The governments and industries around the globe are committing resources to sustainable power generation technologies to lower carbon emissions and adhere to environmental regulations, which in turn will fuel the gas turbine market. For instance, the UAE has set an ambitious target to generate 40% of its energy from renewable sources by 2032. The industry is set for significant growth owing to the rising power generation demands and accelerating global industrialization.
Authors:
Ankit Gupta, Shubham Chaudhary
Frequently Asked Questions (FAQ) :
The market size of combined cycle gas turbine was reached USD 13.9 billion in 2023 and is expected to register 5.8% CAGR from 2024 to 2032, owing to the growing awareness of environmental issues combined with a rising consumer emphasis on transitioning to cleaner energy sources worldwide.
Combined cycle gas turbine industry from the > 30 MW to 70 MW segment is expected to exceed USD 2.5 billion by 2032 due to their rapid start-up capabilities and ability to quickly reach full load, making them ideal for meeting peak power demands and ensuring grid stability.
Asia Pacific combined cycle gas turbine industry is expected to cross USD 8 billion by 2032 due to growing demand for energy and a shift towards renewable energy generation in the region.
Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Heavy Industries Ltd., Opra Turbines, Rolls Royce PLC, Siemens, Solar Turbines Incorporated, UEC-Saturn, VERICOR, Wärtsilä, and Zorya-Mashproekt, are some of the major combined cycle gas turbine companies worldwide.
