Machine Market Despite Fluctuations: Gas Turbine Market Likely to Remain Stable
According to research and consulting firm Global Data, the global gas turbine market will remain stable in the coming five years, as its total recorded revenues from the 2010-15 period will be almost exactly the same as that of 2016-20, at $ 58.01 billion and $ 58.51 billion, respectively.
As per the company’s report, the market will see considerable fluctuations during the period despite these figures. In 2016 and 2017, the global gas turbine market is expected to be $18.1 billion and $16.8 billion respectively. By 2020, however, it is estimated to fall to $5.6 billion, indicating the beginning of market stabilization in the long term.
Speaking on the forecast, Global Data’s Senior Analyst covering Power, Siddhartha Raina said, “There are a number of drivers and barriers to the gas turbine space, which will balance each other out and explain the eventual stabilization of the market.”