The global market for gas turbines is expected to decline by a compound annual growth rate (CAGR) of 7.7% over the next four years.
It estimates this could result in the value of the market falling by $6.84 billion (£5.2bn).
When compared to the total market value for the period between 2013 and 2017 of $52.39 billion (£39.8bn), the estimate for 2018 to 2022 of $37.97 billion (£28.9bn) would be a CAGR decline of 0.7%.
Despite this, GlobalData believes the growing influence of developing nations in the global energy market could see the Asia-Pacific region propelled upwards at a CAGR of 3.95%, overtaking Europe, the Middle East and Africa as a market leader.
Nirushan Rajasekaram, Power Analyst at GlobalData, said: “The need to meet the short term increasing demand for electricity faces significant technical, monetary and supply challenges that are influencing governments’ agendas to generate cheap electricity; utilising indigenous resources and existing power generation infrastructure.
“The existing infrastructures in most nations are heavily tilted towards coal and a potential shift towards abruptly increasing gas would require substantial investments.”