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.
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.
