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'

What is the key driver of Global Industrial Gas Turbine Market?

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.

What is the key market trend for Global Industrial Gas Turbine Market?

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.

Which region accounted for the largest share in Global Industrial Gas Turbine Market?

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

Top Industrial Seals Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Industrial Seals Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Industrial Seals industry players.

Industrial Seals Market Competitive Landscape

Top Players in Industrial Seals Market

Saint-Gobain S.A (France)
Tuck's Industrial Packings and Seals Pty Ltd (Australia)
Seal Innovations (United States)
Flexaseal Engineered Seals and Systems, LLC (United States)
Industrial Seals (United States)
SSP Manufacturing Inc. (United States)
Yoson Seals (China)
Stein Seal (United States)
Chesterton Customseal (United States)
Systemseals (United States)
Renseal (United States)
Trelleborg Group (Sweden)
ERIKS Seals and Plastics, Inc. (Netherlands)
Tenneco Inc. (United States)
Flowserve Corporation (United States)
Technetics Group (United States)
SKF (Sweden)
JK Fenner (India)
InproSeal (United States)
Freudenberg FST GmbH (Germany)

Industrial Seals Market Recent Development

In 2022, Trelleborg Sealing Solutions launched Isolast® K-Fab™ Seal devised to offer long-term sealing and enhanced productivity in high-temperature semiconductor subfab applications. The solution was expected to help significantly decrease unexpected downtime and cost of ownership. Such solutions are expected to drive the global industrial seals market.
In October 2022,Trelleborg AB has finalised the previously announced acquisition of Lindau, Germany-based company MG Silikon GmbH from Saint-Gobain Group, the Swedish manufacturer said 31 Oct.With annual sales of around SEK 120 million (€11.5 million), MG Silikon specialises in sealing products and systems for aerospace and industrial applications.
In December 2021, Magnetic Seal Corporation was purchased by Ducommun Incorporated. With this acquisition, the company might be able to improve its position in the market and its ability to produce unique magnetic seals.
In September 2021, Hallite Seals International Ltd. opened its brand-new product and material test facility. A cutting-edge, technologically sophisticated facility will support the organization's capabilities for novel product research and development.

Industrial Seals Market Report Snapshots

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FAQs

Industrial Seals Market size was valued at USD 13.8 Billion in 2023 and is poised to grow from USD 14.55 Billion in 2024 to USD 22.13 Billion by 2032, growing at a CAGR of 5.4% during the forecast period (2025-2032).

Many businesses are putting an emphasis on organic growth strategies, including product launches, product approvals, and others like patents and events. Acquisitions and partnerships & collaborations were examples of inorganic growth strategies that were observed in the market. These actions have made it possible for market participants to grow their customer bases and business. With the growing demand for the industrial seals market, market players are anticipated to benefit from lucrative growth opportunities in the future. For instance, Trelleborg Sealing Solutions announced the opening and start of operations at its manufacturing facility in Ontario, California, in August 2021. The production facility will serve as a west coast warehouse for industrial and aerospace clients in the United States. 'Saint-Gobain S.A (France) ', 'Tuck's Industrial Packings and Seals Pty Ltd (Australia) ', 'Seal Innovations (United States) ', 'Flexaseal Engineered Seals and Systems, LLC (United States) ', 'Industrial Seals (United States) ', 'SSP Manufacturing Inc. (United States) ', 'Yoson Seals (China) ', 'Stein Seal (United States) ', 'Chesterton Customseal (United States) ', 'Systemseals (United States) ', 'Renseal (United States) ', 'Trelleborg Group (Sweden) ', 'ERIKS Seals and Plastics, Inc. (Netherlands) ', 'Tenneco Inc. (United States) ', 'Flowserve Corporation (United States) ', 'Technetics Group (United States) ', 'SKF (Sweden) ', 'JK Fenner (India) ', 'InproSeal (United States) ', 'Freudenberg FST GmbH (Germany) '

The demand for thermal, long-lasting, and heat-resistant seals that enable the rapid development of forces between two rotating elements is one of the driving forces behind the industrial market's steady growth. Such operations, which will result in heat-resistant seals during the forecast, depend heavily on temperature. Optimal efficiency, increased productivity, and rising manufacturing demand will all contribute to the global industrial market's expansion over the course of the forecast period. Additionally, during the forecast period, a growing trend of customizable industrial seals will create new revenue opportunities.

Due to the sealing technology's ability to prevent leaks under conditions of extreme pressure, temperature, and shaft speed, many industries have adopted it in recent years. Customized seals are increasingly being used in a variety of industries, which is boosting market expansion. Customized elastomeric seals are widely used in the oil and gas industry due to their extensive use in exploration activities. Additionally, manufacturing firms are continuously developing sustainable and scaled offerings for their clients. Many small and medium-sized manufacturing businesses have been successful in implementing the customization process for their customers. This procedure enables manufacturers to offer elastomeric seals that are dependable, customised, adaptable, and long-lasting on the market. Additionally, an elastomeric seal's characteristics are different from those of conventional seals because it offers consumers improved services.

The industrial seals market is anticipated to be dominated by North America. Due to its prominence in the chemical, pharmaceutical, and oil & gas industries, the US is predicted to be the largest market in the world. During the forecast period, these segments' expansion will lead to a demand for a variety of seals. Several significant players are anticipated to increase the production of industrial seals in North America. Additionally, the expansion of mid-sized and small seal manufacturing businesses as well as growing government initiatives may promote industry development.

Top Industrial Seals Companies

Industrial Seals Market Competitive Landscape

Top Players in Industrial Seals Market

Industrial Seals Market Recent Development

Industrial Seals Market Report Snapshots

FAQs

What is the global market size of Industrial Seals Market?

Who are the key vendors in the Industrial Seals Market?

What is the key driver of Industrial Seals Market?

What is the key market trend for Industrial Seals Market?

Which region accounted for the largest share in Industrial Seals Market?

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