As per Future Market Insights, the industrial gas turbine market is anticipated to attain a value pool of US$ 10.50 Billion by 2023-end. Global demand for industrial gas turbines is expected to rise at a CAGR of 1.1% to US$ 11.75 Billion in 2033, supported by:
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 10.5 Billion |
| Projected Market Value in 2033 | US$ 11.75 Billion |
| Growth Rate (2023 to 2033) | 1.1% CAGR |
The North American region is expected to be a significant market for industrial gas turbines during the forecast period. The region has a well-established energy infrastructure, a high demand for power, and a large number of industrial and commercial facilities. The increasing demand for power, driven by population growth and economic development, is expected to drive the market for industrial gas turbines. The growth in industrial and commercial sectors, such as manufacturing, oil and gas, and power generation, is also expected to drive the market in North America.
The power generation and oil and gas industries are considered to be the most lucrative end-user industries for the industrial gas turbine market. The increasing demand for electricity and the need to meet the growing energy demand, as well as the growing demand for natural gas and investment in oil and gas exploration and production, are driving the market for industrial gas turbines in these industries.
The industrial gas turbine market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include General Electric, Siemens, Mitsubishi Hitachi Power Systems, and Rolls-Royce. These companies hold a significant share of the market and offer a wide range of products and services. Many other small and medium-sized companies are also operating in the market and are focusing on expanding their market presence through strategic partnerships, collaborations, and new product launches. In September 2021, OPRA Turbines B.V. and Silent-Power AG signed a distribution agreement to expand reach of innovative power generation technology.
A gas turbine, an internal combustion engine, is the heart of a power plant that produces electricity by converting liquefied or natural gas into mechanical energy. Industrial gas turbines are used to power ships, aircrafts, trains, generators, gas compressors, pumps, and others.
The industrial gas turbine are available in wide array of capacity and most of the final solutions are customized according the end-user demand. The global industrial gas turbine market is led by the major industrial players including Mitsubishi Hitachi Power Systems, Siemens, and General Electric among others.
The power generation sector has a great social and economic impact, thus, manufacturers are under pressure to enhance efficiency of power plants with cost-effective solutions and minimum environmental impact. Thereby, the industrial gas turbine market is stipulated to witness optimistic grow over the projected period.
The industrial gas turbine yield power efficiently when compared to the conventional turbines which is the primary factor driving the demand for industrial gas turbines. The conventional turbines in power generation plants are usually coal fired that emit substantial amount of VOCs (volatile organic compounds) resulting into emission of greenhouse gases.
According to IEA (International Energy Agency) coal-fired thermal power plants are the one of the major contributor of VOCs thus the need of move towards cleaner source of electricity generation is expected to ramp up, in turn, creating market space for industrial gas turbines.
The oil & gas industry has witnessed sinusoidal growth in the past, and is expected to foresee similar growth in the coming years as well. Industrial gas turbines are one of the major asset employed in the oil and gas industry, and the growing demand for cleaner assets in the industry is anticipated to expand the new installations of industrial gas turbines over the forecast period.
With the substantial technological development the electricity access has widened yet there are millions of people who are still facing issues and have limited or no reliable electricity access. Hence, with the penetration of renewable source of energy and increasing need of reliable electricity access the said market is anticipated to foresee significant traction over the years to come.
Among the regions, North America is estimated to lead the pack in the global industrial gas turbine market owing to the expanding mining and exploration activities in the region. Slower economic development and deficient power generation infrastructure are couple of the aspects that are estimated to present excellent opportunities in developing and under-developed regions such as the Middle East and Africa.
Regulations pertaining to adoption of renewables to shape the industrial gas turbine market across all the regions. For instance, according to the directive of European Parliament, the region plans to move towards lowest-carbon economy by the end of 2030. Amidst countries, both China and India are the major energy consumers with different dynamics. It is projected that China will become less energy intensive and the growth will be on the slower side.
On the flip side, the accelerating industrialization in India is estimated to drive up the demand for energy consumption, in turn, driving the demand for industrial gas turbine market. Rest of the regions as well are poised to create significant market scope for the industrial gas turbine market during the forecast period.
Some of the market participants in the global industrial gas turbine market identified across the value chain include:
The industrial gas turbine research report presents a comprehensive assessment of the industrial gas turbine market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The industrial gas turbine research report provides analysis and information according to market segments, such as geographies, application, and industry.
The global report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
On the basis of rating, the global Industrial Gas Turbine market can be segmented into the following:
On the basis of cycle, the global Industrial Gas Turbine market can be segmented into the following:
On the basis of end use industries, the global Industrial Gas Turbine market can be segmented into the following:
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Industrial Gas Turbine Market
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