Industrial Gas Turbine Market Size - By Capacity, By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application, By Regional Outlook & Forecast, 2024 - 2032

Industrial Gas Turbine Market Size - By Capacity, By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application, By Regional Outlook & Forecast, 2024 - 2032

Industrial Gas Turbine Market size is projected to depict 5.5% CAGR from 2024 to 2032, led by the increasing demand for efficient and reliable power generation. The rapid industrialization and urbanization, particularly in emerging economies is necessitating robust energy solutions.

Strong advancements in technology are driving the development of more efficient and durable turbines. The shift towards cleaner energy sources, coupled with the rollout of government regulations to reduce carbon footprints is promoting the use of gas turbines over traditional coal-fired power plants. In October 2023, the HYFLEXPOWER project, led by Siemens Energy AG, commissioned a gas turbine using 100% renewable hydrogen at the paper mill of Smurfit Kappa in Saillat-sur-Vienne, France. The rising need for distributed power generation and the integration of renewable energy sources into the grid is also accelerating the product adoption to provide a stable backup power source.

The overall market is segregated into capacity, product, technology, application, and region.

Based on product, the industrial gas turbine market from the heavy-duty segment is estimated to grow at significant rate between 2024 and 2032, owing to their ability to provide high power output and efficiency in large-scale industrial and utility applications. Heavy-duty turbines offer robust performance, reliability, and longer operational life, making them ideal for continuous power generation. The increasing demand for stable and efficient energy solutions, along with rising advancements in turbine technology are spurring the product adoption.

With respect to application, the industrial gas turbine industry from the power generation segment is anticipated to grow at notable rate through 2032, due to the growing need for reliable and efficient energy solutions. Gas turbines offer quick start-up times, high efficiency, and lower emissions compared to coal-fired plants. The global shift towards cleaner energy sources and the integration of renewable energy is necessitating stable backup power generation, which gas turbines provide. The ever-increasing energy demand in emerging economies is also boosting the segment growth.

Regionally, the Asia Pacific industrial gas turbine industry is projected to showcase strong growth between 2024 and 2032, led by the rapid industrialization and urbanization, increasing energy demand, and the shift towards cleaner power generation. The rising focus of the government on reducing carbon emissions is driving the adoption of gas turbines over coal. The surging infrastructure development and investments in energy projects across emerging economies will further fuel the regional market expansion.