiency. For instance, in 2019 GE Power introduced 7HA.03, the latest evolution of HA gas turbine to Dania Beach CEC, Clean Energy Center in Florida. The equipment developed the world’s largest, highest-capacity 60-hertz and most-efficient gas turbine along with lowest conversion cost from gas to electricity & industry-leading flexibility. Continuous investments in research and development to curb fuel associated emission issues along with efforts to reduce the overall fuel consumption and operational costs have resulted in ground-breaking innovations in the industry.
North America Market, By Application
Ongoing government efforts to enhance and modernize the existing industrial infrastructure along with deployment of low GHG emission power sources will foster the power plant-based gas turbine market. Rising infrastructure spending coupled with stringent government norms to enhance the renewable energy mix across the total power production will further sway the product demand. In addition, increasing demand for restructuring of electrical infrastructure as well as positive outlook towards gas-based electricity generation will augment the market size.
North America Market, By Country
The U.S. is predicted to dominate the North America gas turbine market share as it is highly focused toward clean energy sources in order to curtail the carbon footprint across the industrial, and utility sector. In addition, rising regulatory standards as well as introduction of IMO regulations has further boosted the demand of these products. Moreover, the country manufacturers are focusing toward the development of gas turbines and increasing the export of this technology across various developing regions.
Competitive Industry Landscape
Prominent companies operating across North America gas turbine market include General Electric, Wartsila, Siemens, Capstone Turbine Corporation, Rolls-Royce plc, Mitsubishi Power Americas, Inc., and Solar Turbines Incorporated. Industry players are inclined toward the strategic agreements, partnerships, and inorganic ventures to enhance the market scenario in the region.
Industry participants have aligned their focus towards significant research and innovation investments to strengthen the business platform. The companies have made considerable strides in enhancing their portfolio and industrial performance through building and expanding their industry infrastructure foundations. Large scale investments in adjacencies and pursuing core competitive opportunities have been a pivotal for the company strategies. In addition, the industry witnessed negligible COVID - 19 impact owing to slight restrictions toward development and installation of renewable powered sources along with strong projects pipeline.