Selbyville, Delaware, Aug. 15, 2022 (GLOBE NEWSWIRE) --
The industrial gas turbine market size is expected to record a valuation of USD 9.5 billion by 2030, according to the most recent study by Global Market Insights Inc. Increasing need for energy-efficient systems to keep pace with rapid urbanization and global energy demand will drive the market trends.
A growing focus on the development of gas-fired power plants, LNG regasification and an overall positive outlook toward natural gas as a fuel will augment the equipment demand. Stringent emission norms for the reduction of greenhouse gases and reforms towards strengthening energy security will favor the installation gas-powered electricity generation. Rising awareness about environmental protection along with a surge in the adoption of advanced auxiliary technologies will consolidate the industrial gas turbine market outlook.
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The COVID-19 crisis had resulted in a fluctuating demand and supply of energy, especially from the industrial sector. It affected the total power consumption worldwide, invariably affecting the deployment of gas turbines. With an increasing focus on energy optimization and sustainability among the utilities, the sector will expand over the coming years, with the impact of the coronavirus pandemic declining.
The aero-derivative industrial gas turbine market is estimated to attain 6.1% growth rate till 2030. The reliability and flexibility of these machines is greater than some other alternatives, coupled with exhibiting lower carbon footprint. Increasing efforts to integrate captive-generation stations for meeting the surge in industrial electricity demand will boost the equipment installation.
The >300 MW capacity segment will depict a substantial growth by 2030, with the introduction of strict government mandates to cut down emissions from the utility sector. The large-scale deployment of advanced green energy systems will support the production of natural gas-fired boilers and turbines. Gas-based units boast of advantages such as high operating speed, better mechanical efficiency, greater reliability, and ability to enable distributed power generation.
European industrial gas turbine market is anticipated to expand at a CAGR of around 5.7% through 2030. There is growing consumer inclination toward energy-efficient technologies due to higher environmental awareness. Government agencies are implementing aggressive regulatory targets for carbon emission reduction in the EU, which could increase the use of natural gas for providing industrial energy.
Latin America industrial gas turbine market value will be around USD 400 million by 2030, credited to high replacement rate of oil-fired plants with natural gas-fired power plants. The regional manufacturing sector and consumption of electricity in urban areas are expanding.
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The competitive landscape of the global industrial gas turbine market comprises leading manufacturers such as Mitsubishi Heavy Industries, Siemens Energy, General Electric, Nanjing Turbine & Electric Machinery, VERICOR, Bharat Heavy Electricals Limited, MAN Energy Solutions, UEC-Saturn, Wartsila, Kawasaki Heavy Industries, Opra Turbines, Baker Hughes Company, and Ansaldo Energia, among others. These leaders primarily engage in product development, technological advancements and strategic initiatives to bolster their product portfolio.
For example, in March 2022, General Electric received a contract to provide 2 GW of electricity in the Guangdong region of China. Harbin Electric, and GE subsidiary GE Gas Power announced a commitment to deliver 3 GE 9HA.01 heavy-duty gas turbines to the Shenzhen Energy Group to support its power generation systems at the Guangming-based power plant.
Table of Contents (ToC) of the report
Chapter 3 Industrial Gas Turbine Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.2.1 Ansaldo Energia
3.2.2 General Electric
3.2.3 Siemens Energy
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America & Europe
3.5.1.1.1 Paradigm shift toward energy optimization
3.5.1.1.2 Stringent government norms to limit carbon emissions
3.5.1.1.3 Increasing inclination toward clean power generation
3.5.1.4 Asia Pacific
3.5.1.4.1 Increasing proportion of renewable energy
3.5.1.4.2 Growing focus on decentralized generation technologies
3.5.1.5 Middle East & Africa
3.5.1.5.1 Restructuring of electrical infrastructure
3.5.1.5.2 Large-scale renewable integration prospects
3.5.1.6 Latin America
3.5.1.6.1 Positive outlook toward gas-based electricity generation
3.5.1.6.2 Reducing dependency on conventional coal-fired power plants
3.5.2 Industry pitfalls & challenges
3.5.2.1 Advancing auxiliary clean turbine technologies
3.5.2.2 Cost competitiveness
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2022
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/industrial-gas-turbine-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
