Market Size of North America Gas Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Gas Turbine Market Analysis
The North American gas turbine market is expected to register a CAGR of over 4.5% during the forecast period of 2020-2025.
- North America is expected to hold a dominant section of the gas turbine market share, owing to rising shale gas exploration activities and rapid enhancement of industrial gas turbine capacities in the region. Therefore, the increasing growth in shale gas production and the increasing demand for electricity is expected to drive the demand for gas turbines during the forecast period. However, increasing shift toward renewable energies, such as solar and wind for power generation, is expected to restrain the growth of the market.
- The power generation application segment is expected to be the dominating segment in the market.
- Advancements in technology in the oil and gas industry, resulting in growing per well recoveries and an increase in the production of shale gas, which, in turn, are expected to create a significant amount of opportunities to the gas turbine manufacturers in the near future.
- The United States is expected to be the leading market for gas turbine in North America, owing to the increasing demand for clean and efficient power generation in the country.
