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Europe Industrial Gas Turbine Market Size

Report ID: GMI8852
Published Date: Apr 2024
Report Format: PDF

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Europe Industrial Gas Turbine Market Size

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.

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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.

Europe Industrial Gas Turbine Market Report Attributes
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 2024 to 2032 CAGR:	5%
2032 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:	Paradigm shift toward energy optimization Large scale integration of renewable energy Surging focus toward clean power generation
Pitfalls & Challenges:	Cost competitiveness

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

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, Wärtsilä, and Zorya-Mashproekt, are some of the major industrial gas turbine companies in Europe.