Industrial Gas Turbine Market Updates

Global Industrial Gas Turbine Market size was valued at USD 6.13 billion in 2023 and is poised to grow from USD 6.49 billion in 2024 to USD 10.18 billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).

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. 'General Electric Company (GE) (USA) ', 'Siemens Energy AG (Germany) ', 'Mitsubishi Heavy Industries, Ltd. (Japan) ', 'MAPNA Group (Iran) ', 'Bharat Heavy Electricals Limited (BHEL) (India) ', 'Power Machines (Russia) ', 'Solar Turbines Incorporated (a subsidiary of Caterpillar Inc.) (USA) ', 'Rolls-Royce Holdings plc (United Kingdom) ', 'Kawasaki Heavy Industries, Ltd. (Japan) ', 'MAN Energy Solutions (a subsidiary of Volkswagen Group) (Germany) ', 'Doosan Heavy Industries & Construction Co., Ltd. (South Korea) ', 'Harbin Electric Company Limited (China) ', 'Shanghai Electric Group Company Limited (China) ', 'Wartsila Corporation (Finland) ', 'MTU Aero Engines AG (Germany) ', 'IHI Corporation (Japan) ', 'Alstom SA (France) ', 'Hitachi, Ltd. (Japan) ', 'Emerson Electric Co. (USA)'

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.

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.

Based on region, global industrial gas turbine market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.