Industrial Gas Turbine Market - By Capacity (≤ 70 MW, > 70 MW - 300 MW, ≥ 300 MW), By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Other Manufacturing) & Forecast, 2022-2030

Industry Outlook

Industrial Gas Turbine Market size crossed USD 5.8 billion in 2021 and is expected to register over 5.8% CAGR during 2022 to 2030. With surging electricity demand worldwide and industrialization trends are fueling the industry growth.
 

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A dynamic shift in focus on energy optimization as a result of massive electricity consumption and soaring energy prices will drive the installation of advanced industrial gas turbines. According to the International Energy Agency (IEA), the global electricity demand soared by 6% in 2021 as compared to the previous year. Owing to the higher energy usage, advanced control and monitoring systems are extensively integrated within existing energy channels for enhancing efficiency and performance.
 

Excessive energy consumption has contributed to a substantial carbon footprint. Multiple governments have launched electrical programs and deployed stringent norms to curb carbon emissions, which will foster the industry landscape. However, a considerable drop in the costs of renewable power generation is likely to reduce the dependency on fossil fuels, which in turn could hamper industrial gas turbine market outlook. New government initiatives are being rolled out to focus on the adoption of wind & solar powered energy systems and switching to other clean energy solutions.
 

Rising adoption of ≤ 70 MW gas turbines will accelerate the business expansion

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The gas turbine segment with ≤ 70 MW capacity is expected to witness around 6% gains through 2030. The growth can be attributed to significant deployment across small capacity power generating plants and process industries. The widespread adoption and expansion of co-generation units to meet industrial heat & energy consumption requirements will fuel the turbine demand.
 

Increased focus on self-generated power generation

The industrial gas turbine market revenue from power generation application exceeded USD 2.8 billion during 2021. The steady expansion of manufacturing plants to meet surging demand for manufactured goods will augment the product installation. Shifting preference for self-regulated power generating systems will foster gas turbine use. Governments worldwide are launching ambitious strategies to integrate renewable source into the energy mix. Several funds and investments are unveiled in the renewable energy space, which will support the need for additional power generation.
 

Asia Pacific to emerge as a prominent market for industrial gas turbines

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Regionally speaking, Asia Pacific is expected to hold approximately 30% of the industrial gas turbine market share by 2030. Rapid modernization and refurbishment of power generation infrastructure is likely to propel the regional market statistics. The expanding manufacturing sector has created substantial need for efficient power generation. APAC has recorded a surge in investments across gas-powered distributed energy, which can be credited to the operational flexibility provided by gas-fired plants. A gradual shift away from coal-fired plants will boost industrial gas turbine deployment across emerging economies.
 

Largescale investments to strengthen the gas turbine industry outlook

General Electric, Siemens Energy, Mitsubishi Heavy Industries, Wartsila, Harbin Electric Corporation, Bharat Heavy Electricals Limited, VERICOR, MAN Energy Solutions, Kawasaki Heavy Industries, Opra Turbines, Solar Turbines Incorporated, UEC-Saturn, Baker Hughes Company, Nanjing Turbine & Electric Machinery and Ansaldo Energia are some of the key market players worldwide.
 

The companies mainly focus on product portfolio expansion through various business and infrastructure development initiatives. For instance, in March 2022, Mitsubishi Heavy Industries-owned Mitsubishi Power secured a contract to develop two H-25 gas turbines with a total capacity of 32 MW. The project will cater to a natural gas-fired cogeneration power plant in Tashkent, Uzbekistan.
 

Impact of COVID-19 on the market trends

The coronavirus pandemic had a slightly negative impact on the industry during 2021. The Covid-19 crisis caused substantial damage to the oil & gas industry with all-time high prices of oil, gasoline, and natural gas. Numerous manufacturing plants were also shut down around the world. Nationwide lockdowns and restrictions disturbed the balance between supply and demand. As the effect of the pandemic reduces, the increasing focus on stabilizing the energy sector and adoption of energy efficient technologies will augment industry forecast through 2030.
 

This market research report on industrial gas turbine includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2018 to 2030, for the following segments:

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Market, By Capacity

• ≤ 70 MW
• > 70 MW - 300 MW
• ≥ 300 MW

Market, By Product

• Aero-Derivative
• Heavy Duty

Market, By Technology

• Open Cycle
• Combined Cycle

Market, By Application

• Power Generation
• Oil & Gas
• Other Manufacturing

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Russia
  • Italy
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Algeria
• Latin America
  • Brazil
  • Argentina