Global Industrial Gas Turbine Market Report and Forecast 2023-2028

Global Industrial Gas Turbine Market Report and Forecast 2023-2028


Market Outlook

According to the report by Expert Market Research (EMR), the global industrial gas turbine market is projected to grow at a CAGR of 3.5% between 2023 and 2028. Aided by the increasing demand for cleaner energy sources and the broadening applications of gas turbines across various industries, the market is expected to grow significantly by 2028.

Industrial gas turbines are versatile engines that convert natural gas or other liquid fuels into mechanical energy. This energy is then used to power generators that produce electricity. Apart from power generation, these turbines are also integral in the mechanical drive and marine applications. They play a crucial role in reducing carbon emissions and improving energy efficiency, aligning with the global shift towards sustainable energy solutions.

The escalating demand for efficient and cleaner energy sources is a key driver propelling the global industrial gas turbine market growth. As the world grapples with the detrimental impacts of climate change, there is a pressing need to reduce carbon emissions and reliance on fossil fuels. This shift towards sustainable energy is leading to a surge in demand for industrial gas turbines, known for their high-efficiency power generation and lower carbon footprint.

Additionally, the ever-increasing industrialisation and urbanisation, particularly in emerging economies, are contributing to the rising popularity of industrial gas turbines. As industries and urban areas demand more power, gas turbines, with their ability to provide efficient, reliable, and continuous power supply, are gaining significant traction.

The broadening applications of industrial gas turbines in various sectors are also fuelling the industrial gas turbine market expansion. In the oil and gas industry, these turbines are used for mechanical drive applications to compress gas at production sites. In the maritime sector, gas turbines are increasingly utilised for propulsion applications due to their lightweight, compact size, and high power-to-weight ratio.

Moreover, the growing emphasis on natural gas-fired power plants in the energy mix is leading to a heightened focus on industrial gas turbines as a key component in power generation. Natural gas, due to its cleaner burning nature, is seen as a bridge towards renewable energy. Therefore, the role of gas turbines is expected to remain crucial in the transition towards a greener energy future, thereby propelling the industrial gas turbine market growth.

Market Segmentation

The market can be divided based on capacity, cycle, sector, and region.

Market Breakup by Capacity
  • 1 to 40 MW
  • 41 to 120 MW
  • 121 to 300 MW
  • Above 300 MW
Market Breakup by Cycle
  • Simple Cycle
  • Combined Cycle
Market Breakup by Sector
  • Power
  • Oil and Gas
  • Others
Market Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial gas turbine companies. Some of the major key players explored in the report by Expert Market Research are as follows:
  • Ansaldo Energia S.p.A
  • Kawasaki Heavy Industries, Ltd.
  • Solar Turbines Incorporated
  • Siemens AG
  • Vericor Power Systems
  • OPRA Technologies B.V.
  • General Electric Company
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Industrial Gas Turbine Market Analysis
8.1 Key Industry Highlights
8.2 Global Industrial Gas Turbine Historical Market (2018-2022)
8.3 Global Industrial Gas Turbine Market Forecast (2023-2028)
8.4 Global Industrial Gas Turbine Market by Capacity
8.4.1 1 to 40 MW
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 41 to 120 MW
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 121 to 300 MW
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Above 300 MW
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.5 Global Industrial Gas Turbine Market by Cycle
8.5.1 Simple Cycle
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Combined Cycle
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Industrial Gas Turbine Market by Sector
8.6.1 Power
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Oil and Gas
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Others
8.7 Global Industrial Gas Turbine Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Industrial Gas Turbine Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Industrial Gas Turbine Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Industrial Gas Turbine Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Industrial Gas Turbine Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Industrial Gas Turbine Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Ansaldo Energia S.p.A
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Kawasaki Heavy Industries, Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Solar Turbines Incorporated
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Siemens AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Vericor Power Systems
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 OPRA Technologies B.V.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 General Electric Company
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Industrial Gas Turbine Market: Key Industry Highlights, 2018 and 2028
2. Global Industrial Gas Turbine Historical Market: Breakup by Capacity (USD Million), 2018-2022
3. Global Industrial Gas Turbine Market Forecast: Breakup by Capacity (USD Million), 2023-2028
4. Global Industrial Gas Turbine Historical Market: Breakup by Technology (USD Million), 2018-2022
5. Global Industrial Gas Turbine Market Forecast: Breakup by Technology (USD Million), 2023-2028
6. Global Industrial Gas Turbine Historical Market: Breakup by Cycle (USD Million), 2018-2022
7. Global Industrial Gas Turbine Market Forecast: Breakup by Cycle (USD Million), 2023-2028
8. Global Industrial Gas Turbine Historical Market: Breakup by Sector (USD Million), 2018-2022
9. Global Industrial Gas Turbine Market Forecast: Breakup by Sector (USD Million), 2023-2028
10. Global Industrial Gas Turbine Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Industrial Gas Turbine Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Industrial Gas Turbine Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Industrial Gas Turbine Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Industrial Gas Turbine Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Industrial Gas Turbine Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Industrial Gas Turbine Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Industrial Gas Turbine Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Industrial Gas Turbine Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Industrial Gas Turbine Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Industrial Gas Turbine Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Industrial Gas Turbine Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Industrial Gas Turbine Market Structure

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