Industrial Gas Turbine Market Set to Soar Past USD 8.96 Billion by 2030

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The global Industrial Gas Turbine market size is expected to reach USD 8.96 billion by 2030 and exhibit a CAGR of 5.8% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing renewable energy sources, growing energy demand, increasing industrialization, environmental regulations, efficiency and reliability of gas turbines, technological advancements, rising adoption of combined cycle power plants, expanding natural gas infrastructure, emerging markets, and demand from the oil and gas industry fuel the Market’s growth.

Westford, USA, July 24, 2023 (GLOBE NEWSWIRE) — At a global scale, increasing focus on decarbonization, shift towards sustainable energy solutions, growth of distributed power generation, development of advanced gas turbine technologies, integration of digitalization and automation, emerging demand for hydrogen-based power generation, adoption of hybrid power systems, the rising importance of predictive maintenance and condition monitoring, expansion of liquefied natural gas (LNG) infrastructure, growing demand for efficient and flexible power generation solutions are the trends that aid in the Industrial Gas Turbine Market growth.

Browse in-depth TOC on “Industrial Gas Turbine Market”

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  • Pages – 157
  • Tables – 125
  • Figures – 77

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An industrial gas turbine is a type of combustion engine that uses the expansion of hot gas to drive a turbine, which can then be used to generate electricity, drive a compressor, or provide mechanical power. Industrial gas turbines are used in a variety of applications, including power generation, oil and gas production, and industrial process heat.

Prominent Players in Industrial Gas Turbine Market

  • GE
  • Siemens
  • Mitsubishi Hitachi Power Systems
  • Ansaldo Energia
  • Solar Turbines
  • Kawasaki Heavy Industries
  • Doosan Heavy Industries & Construction
  • Bharat Heavy Electricals Limited
  • OPRA Turbines
  • Rolls-Royce
  • Vericor Power Systems
  • Mitsubishi Power
  • MTU Aero Engines
  • General Electric Power Conversion
  • Woodward
  • ABB
  • MAN Energy Solutions
  • Turboden
  • Sulzer
  • Toshiba

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Combined Cycle Technology Demand to Grow Substantially in the Forecast Period

Combined cycle technology dominated the global market owing to its high efficiency. It also allows for the recovery of waste heat from the gas turbine exhaust, which is then used to generate additional power through a steam turbine. This combined approach results in increased overall efficiency and improved cost-effectiveness, making it a preferred choice for power generation and industrial applications. Additionally, combined cycle systems align with the growing focus on sustainable energy solutions and environmental regulations, driving their dominance in the market.

Power Generation is the Leading Application Segment

In terms of application, power generation is the leading segment due to the increasing electricity demand. In addition, the need for reliable and efficient power generation solutions. Industrial gas turbines are well-suited for large-scale power generation applications, offering high power output, quick start-up time, and flexibility in fuel options. With the growing emphasis on clean energy sources, gas turbines provide a viable solution as they can operate using natural gas, which is relatively cleaner compared to other fossil fuels. Furthermore, the expansion of industrial sectors and the need for decentralized power generation in remote areas contribute to the strong demand for industrial gas turbines in the power generation segment.

Asia-Pacific is the leading Market Due to the Rapid Industrialization

Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on industrialization. The Asia Pacific region is witnessing a shift towards cleaner and more efficient energy sources, driving the adoption of gas turbines. Gas turbines offer advantages such as lower emissions, higher efficiency, and flexibility in fuel usage, making them an attractive choice for power generation.

A recent report thoroughly analyzes the major players operating within the Industrial Gas Turbine market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Industrial Gas Turbine.

Key Developments in Industrial Gas Turbine Market

  • In January 2023, GE Renewable Energy announced that it would acquire LM Wind Power for $1.5 billion. LM Wind Power is a leading manufacturer of wind turbine blades, and this acquisition will give GE Renewable Energy a stronger position in the wind energy market.
  • In February 2023, Siemens Energy announced that it would acquire Dresser-Rand for $7.6 billion. Dresser-Rand is a leading manufacturer of compressors and gas turbines, and this acquisition will give Siemens Energy a stronger position in the oil and gas market.

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Key Questions Answered in Industrial Gas Turbine Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?

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