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Gas Turbine Market Trends

Report ID: GMI1181
Published Date: Sep 2024
Report Format: PDF

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Gas Turbine Market Trends

The gas turbine industry is poised for robust growth owing to the growing focus on sustainability in line with government initiatives to reduce carbon emissions. Rising investment to modernize existing combined cycle power plants along with increasing demand for flexible power generation will further fuel the adoption of these turbines. Ongoing advancements in digitalization and remote monitoring capabilities to enhance operational efficiency and lifespan of these turbines, thereby augmenting the business potential.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of gas turbine was worth over USD 13.7 billion in 2023 and is estimated to grow at a 5.7% CAGR from 2024 to 2032, due to positive inclination toward energy optimization coupled with surging focus on clean energy power generation technologies.

The heavy duty gas turbine market is set to surpass USD 15 billion by 2032, led by increasing demand for flexible and efficient power generation solutions in tandem with growing utilization across large scale plants.

U.S. gas turbine market will exceed USD 1.5 billion by 2032, due to ongoing upgradation of traditional power plants with advanced technological systems comprising of materials, blade designs and cooling techniques.

Ansaldo Energia, Baker Hughes Company, Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Doosan, Flex Energy Solutions, and General Electric