Product ID: SQMIG20L2012
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 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.
Global Industrial Gas Turbine Market Report Snapshots
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