What is the global market size of Industrial Gas Turbine Market?

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).

Who are the key vendors in the Global Industrial Gas Turbine Market?

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. '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 Size

Industrial Gas Turbine Market Insights

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).

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.

FAQs

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.