USD 5.8 billion
Report ID:
SQMIG20L2012 |
Region:
Global |
Published Date: July, 2036
Pages:
157
|Tables:
125
|Figures:
77
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.
Global Market Size
USD 5.8 billion
Largest Segment
300+ MW
Fastest Growth
300+ MW
Growth Rate
5.8% CAGR
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Free Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Industrial Gas Turbine Market Drivers
Escalating electricity demands.
Industrial Gas Turbine Market Restraint
Request Free Customization of this report to help us to meet your business objectives.
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
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.
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.
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 2019 | USD 5.8 billion |
Market size value in 2031 | USD 8.96 billion |
Growth Rate | 5.8% |
Base year | 2023 |
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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 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 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.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG20L2012