North America Gas Turbine Market Developments and Forecast by 2027

The gas turbine market in North America is expected to grow from US$ 6,723.37 Mn in 2018 to US$ 9,334.79 Mn by 2027; it is estimated to grow at a CAGR of 3.7% from 2019 to 2027.

The US, Canada, and Mexico are major economies in North America. Coal and nuclear driven turbines have been substituted by gas turbines and this substitution has recently gained momentum after weak growth over the past few years. A gas turbine refers to a combustion engine that is eco-friendly as it not only runs on natural gas and it produces less exhaust gas pollution as compared to the internal combustion engines. The gas-fired turbines are faster, more efficient, and less polluting than coal-fired and nuclear power plants. Gas turbines make use of natural gas, light gas, and bioethanol for its working. An increase demand for natural gas fired power plants, rising concerns regarding emissions released by GHG and stringent government norms for the adoption of gas-fired turbines have stimulated the demand for gas turbines. Thus, the substitution of gas turbines against coal and nuclear driven turbines would give a boost to the gas turbines in the coming years, which is further anticipated to drive the market in North America. Besides this, regional government offering incentives to companies using natural gas-based turbines for power generation, oil & gas, aviation, and process plants also pay impetus to the North America gas turbine market. In some countries, nuclear power stations have been closed amid the political pressure and wrapped financial markets, which has led to the use of gas turbines. Gas turbines are a type of internal combustion in which the burning of an air-fuel mixture produced hot gases that spins the blades of the turbine to produce electricity. Furthermore, The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The energy and power industry is one of the major industries that is suffering serious disruptions. In addition to this, North America travel bans are affecting the business collaborations and partnerships opportunities. US is the worst affected country in terms confirmed cases and reported deaths.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the gas turbine market. The North America gas turbine market is expected to grow at a good CAGR during the forecast period.

North America Gas Turbine Market Segmentation

North America Gas Turbine Market – By Technology

• Open Cycle
• Combined Cycle

North America Gas Turbine Market – By Capacity

• Below 40MW
• 40-120 MW
• 120-300 MW
• Above 300MW

North America Gas Turbine Market – By Application

• Power Generation
• Oil and Gas
• Industrial

North America Gas Turbine Market, by Country

• US
• Canada
• Mexico

North America Gas Turbine Market-Companies Mentioned

• 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
• Wärtsilä Corporation 

North America Gas Turbine Report Scope