Market Forecast By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Other), By Design Type (Heavy Duty, Aeroderivative), By Capacity (?200 MW, >200 MW) And Competitive Landscape
Product Code: ETC089824 | Publication Date: Jan 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
The Iraq Gas Turbine Market is anticipated to obtain more growth in the years to come. The rise in the renewable energy market and growth in demand for electricity from both industrial as well as commercial are the factors supporting the market growth.
According to 6Wresearch, the Iraq Gas Turbine Market size is expected to grow during 2023-2029. This market is one of the major parts of the Middle East Gas Turbines Market. The market has been propelling in the most efficient manner and it is being driven by numerous factors. The rise in the renewable energy market and growth in demand for electricity from both industrial as well as commercial are the factors supporting the market growth. These are the two essential factors driving the industry growth. The sector is dominated by a number of companies and each player in this industry plays a crucial role in the smooth progression of the sector. There are many major companies in this market and they are adding great value to the sector’s growth. Companies in the market come up with the best products with the best strategies which aid the sector growth. The number of key players in the sector is growing with each passing day which will give more growth to this sector. This industry is one of the fastest-growing industries in the country and it will take one of the most significant roles in the country in the years to come. The rise in the manufacturing of aircraft and helicopters in the country is also driving the market. Factors that are constraining the growth of this industry include a lack of infrastructure, high installation costs, and the availability of qualified personnel. The Iraq Gas Turbine Market share is anticipated to grow more which gives a glimpse into the bright future of this market. The sector will overcome these challenges soon.
The impact of the global COVID-19 pandemic was severe on this sector. This sector is one of the fastest-growing and emerging markets, but it faced many challenges when the pandemic hit owing to the restrictions implemented by the government of the country. There were many restrictions on this sector which restricted the progression of the market. The popularity of gas turbines decreased in many industries which impacted negatively on this sector. Disruptions in the supply chain also disrupted the demand for gas turbines, which in turn, led to a decline in the sector. The industry is now growing and it is making progress which shows its future is bright and promising.
Based on the technology, the Iraq Gas Turbine Industry is fragmented into Open Cycle, and Combined Cycle. The combined cycle accounted for the highest share and it is estimated to remain the dominant segment in the years to come.
Based on the application, the Gas Turbine Market in Iraq is fragmented into Power Generation, Oil & Gas, and Other. Among these, the power generation segment is anticipated to grow more in the market.
Based on design type, the sector in the country is fragmented into Heavy Duty, and Aeroderivative. All these segments are rising in the sector and they will continue rising.
Based on capacity, the sector in the nation is fragmented into ?200 MW, and >200 MWa. The 200 MWa is the fastest-growing segment and it is estimated to boost the sector growth in the years to come.
The report offers a comprehensive study of the subsequent market segments: