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Industrial Gas Turbine Market Trends

Report ID: GMI272
Published Date: Apr 2024
Report Format: PDF

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Industrial Gas Turbine Market Trends

Stringent government regulations aimed at limiting greenhouse gas emissions, coupled with escalating environmental apprehensions will positively sway the gas turbine market. The abundant supply of natural gas, mounting environmental pressures, heightened efficiency, and shortened lead times stand out as key advantages propelling the industry's potential. The increasing popularity of distributed power generation, combined with significant investments in natural gas extraction and trade, is poised to create a favorable business environment.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of industrial gas turbine reached USD 8.2 billion in 2023 and will expand at a 5.5% CAGR between 2024 and 2032, owing to increasing demand for reliable and efficient power generation solutions, particularly in industrial and utility sectors and the shift towards cleaner energy sources.

The aeroderivative gas turbine segment is projected to witness 5% CAGR through 2023, attributed to segment's versatility and efficiency in various applications, such as power generation for industrial processes and grid stability support.

Europe market will surpass USD 2.5 billion by 2032, driven by region's focus on renewable energy integration, industrial sector modernization, and stringent emission regulations.

Prominent industrial gas turbine manufacturers are Baker Hughes, Bharat Heavy Electricals Limited (BHEL), Capstone Green Energy Corporation, Flex Energy Solutions, General Electric, Harbin Electric Corporation Co., Ltd., Kawasaki Heavy Industries, Ltd., Mitsubishi Heavy Industries Ltd., Rolls Royce Plc, Siemens Energy.