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Heavy Duty Gas Turbine Market Trends

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

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Heavy Duty Gas Turbine Market Trends

Governments & industries are investing in sustainable electricity generation technologies to limit carbon emissions and comply with environmental regulations, boosting the gas turbine market. Growing environmental concerns and stricter government regulations aimed at lowering greenhouse gas emissions are prompting industries to adopt stronger energy conservation measures, which enhances market potential. The increasing use of renewable energy sources, combined with a strong focus on energy efficiency, will further drive gas turbine 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.