Global Industrial Gas Turbine Market Size Crossed USD 24.47 billion In 2022 And Is Expected To USD 25.89 billion in 2030 Register Over 7.50% CAGR During 2022 To 2030.

Industrial Gas Turbine Market Overview:

Factors such as rapid urbanization and increasing demand for electrical energy are expected to be major drivers of the market. Growing demand for clean energy from gas turbines due to concerns about the environmental impact of energy generation from coal-fired power plants is expected to boost the industrial gas turbine market. However, increasing shift towards renewable energies such as solar and wind power for power generation has hampered the growth of the market.

The electric power sector is expected to witness significant growth over the forecast period, owing to various factors such as increasing generation volume from gas-based power plants owing to growing concerns about greenhouse gas emissions and economic aspects.

To meet the growing demand for electrical energy to sustain global power generation continues to require significant investment in power supply generation. This has helped the gas turbine market to grow significantly in recent years and is expected to continue growing over the forecast period.

Asia-Pacific is expected to dominate the market growth, with China and India accounting for majority of the demand, owing to factors such as economic growth in emerging countries, increasing number of gas-based power plants, and rising industrial activity.

Key Market Updates:

• April 2021: Siemens has signed an agreement with EPC contractor TSK to supply the F-class as turbines for Jacqueville's new combined cycle power plant called Côte d'Ivoire. The power plant has a capacity of 390 MW and is expected to start operating in 2022.
• August 2020 – General Electric secured an order for an 858 MW CCGT power plant to supply the Zainskaya State District power plant with a 9HA.02 gas turbine and related equipment. Of the 858 MW, the upgrade project includes a 577 MW gas turbine plant.

Major Market Segments Covered in Industrial Gas Turbine Industry Research:

• GE (U.S.)
• Siemens (Germany)
• Mitsubishi Hitachi Power Systems Ltd. (Japan)
• Ansaldo Energia (Italy)
• Solar Turbines (U.S.)
• Kawasaki Heavy Industries Ltd. (Japan)
• Doosan Heavy Industries & Construction (South Korea)
• Bharat Heavy Electrical Limited (India)
• OPRA Turbines (Netherlands)
• Rolls-Royce (U.K.)
• Vericor Power Systems LLC (U.S.)

Key Vendors:

• General Electric (GE) is an American multinational conglomerate headquartered in Boston, Massachusetts. GE is a leading provider of gas turbines for a variety of applications, including power generation, oil and gas, and marine. GE's gas turbines are known for their reliability and efficiency.
• Siemens is a German multinational conglomerate headquartered in Munich, Germany. Siemens is a leading provider of gas turbines for power generation and industrial applications. Siemens' gas turbines are known for their high performance and low emissions.
• Mitsubishi Hitachi Power Systems Ltd. (MHPS) is a Japanese joint venture between Mitsubishi Heavy Industries and Hitachi. MHPS is a leading provider of gas turbines for power generation and industrial applications. MHPS' gas turbines are known for their fuel efficiency and reliability.
• Ansaldo Energia is an Italian multinational company headquartered in Genoa, Italy. Ansaldo Energia is a leading provider of gas turbines for power generation and industrial applications. Ansaldo Energia's gas turbines are known for their compact design and low emissions.
• Solar Turbines is an American company headquartered in San Diego, California. Solar Turbines is a leading provider of gas turbines for the oil and gas industry. Solar Turbines' gas turbines are known for their durability and performance in harsh environments.

By Type:

• ≤ 70 MW
• > 70 MW - 300 MW
• ≥ 300 MW

≤ 70 MW: Gas turbines with a power rating of ≤ 70 MW are typically used for small-scale power generation, oil and gas applications, and marine propulsion. These turbines are known for their reliability, efficiency, and compact size.

> 70 MW - 300 MW: Gas turbines with a power rating of > 70 MW - 300 MW are typically used for large-scale power generation and industrial applications. These turbines are known for their high performance, low emissions, and durability.

≥ 300 MW: Gas turbines with a power rating of ≥ 300 MW are typically used for large-scale power generation and industrial applications. These turbines are known for their high efficiency, low emissions, and reliability.

By Product

• Aero-Derivative
• Heavy Duty

By Technology

• Open Cycle
• Combined Cycle

By Application:

• Power Generation
• Oil & Gas
• Other Manufacturing

Power Generation

• Gas turbines are used to generate electricity in power plants. They can be used alone or in combination with other types of power generation equipment, such as steam turbines and hydroelectric turbines.
• Gas turbines are a good choice for power generation because they are efficient, reliable, and have a quick start-up time.
• Gas turbines are also a good choice for power generation in remote locations where it is difficult to transport and install other types of power generation equipment.

