Industrial Gas Turbine Market Overview 2022 to 2030, Future Trends and Forecast | CAGR 5.8%

In accordance with the Industrial Gas Turbine market is set to grow at a CAGR of 5.8% over a forecast period (2022-2030).

Factors, such as rapid urbanization and increasing demand for electrical energy, are expected to be the major drivers for the market. The rising demand for cleaner energy from gas turbines, over concerns of the environmental impact of energy generation from coal-fired plants, is expected to boost the industrial gas turbine market. However, increasing shift toward renewable energies, such as solar and wind, for power generation has hampered the growth of the market.

The power sector is expected to witness significant growth during the forecast period, owing to various factors, such as increase in power generation from gas-based plants due to rising concerns over greenhouse gas emissions and economic aspects.

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The "Industrial Gas Turbine Market" Report includes qualitative and quantifiable insights into the major drivers, restraints, opportunities, and challenges affecting global market growth. The examination contains complete statistical market data on the major companies, as well as revenue forecasts. The Industrial Gas Turbine market study also includes information on the sales growth of many regional and country-level markets, as well as the competitive landscape and specific company analysis for the forecast period. The market report observes future growth aspects as well as the current status of market share, penetration of various types, technologies, applications, and geographies through 2030.

Industrial Gas Turbine Market Leading Players:

GE (U.S.), Siemens (Germany), Mitsubishi Hitachi Power Systems, Ltd. (Japan), Ansaldo Energia (Italy), Solar Turbines (U.S.), Kawasaki Heavy Industries, Ltd. (Japan), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electrical Limited (India), OPRA Turbines (Netherlands), Rolls-Royce (U.K.), Vericor Power Systems LLC (U.S.)

Recent Development:

April 2021: Siemens has signed an agreement with EPC contractor TSK to supply the F-class as turbines for Jacqueville's new combined cycle power plant called Côte d'Ivoire. The power plant has a capacity of 390 MW and is expected to start operating in 2022.

August 2020 - General Electric secured an order for an 858 MW CCGT power plant to supply the Zainskaya State District power plant with a 9HA.02 gas turbine and related equipment. Of the 858 MW, the upgrade project includes a 577 MW gas turbine plant.

This Research Considers the following Regions on Prime focus:

North America (U.S., Canada)

Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)

South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)

Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

Regional Overview:

Asia Pacific is expected to hold approximately 30% of the industrial gas turbine market share by 2030. Rapid modernization and refurbishment of power generation infrastructure is likely to propel the regional market statistics. The expanding manufacturing sector has created substantial need for efficient power generation. APAC has recorded a surge in investments across gas-powered distributed energy, which can be credited to the operational flexibility provided by gas-fired plants. A gradual shift away from coal-fired plants will boost industrial gas turbine deployment across emerging economies.

Global Industrial Gas Turbine Market Segmentation:

By type:

≤ 70 MW

> 70 MW - 300 MW

≥ 300 MW

By Product:

Aero-Derivative

Heavy Duty

By Technology:

Open Cycle

Combined Cycle

By application:

Power Generation

Oil & Gas

Other Manufacturing

Year Considered Estimating the Market Size:

Historical Years: 2017-2021

Base Year: 2022

Estimated Year: 2022

Forecast Period: 2023-2030

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Report Aim and Scope:

An overview of the Industrial Gas Turbine market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
The report presents the estimated Industrial Gas Turbine market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
Based on various indicators, the Year-on-Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period are offered.
The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America, and Europe.
The various parameters accelerating the growth of the Industrial Gas Turbine market is incorporated in the research report.
The report analyzes the growth rate, market size, and valuation of the market during the forecast period.

Key Reasons to Purchase:

- To gain insightful analyses of the market and have a comprehensive understanding of the global market and its industrial landscape.

- To identify and analyze the profile of leading players operating in the global Industrial Gas Turbine market.

- To understand the most affecting driving and restraining forces in the market and their impact on the global market.

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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials in various sectors including investment, information technology, telecommunications, consumer technology, and manufacturing markets. CDI helps investment communities, business executives and IT professionals make accurate, statistically-based decisions on technology purchases and promote strong growth tactics to maintain market competitiveness. Composed of a team of more than 100 analysts and a cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and national experience.

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