USD 5.8 billion
Global Industrial Gas Turbine Market Size, Share, Growth Analysis, By Capacity(1-2MW, 2-5MW), By Technology(Heavy duty, Light industrial), By Cycle(Simple cycle, Combined cycle), By Sector(Electric power utility, Oil & gas) - Industry Forecast 2024-2031
Report ID:
SQMIG20L2012 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
125 |
Figures:
77
Global Industrial Gas Turbine Market Insights
Industrial Gas Turbine Market size was valued at USD 5.8 billion in 2019 and is poised to grow from USD 6.13 billion in 2023 to USD 8.96 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
A gas turbine is a mechanical device that uses kinetic or potential energy from a working fluid or gas to generate energy. These turbines operate on the brayton cycle, which includes a heater, compressor, turbine, and cooler. The working fluid goes through a thermodynamic process in which the system converts mechanical/heat energy into spinning energy, which creates electricity as an output. The global industrial gas turbine market is expanding due to significant technological breakthroughs in the energy sector, as well as an increased emphasis on distributed power production technologies. The industrial gas turbine market is likely to expand significantly during the forecast period as governments around the world increase their support for power production technologies that aim to minimise carbon dioxide (CO2) emissions. According to the bp Statistical Review of World Energy 2021, natural gas was the largest source of electricity generation in the United States in 2019, and the second largest source of electricity generation globally, accounting for 40.5 percent of U.S. power generation and 23.4 percent of global power generation. The global spread of the COVID-19 pandemic has resulted in a drop in demand for power from industrial and commercial end-users due to suspended production and manufacturing activity as a result of government-imposed lockdown measures. As a result, demand for gas turbines is likely to fall during the projection period.
US Industrial Gas Turbine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
300+ MW
Fastest Growth
300+ MW
Growth Rate
5.8% CAGR
Global Industrial Gas Turbine Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Industrial Gas Turbine Market Size By Capacity 2021-2028 ($ Bn)
Global Industrial Gas Turbine Market Size By Capacity 2021-2028 (%)
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Global Industrial Gas Turbine Market Segmental Analysis
Global industrial gas turbine market is segmented based on capacity, technology, cycle, sector, and region. Based on capacity, the market is segmented into 1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, 300+MW. Based on technology, Industrial Gas Turbine Market is segmented into heavy duty, light industrial, aeroderivative. Based on cycle, market is segmented into simple cycle, combined cycle. Based on sector, the market electric power utility, oil & gas, manufacturing. Based on region, the Industrial Gas Turbine Market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.
Industrial Gas Turbine Market Analysis by Capacity:
The 150-300 MW segment dominated the global industrial gas turbine market. In 2020, the 150-300 MW segment dominated the global industrial gas turbine market share. These large capacity turbines are mostly employed in the power generation industry. As the trend in power generation has turned to reduce GHG emissions, mostly for environmental reasons, the 300+ MW has steadily achieved a prestigious market share in the industry. Because of the abundant availability of gas, the small capacity industrial gas turbine segments of 1-2 MW, 2-5 MW, 5 7.5 MW, 7.5-10 MW, 10-15 MW, and 15-20 MW are rising. These small-capacity gas turbines are modular and can run on two different fuels. These compact turbines are utilized in combined heat and power facilities.
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Global Industrial Gas Turbine Market Regional Insights
Based on region, global industrial gas turbine market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.
North America is expected to dominate the industrial gas turbine market throughout the forecast period. Owing to the region's expanded shale gas exploration activity, the region has a large number of industrial gas turbine plants that run on natural gas. According to the US Energy Information Administration (EIA), coal currently accounts for more than 40% of the nation's power, while natural gas accounts for approximately 25%. The EIA predicts that natural gas will be the primary fuel for power generation by 2035. During the projection period, Asia Pacific is expected to develop at a considerable CAGR. The region's market expansion may be attributed to various factors, including rapid industrialization, increased energy demand, and rising demand for clean energy technology. The Asia Pacific region is heavily reliant on coal for power generation.
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Global Industrial Gas Turbine Market Dynamics
Industrial Gas Turbine Market Drivers
- Gas Turbine Technology Drives Market Growth by Reducing Greenhouse Emissions
- Traditional coal-fired power stations are known to release substantial volumes of harmful gases and contribute significantly to global warming. Coal-fired power facilities are one of the major producers of emissions. Rising greenhouse gas emissions necessitate the development of greener methods of generating power, which is expected to increase demand for industrial gas turbines over the next decade. Natural gas, the principal fuel for gas turbines, contains relatively little sulphur, resulting in almost no sulphur dioxide emissions. CO2 emissions from natural gas-fired gas turbines are also low—0.37 kilos of CO2 per kWh of power generated. This compares to lignite's 1.01 kg/kWh and anthracite's 0.8 kg/kWh.
