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Industrial Gas Turbine Market Size
Industrial Gas Turbine Market size was valued at USD 8.2 billion in 2023 and is anticipated to grow at a CAGR of 5.5% between 2024 and 2032. The regulatory are constantly focusing on the integration of advanced monitoring and control technologies to upgrade their existing energy channels which in turn will favor the business scenario. For instance, the automotive sector witnesses a growth of over 10% across the Europe in 2022.
An industrial gas turbine is a type of turbine that is used to generate electricity or mechanical power in various industrial applications. These turbines operate on the principle of converting the energy stored in fuel into mechanical energy, which is then used to drive an electrical generator or provide mechanical power for other industrial processes. Increasing proportion of renewable energy technologies with modernized grid infrastructure will energize the industry dynamic.
Industrial Gas Turbine Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2023 |
|---|
| Industrial Gas Turbine Market Size in 2023: | USD 8.2 Billion |
|---|
| Forecast Period: | 2024 to 2032 |
|---|
| Forecast Period 2024 to 2032 CAGR: | 5.5% |
|---|
| 2032 Value Projection: | USD 13.5 Billion |
|---|
| Historical Data for: | 2019 to 2023 |
|---|
| No. of Pages: | 425 |
|---|
| Tables, Charts & Figures: | 803 |
| Segments covered: | Capacity, Product, Technology, Application & Region |
|---|
| Growth Drivers: | - North America & Europe
- Paradigm shift toward energy optimization
- Implementation of government norms to reduce carbon emissions
Asia PacificIncreasing proportion of renewable energy Growing focus on decentralized generation technologies Middle East, Africa & Latin AmericaOngoing refurbishment of electrical infrastructure Positive outlook toward gas-based power generation |
|---|
| Pitfalls & Challenges: | - Advancing auxiliary clean turbine technologies
- Cost competitiveness
|
|---|
