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Heavy Duty Gas Turbine Market Size

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

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Heavy Duty Gas Turbine Market Size

The global heavy duty gas turbine market was valued at USD 10.8 billion in 2023 and is estimated to grow at a CAGR of 5.6% from 2024 to 2032. The surging awareness of environmental issues, along with growing consumer interest in transitioning to cleaner energy sources, is set to drive business growth. For instance, in 2023, the renewable energy sources contributed over 25% of Germany’s total electricity generation.

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The heavy-duty gas turbines are high-performance engines designed to produce large amounts of power, primarily used in applications such as electricity generation, large-scale industrial operations, and natural gas compression. These turbines operate by compressing air and mixing it with fuel, which is then ignited to produce high-temperature, high-pressure gas. This gas rapidly expands, driving the turbine blades and enabling the generation of significant power output. These systems are known for their efficiency, reliability, and ability to handle a broad range of fuels, including natural gas, diesel, and biofuels.

Heavy Duty Gas Turbine Market Report Attributes
Report Attribute	Details
Base Year:	2023
Heavy Duty Gas Turbine Market Size in 2023:	USD 10.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.6%
2032 Value Projection:	USD 17.8 Billion
Historical Data for:	2021 – 2023
No. of Pages:	140
Tables, Charts & Figures:	45
Segments covered:	Capacity, Technology, Application and Region
Growth Drivers:	Stringent government norms to limit carbon emissions Large scale integration of renewable energy Growing focus on decentralized generation technologies
Pitfalls & Challenges:	Cost competitiveness

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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.