Industrial Gas Turbine Market

Industrial Gas Turbine Market

Growth Factors of Industrial Gas Turbine Market

The industrial gas turbine market size was valued at USD 9.01 billion in 2023, and the market is now projected to grow from USD 9.27 billion in 2024 to USD 12.25 billion by 2032, exhibiting a CAGR of 3.54% during the forecast period of 2024-2032.

Pandemic has significantly impacted the industrial gas turbine market growth, leading to delays in initiatives, delivery chain disruptions, and financing troubles. In Myanmar, energy plant initiatives were not on time because of COVID-19, and inside the U.S., electricity plant operators have adjusted methods, pushing lower back scheduled upkeep. This has affected businesses like Siemens and General Electric, essential manufacturers of business fuel turbines, and service companies, who are already experiencing sales losses because of the pandemic.

The global growth in industrial interest and infrastructure development has brought about a significant rise in power demand. Countries are increasing their electricity producing ability, either by installing new plants or increasing present ones. Government policies on greenhouse fuel emissions have brought on agencies to undertake industrial gasoline turbine systems, this is predicted to enhance marketplace boom within the forecast period.

The upward thrust of business hubs and FDI in rising economies like China, India, Brazil, and Southeast Asia is expected to create increase opportunities. Foreign builders are specializing in these nations, boosting their economies and improving industrialization. Restructuring manufacturing policies in these countries will attract investments and improve production efficiency.

Comprehensive Analysis of Industrial Gas Turbine Market

In 2020, the global industrial gas turbine market was dominated by the 150-300 MW segment, primarily used for power generation. The 300+ MW segment gained market share due to environmental concerns and GHG emissions reduction. Small capacity gas turbine segments, such as 1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, and 15-20 MW, are increasing due to high gas availability and modular design. The heavy-duty segment held the majority due to growing manufacturing plants and large-scale economic zones in developing nations. Aeroderivative segments gained significant market share due to their flexibility and mobile technologies. The combined cycle segment led due to environmental proximity, efficient waste heat utilization, and operational efficiency. The electric power utility segment dominated the market, with a growing focus on refurbishing traditional steam and coal-fired power plants with gas or renewable energy power generating stations. The oil and gas segment is expected to expand significantly due to rapid exploration and production activities, increasing gas generation volume, and pipeline projects.

The North America region lead the industrial gas turbine market share by benefitting a market size of USD 2.77 billion in 2023 due to multiplied shale gas exploration. The U.S. Energy Information Administration predicts natural gasoline turns into the number one gas for energy technology by means of 2035, with over forty% of the nation's electricity coming from coal and 25% from natural gas.

The market for organic and inorganic energy is distinctly fragmented, with numerous key gamers worldwide. Companies are increasingly more collaborating in traits to solidify their international function. Key businesses like GE and Anasoldo Energia are searching for new contracts to increase their market share. Key companies consist of GE, Siemens, Mitsubishi Hitachi Power Systems, Solar Turbines, Kawasaki Heavy Industries and Ansaldo Energia.

The HYFLEXPOWER consortium, led by way of Siemens Energy AG, has successfully commissioned a fuel turbine using 100% renewable hydrogen at Smurfit Kappa's paper mill in Saillat-sur-Vienne, France.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion) and Volume (MW)

Segmentation

By Capacity

• 1-2 MW
• 2-5 MW
• 5-7.5 MW
• 7.5-10 MW
• 10-15 MW
• 15-20 MW
• 20-30 MW
• 30-40 MW
• 40-100 MW
• 100-150 MW
• 150-300 MW
• 300+ MW

By Technology

• Heavy Duty
• Light Industrial
• Aeroderivative

By Cycle

• Simple Cycle
• Combined Cycle

By Sector

• Electric Power Utility
• Oil & Gas
• Manufacturing

By Region

• North America (By Capacity, By Cycle, By Technology, By Sector, By Country)
• U.S. (By Sector)
• Canada (By Sector)
• Europe (By Capacity, By Cycle, By Technology, By Sector, By Country)
• Germany (By Sector)
• U.K. (By Sector)
• France (By Sector)
• Spain (By Sector)
• Italy (By Sector)
• Turkey (By Sector)
• Russia (By Sector)
• Rest of Europe (By Sector)
• Asia Pacific (By Capacity, By Cycle, By Technology, By Sector, By Country)
• China (By Sector)
• Australia (By Sector)
• India (By Sector)
• Indonesia (By Sector)
• Japan (By Sector)
• South Korea (By Sector)
• Thailand (By Sector)
• Rest of Asia Pacific (By Sector)
• Latin America (By Capacity, By Cycle, By Technology, By Sector, By Country)
• Brazil (By Sector)
• Mexico (By Sector)
• Argentina (By Sector)
• Venezuela (By Sector)
• Rest of Latin America (By Sector)
• The Middle East and Africa (By Capacity, By Cycle, By Technology, By Sector, By Country)
• South Africa (By Sector)
• Egypt (By Sector)
• Iran (By Sector)
• Qatar (By Sector)
• Saudi Arabia (By Sector)
• Algeria (By Sector)
• United Arab Emirates (By Sector)
• Rest of Middle East & Africa (By Sector)

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