Industrial Gas Turbine Market Size - By Capacity, By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application, By Regional Outlook & Forecast, 2024 – 2032

Industrial Gas Turbine Market Size

Industrial Gas Turbine Market size was valued at USD 8.2 billion in 2023 and is anticipated to grow at a CAGR of 5.5% between 2024 and 2032. The regulatory are constantly focusing on the integration of advanced monitoring and control technologies to upgrade their existing energy channels which in turn will favor the business scenario. For instance, the automotive sector witnesses a growth of over 10% across the Europe in 2022.
 

An industrial gas turbine is a type of turbine that is used to generate electricity or mechanical power in various industrial applications. These turbines operate on the principle of converting the energy stored in fuel into mechanical energy, which is then used to drive an electrical generator or provide mechanical power for other industrial processes. Increasing proportion of renewable energy technologies with modernized grid infrastructure will energize the industry dynamic.

Industrial Gas Turbine Market Trends

Stringent government regulations aimed at limiting greenhouse gas emissions, coupled with escalating environmental apprehensions will positively sway the gas turbine market. The abundant supply of natural gas, mounting environmental pressures, heightened efficiency, and shortened lead times stand out as key advantages propelling the industry's potential. The increasing popularity of distributed power generation, combined with significant investments in natural gas extraction and trade, is poised to create a favorable business environment.
 

Industrial Gas Turbine Market Analysis

The > 70 MW - 300 MW industrial gas turbine market will surpass USD 4.5 billion by 2032. Shifting consumer and industry awareness toward the deployment of clean power generation resources will propel the industry landscape. These turbines are majorly deployed across power generating stations and mechanical drives. Additionally, stringent government mandates to curb emissions favored by large-scale deployment of renewable energy systems are set to drive the business growth.

The aeroderivative gas turbine market size will witness growth rate of over 5% by 2032. Growing integration of captive-generating stations to suffice the electricity demand across industrial establishments will augment the product demand. Stringent regulatory mandates on limiting carbon emissions and energy optimization will augment the business landscape. Moreover, the restructuring of trade policies and investment flow, primarily across the developing nations, will reclaim the business headway.
 

The Europe industrial gas turbine market is set to exceed USD 2.5 billion by 2032. Stringent government regulations to reduce dependency on coal-based power generation is set to boost the business growth. Surging modernization and refurbishment of power infrastructures by investing in gas-fired distributed energy will support gas power generation, boosting the industry growth. The ongoing expansion of co-generating units to sustain energy & heat consumption across the industries will foster the business outlook.
 

Industrial Gas Turbine Market Share

Rolls-Royce is one of the prominent players in the industrial gas turbine market, renowned for its engineering excellence and innovative solutions. These turbines come in different sizes and configurations to meet the diverse needs of customers. Its turbines are known for their high efficiency and performance, delivering reliable power generation with minimal environmental impact. The company emphasizes continuous research and development to enhance turbine efficiency and reduce emissions.
 

Industrial Gas Turbine Market Companies

The key industry players include:

• Ansaldo Energia
• Baker Hughes
• Bharat Heavy Electricals Limited (BHEL)
• Capstone Green Energy Corporation
• Destinus Energy
• Doosan Enerbility
• Flex Energy Solutions
• General Electric
• Harbin Electric Corporation Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Heavy Industries Ltd.
• Nanjing Turbine & Electric (Group) Co., Ltd.
• Rolls Royce Plc
• Siemens Energy
• Solar Turbines Incorporated
• United Engine Corporation JSC
• VERICOR
• Wartsila
   

Industrial Gas Turbine Industry News

• In September 2023, General Electric disclosed their advanced H-Class gas turbine fleet, comprising 88 units globally, has surpassed two million operating hours. This fleet, recognized as one of the fastest growing heavy-duty turbine fleets globally, boasts an installed capacity exceeding 47 gigawatts (GW), adequate to supply power to over 35 million households in the United States. GE's commitment to decarbonization encompasses technologies such as carbon capture and sequestration systems, as well as the capability to combust a blend of hydrogen and natural gas.
   
• In September 2023, Kawasaki Heavy Industries launched their GPB17MMX gas turbine cogeneration system, which has a 1.8 MW class and the world's first combustor designed for dry combustion powered entirely by hydrogen. The technology uses a patented blend of supplemental combustion and micromix combustion to overcome the technical issues with hydrogen fuel, including elevated NOx emissions and hob overheating. This makes it possible to burn hydrogen steadily with NOx emissions that are below the upper limit that is allowed.
   

The industrial gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

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Market, By Capacity

• ≤ 70 MW
• > 70 MW - 300 MW
• ≥ 300 MW

Market, By Product

• Aero-Derivative
• Heavy Duty

Market, By Technology

• Open Cycle
• Combined Cycle

Market, By Application

• Power Generation
• Oil & Gas
• Other Manufacturing

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Russia
  • Italy
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Algeria
• Latin America
  • Brazil
  • Argentina