Europe Industrial Gas Turbine Market
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Europe Industrial Gas Turbine Market was valued at USD 1.8 billion in 2023 and is estimated to grow at a CAGR of over 5% from 2024 to 2032. The increasing electricity demand favored by ongoing industrialization, increasing population & economic growth will positively sway the industry potential.
An industrial gas turbine is a type of turbine used for generating mechanical energy or electricity in various industrial applications. These turbines operate on the principle of converting the energy stored in a fuel into mechanical energy, which is then used to drive a generator to produce electricity or to power machinery directly. They offer high power output, efficiency, and flexibility, making them suitable for a wide range of areas.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Europe Industrial Gas Turbine Market size in 2023: | USD 1.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5 |
| 2023 Value Projection: | USD 2.82 Billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 140 |
| Tables, Charts & Figures: | 270 |
| Segments Covered: | Capacity, Product, Technology, Application & Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Surging adoption of energy-efficient generation technologies along with rising utilization of generated heat will fuel the gas turbine market. In addition, increasing government focus to limit carbon emissions coupled with ongoing modernization grid infrastructure will positively influence the industry landscape. Increasing government focus to increase the share of renewable energy in electricity generation in line with rising electricity demand will accelerate the business potential.
The combined cycle industrial gas turbine market is set to surpass USD 2.5 billion by 2032. Growing adoption of combined heat & power systems along with resurgent industrial proliferation will enhance the product deployment. Rising energy demand coupled with stabilization of gas prices is set to institute a favorable industry scenario. This technology offers key advantages including high performance and excellent efficiency, stimulating the business growth.
The aeroderivative gas turbine market size will witness growth rate of over 5% through 2032. Growing integration of captive-generating stations to suffice the electricity demand across industrial establishments will augment the product demand. Stringent regulatory mandates on limiting carbon emissions and energy optimization will augment the business landscape. Additionally, paradigm shift from conventional resources toward the integration of sustainable energy systems will positively impact the business landscape.
The UK industrial gas turbine market will exceed USD 350 million by 2032. Growing environmental concerns along with increasing emphasis on reducing emissions from industrial processes will augment the business landscape. Ongoing refurbishment of power infrastructures by investing in gas-fired distributed energy will support gas power generation, accelerating the industry growth. Furthermore, increasing replacements of oil-fired power plants with natural gas-fired power plants will significantly propel the product penetration.
Kawasaki Heavy Industries manufactures a variety of industrial gas turbines tailored for different applications, including power generation, cogeneration, and mechanical drive. These turbines are designed to deliver high efficiency, reliability, and flexibility in operation. The company is known for its cutting-edge technology and continuous innovation in gas turbine design and manufacturing. The company invests heavily in research and development to enhance turbine performance, reduce emissions, and improve overall efficiency.
Some major players operating in the Europe industrial gas turbine industry is mentioned below:
Market, By Capacity
Market, By Product
Market, By Technology
Market, By Application
The above information has been provided for the following regions and country:
Europe industrial gas turbine market size was USD 1.8 billion in 2023 and is expected to register 5% CAGR from 2024-2032 owing to the increasing electricity demand favored by ongoing industrialization, increasing population & economic growth worldwide.
Europe industrial gas turbine industry from the combined cycle segment is expected to exceed USD 2.5 billion by 2032 due to growing adoption of combined heat & power systems along with resurgent industrial proliferation.
UK industrial gas turbine industry is expected to cross USD 350 million by 2032 and is expected to register a commendable CAGR from 2024-2032 due to growing environmental concerns along with increasing emphasis on reducing emissions from industrial processes in the country.
Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Heavy Industries Ltd., Rolls Royce Plc, Siemens Energy, Solar Turbines Incorporated, VERICOR, W