Press release
Industrial Gas Turbine Market size is expected to reach $15.2 Bn by 2030, as per Maximize Market research
Industrial Gas Turbine Market
Industrial Gas Turbine Market Overview
An industrial gas turbine is a combustion engine that generates mechanical energy from fuels like natural gas or liquid fuels. This mechanical energy is utilized to drive a connected generator, which produces electricity. Conventional gas- and oil-fired steam power plants have been succeeded by efficient combined-cycle power plants powered by gas or oil turbines. The rising global electricity demand, along with the need for cleaner energy, are key factors anticipated to propel the growth of the industrial gas turbine market.
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Industrial Gas Turbine Market drivers
The industrial gas turbine market is driven by the growing demand for clean energy and the need to replace traditional coal-fired power plants. Gas turbines offer lower greenhouse gas emissions and higher efficiency compared to coal. The rising demand for electricity, particularly in emerging economies, also contributes to market growth. However, natural gas price volatility can pose a challenge.
Industrial Gas Turbine Market opportunities
Technological advancements in gas turbines, such as improved efficiency and emissions reduction, present opportunities for future growth. The increasing automation of manufacturing processes also benefits the market, as gas turbines provide reliable and efficient power sources.
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Industrial Gas Turbine Market regional analysis
North America leads the market due to its abundant shale gas resources and shift towards natural gas power generation. Asia Pacific is expected to experience significant growth due to rapid industrialization, rising energy demand, and government initiatives for cleaner energy.
Recent News about Industrial Gas Turbine market
10/10/2024 Russia launches own high-capacity gas turbine, replacing foreign technology
17/8/2024 Mitsubishi Power gains hydrogen-ready gas turbine order in Saudi
4/7/2024 China's home developed 15 MW heavy- duty gas turbine rolls off assembly line
5/6/2024 MHI and EGAT sign MoU to Introduce Hydrogen Large Gas Turbine Co-firing Technology in Thailand to Achieve Net Zero Goals
15/3/2024 Mitsubishi Power Achieves #1 Global Gas Turbine Market Share in 2023
23/2/2024 Delivering flexible power with aeroderivative gas turbines in Indonesia
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The global industrial gas turbine market is witnessing a surge in activity with several key developments. Russia has launched its own high-capacity gas turbine, aiming to replace foreign technology. Mitsubishi Power has secured orders in Saudi Arabia and Thailand for its hydrogen-ready gas turbines, supporting the shift towards cleaner energy sources. China's domestic development of a 15 MW heavy-duty gas turbine marks a significant milestone in its energy sector. These developments highlight the growing trend of countries investing in advanced gas turbine technology to meet rising electricity demand and reduce carbon emissions.
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Industrial Gas Turbine Market Segmentation
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
Industrial Gas Turbine Market Key Players
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
17. Wartsila
18. Zorya-Mashproekt.
Key questions answered in the Industrial Gas Turbine Market are:
• What segments are covered in the Global Industrial Gas Turbine Market report?
• Which region is expected to hold the highest share in the Global Industrial Gas Turbine Market?
• What is the market size of the Global Industrial Gas Turbine Market by 2030?
• What is the forecast period for the Global Industrial Gas Turbine Market?
Key Offerings:
• Past Industrial Gas Turbine Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024-2030
• Industrial Gas Turbine Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• § Competitive landscape - Industrial Gas Turbine 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
• Recommendations
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Maximize Market Research is a global market research and consulting company that provides businesses with insights to foster their growth and competitive advantage. The company specializes in delivering actionable and data-driven research reports tailored to help organizations make informed decisions. With a team of experienced analysts and consultants, Maximize Market Research offers expertise across multiple industries, including healthcare, technology, manufacturing, consumer goods, and more.
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