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Escalating electricity demands.
- The demand of electricity has increased across the globe due to rapid industrialization , increased use of electrical appliances, and economic activities increasing in developing countries. Major developed countries across the globe have strict laws regarding emissions. Therefore, Growing demand for electricity is expected to drive the installation of natural gas power plants, as natural gas emits less carbon dioxide.
Industrial Gas Turbine Market Restraint
- Natural Gas Price Volatility may Stymie Market Growth
- Natural gas prices are affected by actions that potentially disrupt natural gas supply. Geopolitical tensions are a disruptive element that creates uncertainty about gas availability and demand. This may increase the volatility of gas prices. Gas prices in the United States have dropped dramatically as a result of shale gas extraction, but prices elsewhere in the world remain relatively high. The majority of the countries in the Middle East region account for a considerable portion of natural gas reserves. Because of political and cultural difficulties, it is a highly volatile region. Furthermore, due to the Covid-19 epidemic, demand for natural gas has reduced dramatically in recent months.
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Global Industrial Gas Turbine Market Competitive Landscape
The global industrial gas turbine market is fragmented, with a prominent market player acquiring a sizable portion. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge.
Top Players in the Global Industrial Gas Turbine Market
- Siemens Energy)
- General Electric Company
- Mitsubishi Hitachi Power Systems Ltd.
- Kawasaki Heavy Industries, Ltd.
- Ansaldo Energia S.p.A.
- Bharat Heavy Electricals Limited
- Harbin Electric Company Limited
- MAN Energy Solutions SE
- Solar Turbines Incorporated
- Kawasaki Gas Turbine Asia Sdn Bhd
- Doosan Heavy Industries & Construction Co Ltd
- Turboden S.p.A.
- Vericor Power Systems
- Niigata Power Systems Co Ltd
- Capstone Green Energy Corporation
- Dresser-Rand Group Inc.
- Cummins Inc.
- Wärtsilä Corporation
- OPRA Turbines BV
- MTU Aero Engines AG
Industrial Gas Turbine Market Recent Developments
In October 2019, GE launched 7HA.03, the newest version of its HA gas turbine, to power FPL's Dania Beach Clean Energy Centre in Fort Lauderdale, Florida.
In June 2021, OPRA Turbines signed an agreement with Quanta. This partnership enabled Quanta to become a reseller for OPRA Turbines in the offshore oil & gas segment in the North Sea region.
Global Industrial Gas Turbine Key Market Trends
- Emerging Economies Offering Growth Avenues
- Rise of industrial centres and rising FDI in all major manufacturing sectors across emerging nations such as China, India, Brazil, and Southeast Asian countries are expected to generate attractive growth possibilities for this market over the forecast period. Various international developers interested in establishing enterprises through FDI incentive schemes are focusing on emerging economies. This will indirectly strengthen the country's economy and accelerate industrialization. To attract investments and promote expansion, countries such as the United States and many Asian countries have modified and reformed their manufacturing rules and procedures. Industrialization will accelerate the automation process, increasing overall manufacturing efficiency and streamlining operations. As a result, it is possible to assume that the expansion of the industrial sector, particularly in emerging economies, will provide an opportunity for the global market.
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Siemens Energy is developing the required technologies to operate its gas turbines on up to 100% H2 by 2030 to support the target of limiting global warming to 1.5 degrees Celsius. A focused effort has been undertaken to develop a technology platform for the Siemens Energy GT portfolio which will enable GT operation across the entire range of H2/natural gas blends within emissions compliance.
Global Industrial Gas Turbine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global industrial gas turbine market analysis, rapid technological advances in the energy business, along with a shift in emphasis toward distributed power generation technologies, are moving the global market ahead. This market is expected to grow substantially throughout the forecast period, owing to growing government support for power generation technologies that reduce carbon dioxide (CO2) emissions globally.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.8 billion |
| Market size value in 2031 | USD 8.96 billion |
| Growth Rate | 5.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Industrial Gas Turbine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Industrial Gas Turbine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Industrial Gas Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Gas Turbine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Gas Turbine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Industrial Gas Turbine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Industrial Gas Turbine Market Report Snapshots
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