Press release
Industrial Gas Turbine Market size was valued at USD 10.11 Bn. in 2023 and the total Industrial Gas Turbine revenue is expected to grow by 6 percentage from 2024 to 2030
Industrial Gas Turbine Market
Industrial Gas Turbine Market size was valued at USD 10.11 Bn. in 2023 and the total Industrial Gas Turbine revenue is expected to grow by 6 percentage from 2024 to 2030, reaching nearly USD 15.20 Bn.
Industrial Gas Turbine Market Overview:
The industrial gas turbine market, valued at USD 10.11 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 6% from 2024 to 2030, reaching approximately USD 15.20 billion by the end of the forecast period. This growth is primarily driven by the increasing global demand for electricity and cleaner energy solutions, with industrial gas turbines serving as a key technology in transitioning from traditional coal-fired power plants to more efficient and environmentally friendly combined-cycle power plants.
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Drivers in the Industrial Gas Turbine Market:
The primary drivers of the industrial gas turbine market include the rising global demand for electricity, driven by rapid urbanization and industrialization, as well as the need for cleaner energy alternatives to reduce greenhouse gas emissions. Gas turbines, fueled by natural gas, offer a more environmentally friendly solution compared to coal-fired power plants, as they produce significantly lower carbon dioxide and sulfur dioxide emissions. These factors are propelling the adoption of industrial gas turbines across various sectors.
Industrial Gas Turbine Market Trends:
The industrial gas turbine market is witnessing a trend toward the adoption of advanced technologies, such as aero-derivative turbines, which offer higher flexibility and efficiency. Additionally, the increasing integration of combined-cycle systems, which enhance operational efficiency and reduce waste heat, is becoming more prevalent. There is also a noticeable shift towards smaller capacity turbines, driven by the growing demand for decentralized power generation and cogeneration units in industrial settings.
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Industrial Gas Turbine Market Opportunities:
Emerging economies, particularly in Asia-Pacific, present significant growth opportunities for the industrial gas turbine market. The rise of industrial hubs and favorable foreign direct investment (FDI) policies in countries like China, India, and Southeast Asia are expected to boost the demand for industrial gas turbines. These regions are focusing on expanding their energy infrastructure to meet growing electricity demand, creating a lucrative market for gas turbine manufacturers.
What is Industrial Gas Turbine Market Regional Insight?
North America currently leads the industrial gas turbine market, driven by extensive shale gas exploration and a substantial number of natural gas-powered plants. However, the Asia-Pacific region is expected to witness the fastest growth during the forecast period, fueled by rapid industrialization, increasing energy demand, and government initiatives to reduce carbon emissions. Countries like China, India, and Japan are actively transitioning from coal to gas-fired power generation to meet their clean energy goals.
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Segmentation Analysis of the Industrial Gas Turbine Market
by Capacity
≤ 70 MW
> 70 MW - 300 MW
≥ 300 MW
by Technology
Heavy Duty
Light Industrial
Aeroderivative
by Cycle
Simple Cycle
Combined Cycle
by Sector
Electric Power Utility
Oil & Gas
Manufacturing
Who is the largest manufacturers of Industrial Gas Turbine Market worldwide?
1. General Electric Company
2. Siemens AG
3. Mitsubishi Heavy Industries Ltd
4. Harbin Electric International Company Limited
5. Doosan Heavy Industries & Construction
6. OPRA Turbines
7. Rolls-Royce
8. Vericor Power System
9. Bharat Heavy Electricals Limited
10. Kawasaki Heavy Industries Ltd
11. Ansaldo Energia SpA
12. Solar Turbines
13. Man Diesel and Turbo SE
14. MTU Aero Engines AG/Vericor Power Systems LLC
15. Centrax Industries Ltd
16. UEC Saturn
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Key Offerings:
Past Market Size and Competitive Landscape
Industrial Gas Turbine Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Industrial Gas Turbine Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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