The Global Industrial Gas Turbine Market Size Crossed USD 5.8 Billion In 2022 And Is Expected To Register Over 5.8% 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.

Industrial Gas Turbine market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Industrial Gas Turbine market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

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:

Market Key Players:
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.)

By Type:

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

By Product

• Aero-Derivative
• Heavy Duty

By Technology

• Open Cycle
• Combined Cycle

By Application:

• Power Generation
• Oil & Gas
• Other Manufacturing

By Region:

Regionally speaking, Asia Pacific is projected to account for approximately 30% of the industrial gas turbine market share by 2030. Rapid modernization and retrofitting of power generation infrastructure is likely to propel regional market statistics. As the manufacturing sector expands, there is a real need for efficient power generation. APAC has recorded a surge in investment in gas-powered distributed energy thanks to the operational flexibility offered by gas power plants. A gradual shift away from coal-fired power plants will spur industrial gas turbine deployment in emerging economies.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of 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

Industrial Gas Turbine Market report scope:

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.

Frequently Asked Questions-

What is the CAGR of Industrial Gas Turbine market?

The Industrial Gas Turbine Market is growing at a CAGR of 5.8% During Forecast Period.

 What are the key types of Industrial Gas Turbine market?

<70 MW, 70-300 MW, >300 MW

What are the key applications of Industrial Gas Turbine market?

Power Generation, Oil & Gas, Other Manufacturing

Who are the key players in Industrial Gas Turbine market?

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.)