Oil & Gas

• Gas turbines are used in the oil & gas industry for a variety of applications, including:
  • Power generation: Gas turbines are used to generate electricity for oil & gas production facilities.
  • Compression: Gas turbines are used to compress natural gas for transportation and storage.
  • Pumping: Gas turbines are used to pump water and oil in oil & gas wells.
• Gas turbines are a good choice for the oil & gas industry because they are efficient, reliable, and have a long lifespan.

Other Manufacturing

• Gas turbines are used in a variety of other manufacturing industries, including:
  • Chemical: Gas turbines are used to generate electricity and heat for chemical production facilities.
  • Paper: Gas turbines are used to generate electricity and heat for paper production facilities.
  • Steel: Gas turbines are used to generate electricity and heat for steel production facilities.
• Gas turbines are a good choice for these industries because they are efficient, reliable, and have a long lifespan.

By Region:

North America: North America is the largest market for industrial gas turbines, accounting for a share of over 30% of the global market. The growth of the market in North America is driven by the increasing demand for power generation and the rising adoption of gas turbines in the oil & gas industry.

Asia Pacific: Asia Pacific is the fastest-growing market for industrial gas turbines, with a CAGR of over 5% from 2022 to 2028. The growth of the market in Asia Pacific is driven by the rising demand for power generation and the increasing adoption of gas turbines in the oil & gas and manufacturing industries.

Europe: Europe is the third-largest market for industrial gas turbines, accounting for a share of over 20% of the global market. The growth of the market in Europe is driven by the increasing demand for power generation and the rising adoption of gas turbines in the oil & gas and manufacturing industries.

Rest of the World: The Rest of the World (ROW) market is expected to grow at a CAGR of over 4% from 2022 to 2028. The growth of the market in ROW is driven by the increasing demand for power generation and the rising adoption of gas turbines in the oil & gas and manufacturing industries.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Dynamics

• Market consolidation: The industrial gas turbine market is consolidating, with a few large players dominating the market. This is due to the high cost of research and development and the need for economies of scale in manufacturing.
• Technology advancement: There is a continuous advancement in gas turbine technology, with new designs and materials being developed to improve efficiency, reliability, and emissions.
• Government regulations: Government regulations are becoming stricter in terms of emissions and environmental impact, which is driving the development of more efficient and cleaner gas turbines.

Restraints

• High cost: Gas turbines are a capital-intensive investment, which can be a barrier for some businesses.
• Environmental concerns: Gas turbines emit pollutants, which can be a concern for some businesses and governments.
• Competition from other technologies: Other technologies, such as renewable energy sources and energy storage, are emerging as alternatives to gas turbines.

Drivers

• Increasing demand for power generation: The global demand for power is growing due to the increasing population and economic development. Gas turbines are a cost-effective and efficient way to generate electricity, which is driving the demand for industrial gas turbines.
• Rising adoption of gas turbines in the oil & gas industry: Gas turbines are used in a variety of applications in the oil & gas industry, such as power generation, compression, and pumping. The rising demand for oil and gas is driving the demand for industrial gas turbines.
• Increasing adoption of gas turbines in the manufacturing industry: Gas turbines are used in a variety of applications in the manufacturing industry, such as power generation, heat, and process steam. The rising demand for manufactured goods is driving the demand for industrial gas turbines.

Trends

• Increased focus on efficiency: Manufacturers are focusing on developing more efficient gas turbines to reduce fuel costs and emissions.
• Development of new technologies: There is a continuous development of new technologies, such as new materials and designs, to improve the efficiency, reliability, and emissions of gas turbines.
• Expansion into new markets:Manufacturers are expanding into new markets, such as emerging markets, to increase sales and market share.

Challenges

• High cost of research and development: The high cost of research and development is a challenge for manufacturers.
• Competition from other technologies: Competition from other technologies, such as renewable energy sources and energy storage, is a challenge for manufacturers.
• Environmental regulations: Stricter environmental regulations are a challenge for manufacturers.

Opportunities

• Growing demand for power generation: The growing demand for power generation is an opportunity for manufacturers to sell more gas turbines.
• Rising adoption of gas turbines in the oil & gas industry: The rising adoption of gas turbines in the oil & gas industry is an opportunity for manufacturers to sell more gas turbines.
• Increasing adoption of gas turbines in the manufacturing industry: The increasing adoption of gas turbines in the manufacturing industry is an opportunity for manufacturers to sell more gas turbines.

Scope of Reports:

Conclusion:
                   In conclusion, the industrial gas turbine market is driven by the growing demand for energy, the transition towards cleaner energy sources, and ongoing technological advancements. The market is competitive, with a focus on product performance and customer service. As the industry continues to evolve, factors such as environmental regulations, advancements in renewable energy, and emerging market opportunities will shape the future of the industrial gas turbine market.

Key Takeaways from this Industrial Gas Turbine Report:

• Estimate Industrial Gas Turbine market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Industrial Gas Turbine market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.