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Heavy Duty Gas Turbine Market Analysis

Report ID: GMI9375
Published Date: Oct 2024
Report Format: PDF

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Heavy Duty Gas Turbine Market Analysis

Heavy Duty Gas Turbine Market Size, By Capacity, 2022 - 2032 (USD Billion)

The > 70 MW to 200 MW market will exceed USD 3 billion by 2032. These turbines are extensively used in large-scale industrial applications including utility-scale power plants, oil & gas refineries and other energy-intensive industries. With rising concerns around climate change and a shift towards natural gas as a cleaner alternative to coal, these gas turbines are becoming increasingly popular offering a favorable balance of power output, efficiency and reduced greenhouse gas emissions.

Heavy Duty Gas Turbine Market Revenue Share, By Technology, 2023

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The combined cycle heavy duty gas turbine market size will witness a growth at a CAGR of over 5% by 2032. The industry focus on reducing emissions and enhancing energy efficiency is set to shape its future positively. These systems deliver key advantages including improved fuel efficiency, lower operating costs and a reduced environmental footprint compared to traditional power plants, fostering market growth. By providing efficient and reliable power generation solutions, these systems are instrumental in meeting the rising energy demand and stimulating the business potential.

U.S. Heavy Duty Gas Turbine Market Size, 2022 - 2032 (USD Million)

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U.S. heavy duty gas turbine market is set to reach over USD 1.2 billion by 2032. The growing incorporation of renewable energy sources, such as wind and solar, into the grid has heightened the demand for flexible and responsive backup power solutions, reshaping the business landscape. Additionally, stringent environmental regulations aimed at promoting decarbonization are accelerating technological innovations in gas turbine technology, thereby enhancing the industry landscape.

Rapid industrialization and urbanization combined with rising investments in power generation infrastructure to meet increasing electricity demand are set to strengthen the Asia Pacific heavy duty gas turbine market. Furthermore, supportive government policies including incentives for clean energy adoption and infrastructure development will escalate the industry growth. Continued economic development, along with an intensified focus on sustainability will further accelerate product deployment.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The global heavy-duty gas turbine industry was valued at USD 10.8 billion in 2023 and is estimated to grow at a 5.6% CAGR from 2024 to 2032, driven by increasing awareness of environmental issues and a shift towards cleaner energy sources.

The > 70 MW to 200 MW gas turbine market is expected to exceed USD 3 billion by 2032, fueled by their extensive use in large-scale industrial applications and the transition to natural gas as a cleaner alternative to coal.

The U.S. heavy-duty gas turbine industry is set to reach over USD 1.2 billion by 2032, driven by the growing incorporation of renewable energy sources into the grid, which increases the demand for flexible and responsive backup power solutions.

Key players in the sector include Ansaldo Energia, Baker Hughes, Bharat Heavy Electricals, Capstone Green Energy, Doosan, Flex Energy Solutions, General Electric, Harbin Electric, and Kawasaki Heavy Industries.