Industrial Gas Turbine Market Size (2024 - 2029)

The industrial gas turbine market is anticipated to experience growth driven by factors such as rapid urbanization, increasing electrical energy demand, and a shift towards cleaner energy sources. Despite challenges posed by the transition to renewable energy sources like solar and wind, the need for substantial investments in power generation to support global development has bolstered the market. The Asia-Pacific region, particularly China and India, is expected to lead in market expansion due to economic growth, the proliferation of gas-based power plants, and heightened industrial activities.

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Market Size of Industrial Gas Turbine Industry

Industrial Gas Turbine Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Industrial Gas Turbine Market Major Players

*Disclaimer: Major Players sorted in no particular order

Industrial Gas Turbine Market Analysis

The Industrial Gas Turbine Market is expected to register a CAGR of over 3% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors such as rapid urbanization, increasing demand for electrical energy, and the rising demand for cleaner energy from gas turbines, over concerns about the environmental impact of energy generation from coal-fired plants, are likely to drive the industrial gas turbine market during the forecast period.
  • On the other hand, the increasing shift toward renewable energies, such as solar and wind, for power generation has hampered the market's growth.
  • Nevertheless, with the increasing demand for electrical energy to sustain global development, there is a need for consistent heavy investments in power supply generation. This has helped the market for gas turbines grow significantly in recent years, and it is expected to continue to do so during the forecast period. This, in turn, is likely to create opportunities for the market in the near future.
  • Asia-Pacific is expected to dominate the market growth, with the majority of demand coming from China and India, owing to factors like economic growth in emerging nations, an increase in the number of gas-based power generation plants, and rising industrial activities.

Industrial Gas Turbine Industry Segmentation

A gas turbine is a type of combustion engine that can transform liquid fuels, such as natural gas, into mechanical energy. This power then propels a generator, which creates the electrical energy that transmits along power lines to residences and commercial buildings.

The Industrial Gas Turbine Market is segmented by capacity, technology type, application, and geography. The capacity includes 1 to 40 MW, 41 to 120 MW, 121 to 300 MW, and above 300 MW. By technology type; the market is segmented into the combined cycle and simple cycle. The application includes power, oil and gas, and other applications. The report also covers the market size and forecasts for the industrial gas turbine market across the major regions. For each segment, the market size and forecasts is based on revenue (USD Billion).

Capacity
1 to 40 MW
41 to 120 MW
121 to 300 MW
Above 300 MW
Type
Combined Cycle
Simple Cycle
Application
Power
Oil and Gas
Other Applications
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Industrial Gas Turbine Market Size Summary

The Industrial Gas Turbine Market is poised for steady growth, driven by factors such as rapid urbanization, increasing electrical energy demand, and a shift towards cleaner energy sources. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The transition from coal-fired plants to gas turbines is fueled by environmental concerns, as gas turbines offer a more sustainable alternative with lower greenhouse gas emissions. Despite the growing emphasis on renewable energy sources like solar and wind, the need for reliable power supply and heavy investments in energy generation continue to bolster the gas turbine market. Asia-Pacific is anticipated to lead market expansion, with significant contributions from China and India, where economic growth and industrial activities are on the rise.

The global focus on natural gas production and its use in power generation is reshaping the energy landscape, with gas-fired power plants becoming increasingly prominent due to their efficiency and lower emissions compared to coal. The demand for electricity is expected to rise, driven by factors such as increased access to electricity and the electrification of transportation. This trend is particularly evident in Asia-Pacific, where countries are actively reducing greenhouse gas emissions by transitioning to gas-based power generation. Collaborative efforts, such as those by Mitsubishi Heavy Industries and GE Gas Power, aim to explore innovative solutions like ammonia-fired gas turbines and hydrogen co-firing to further decrease emissions. The market remains fragmented, with key players like General Electric, Siemens AG, and Mitsubishi Heavy Industries actively participating in its development.

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Industrial Gas Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes Products and Services

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Capacity

      1. 2.1.1 1 to 40 MW

      2. 2.1.2 41 to 120 MW

      3. 2.1.3 121 to 300 MW

      4. 2.1.4 Above 300 MW

    2. 2.2 Type

      1. 2.2.1 Combined Cycle

      2. 2.2.2 Simple Cycle

    3. 2.3 Application

      1. 2.3.1 Power

      2. 2.3.2 Oil and Gas

      3. 2.3.3 Other Applications

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 South America

      5. 2.4.5 Middle-East and Africa

Industrial Gas Turbine Market Size FAQs

The Industrial Gas Turbine Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Siemens AG , Mitsubishi Heavy Industries Ltd , Harbin Electric International Company Limited , Kawasaki Heavy Industries Ltd and General Electric Company are the major companies operating in the Industrial Gas Turbine Market.

Industrial Gas Turbine Market Report Snapshots

Industrial Gas Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)