Industrial Gas Turbine Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Industrial Gas Turbine Market size in 2023: | USD 8.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.5 |
| 2023 Value Projection: | USD 13.5 Billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 425 |
| Tables, Charts & Figures: | 803 |
| Segments Covered: | Capacity, Product, Technology, Application & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
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.
The key industry players include:
Market, By Capacity
Market, By Product
Market, By Technology
Market, By Application
The above information has been provided for the following regions and country:
The market size of industrial gas turbine reached USD 8.2 billion in 2023 and will expand at a 5.5% CAGR between 2024 and 2032, owing to increasing demand for reliable and efficient power generation solutions, particularly in industrial and utility sectors and the shift towards cleaner energy sources.
Prominent industrial gas turbine manufacturers are Baker Hughes, Bharat Heavy Electricals Limited (BHEL), Capstone Green Energy Corporation, Flex Energy Solutions, General Electric, Harbin Electric Corporation Co., Ltd., Kawasaki Heavy Industries, Ltd., Mitsubishi Heavy Industries Ltd., Rolls Royce Plc, Siemens Energy.
The aeroderivative gas turbine segment is projected to witness 5% CAGR through 2023, attributed to segment's versatility and efficiency in various applications, such as power generation for industrial processes and grid stability support.
Europe market will surpass USD 2.5 billion by 2032, driven by region's focus on renewable energy integration, industrial sector modernization, and stringent emission regulations.