Industrial Gas Turbine Market size is set to exceed USD 9.5 billion by 2030, according to a new research report by Global Market Insights Inc.
The report recognizes the increasing inclination toward clean power generation activities and grid infrastructure modernization as few of the key drivers for industrial gas turbine industry. For instance, in 2022, the U.S. Department of Energy (DOE) launched a new ‘Building a Better Grid’ initiative for the modernization of the national grid. Similar initiatives worldwide will make the power grids more resilient and boost the access to affordable clean energy, influencing gas turbine installation.
The Covid-19 pandemic has affected the industry to some extent, with a decline in demand for industrial energy during the global lockdowns. However, as movement restrictions started to ease up, there was an unprecedented rise in energy consumption. Utilities have realized the need for energy optimization, which can positively impact the market demand.
Browse key industry insights spread across 410 pages with 745 market data tables & 25 figures & charts from the report, “Industrial Gas Turbine Market Size 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents
The >70 MW - 300 MW capacity segment held a 35% of the industrial gas turbine market share in 2021. Growing awareness and shifting consumer preference for clean power generation equipment will fuel the industry trends. There is an increased demand for industrial gas turbines in the oil and gas sector. A dramatic shift from conventional resources to gas-powered energy systems will lead to a positive market outlook.
The aero-derivative gas turbine segment is estimated to attain a 6.1% growth rate till 2030 due to the fast-paced integration of captive-generating stations to meet the burgeoning electricity demand. These turbines are lighter, provider quick response and boast of a smaller carbon footprint. The emergence of stringent regulatory mandates for curbing carbon emissions and increase energy optimization has led to the deployment of equipment that produce less emissions than coal-based units.
North American industrial gas turbine market accounted USD 1.3 billion revenue in 2021. Regional governments have deployed strict regulations and ambitious plans to reduce dependency on coal-based power generation. Further, the US and Canada have large reserves of natural gas. It will result in the shale gas revolution and could improve the access to natural gas & help generate more affordable electricity.
Key players operating in the industry are General Electric, Siemens Energy, Kawasaki Heavy Industries, Mitsubishi Heavy Industries, Wartsila, Bharat Heavy Electricals Limited, Opra Turbines, Solar Turbines Incorporated, Harbin Electric Corporation, VERICOR, Baker Hughes Company, MAN Energy Solutions, Ansaldo Energia, Nanjing Turbine & Electric Machinery and UEC-Saturn. The companies are expected to follow growth strategies like product developments and regional expansion.