Industrial Gas Turbine Market is Forecasted to Reach US$ 8.23 Billion in 2028, Says Stratview Research

The global Industrial Gas Turbine market is projected to witness a growth rate of 5.8% annually from 2023 to 2028, with an anticipated size of US$ 8.23 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Industrial Gas Turbine market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 8.23 billion
Growth (CAGR): 5.8% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Industrial Gas Turbine Market:

The global Industrial Gas Turbine market is segmented based on Capacity type, Product type, Technology type, Application type, and Region.

Based on capacity type - The market is segmented into ≤70 MW, 70-300 MW, and ≥300 MW. The ≤70 MW segment is estimated to account for the major share of the market during the forecast period on account of its wide range of applications across power generating stations, mechanical drive coupled with oil & gas, and other industrial processes. Similarly, 70-300 MW capacity is also estimated to witness significant growth in the market owing to the extensive applications across small-scale generating plants and process industries, fueling the segment's growth during the forecast period.

Based on product type - The industrial gas turbine market is segmented into aero-derivative and heavy-duty. The aero-derivative product type is estimated to account for the major share of the market on account of the availability of highly flexible and mobile technologies. Moreover, the heavy-duty segment is also estimated to witness significant growth in the market owing to the growing number of manufacturing plants along with the integration of large-scale economic zones across emerging economies.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/1767/industrial-gas-turbine-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period owing to its operational flexibility offered by gas-fired plants as compared to coal-fired plants and the modernization of infrastructure by investing in gas-fired distributed energy. Further, North America is also estimated to witness significant growth in the market owing to an increased focus on combined cycle gas turbine power plant capacity additions, fueling the regional market growth over the forecast period.

Industrial Gas Turbine Market Drivers:
Some of the key drivers listed in the report are given below.
• The surging global demand for electricity and the pressing need for efficient power generation solutions propel the growth of this market.
• The transition towards cleaner energy sources and the imposition of stricter environmental regulations foster the adoption of gas turbines, as they offer lower emissions in comparison to conventional fossil fuel-based power plants.
• Technological advancements, including the development of sophisticated combustion systems and the implementation of digitalization in turbine operations, further augment the market's progress.
• The increasing demand for power generation solutions that are both efficient and environmentally friendly.

Top Companies in the Industrial Gas Turbine Market:
Stratview Research has identified the following companies as the top market players.
• Ansaldo Energia S.P.A.
• Bharat Heavy Electricals Limited
• Kawasaki Heavy Industries Ltd.
• MAN Energy Solutions SE
• Mitsubishi Hitachi Power Systems, Ltd.
• Opra Turbines B.V.
• Siemens
• UEC Saturn
• Wärtsilä
• Zorya-Mashproekt.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Industrial Gas Turbine Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.