India Gas Turbine Market - Forecast(2023 - 2028)

The Indian market for gas turbine is majorly comprised of foreign players who export ready-made gas turbines for use in the power and aircraft industry to the country. This is due to the complexity in design, lack of skilled workforce and lack of research and funding. As the Indian power industry shifts its focus from large thermal plants (steam and gas) to renewables, the demand for gas turbines will eventually decrease, along with the fact that India imports most of it natural gas requirement. However, the growth for the components of aircraft based gas turbines is expected to increase considering the ‘Make-in-India’ initiative of the Indian Government. This could encourage foreign key players like GE, Rolls-Royce, Siemens, etc to shift their manufacturing supply chains to India.

Gas Turbines are turbines under the class of thermal energy conversion machines where the fuel is burned to produce a hot stream of gases which transfers it mechanical energy to a drive shaft resulting in useful work. This rotating turbine can be connected to a generator which generates electrical energy or drive huge mechanical loads or even used in aircrafts to generate thrust. Moreover, these turbines’ working principle is based on the Brayton cycle – a thermodynamic process that dictates efficient heat transfer.  Its major applications are found in the power and aerospace industry which has increasing growth requirements and potential.

The major technology providers in the Indian gas turbine markets are Siemens A.G., General Electric, Mitsubishi Heavy Industries, Bharat Heavy Electricals and Hindustan Aeronautics Limited. These companies contribute to the majority of the gas turbine market share in all the sectors - Power Generation, Oil & Gas, Marine, Aerospace and Others.

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

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