India, Pune, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global Industrial Gas Turbine Market is expected to grow from around USD 8.55 billion in 2021 to approximately USD 10.55 billion by 2028, with a projected Compound Annual Growth Rate (CAGR) of 3.0%. These figures are sourced from the report titled “Industrial Gas Turbine Market, 2021-2028” by Fortune Business Insights™. In the previous year, 2020, the market was valued at USD 8.35 billion.
Industry Developments:
Siemens made an agreement with EPC Contractor TSK to supply the F-class as a turbine for Côte d'Ivoire. It is a power plant built in Jacqueville. This power plant has a capacity of 390 MW and it is likely to begin its operation in 2022.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2022 to 2028 CAGR | 3.0% |
| 2028 Value Projection | USD 10.55 billion |
| Base Year | 2021 |
| Market Size in 2020 | USD 8.35 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Gas Turbine Technology Reduces Greenhouse Emissions Fuels the Market Growth |
| North America to Dominate Backed by Presence Large Number of Turbine Plants |
Driving Factor
Energy Demand:
Increasing global energy demands across various industries, including power generation, oil and gas, and manufacturing, propel the need for efficient and reliable energy sources like industrial gas turbines.
Efficiency and Reliability:
Industrial gas turbines offer high efficiency and reliability in power generation, making them a preferred choice for industries aiming to optimize energy output while ensuring operational dependability.
Transition to Cleaner Energy:
As industries strive to reduce carbon footprints and adhere to environmental regulations, gas turbines are favored for their lower emissions compared to traditional power generation methods.
Renewable Energy Backup:
Gas turbines are often utilized as backup power sources for intermittent renewable energy systems like wind and solar, ensuring stability and continuity in power supply.
Industrial Expansion:
Growth in sectors such as oil and gas, manufacturing, and chemicals, especially in emerging economies, fuels the demand for reliable power solutions, boosting the adoption of industrial gas turbines.
Technological Advancements:
Ongoing technological advancements, such as improvements in turbine design, materials, and control systems, enhance the efficiency and performance of industrial gas turbines, further driving market growth.
Global Infrastructural Development:
Infrastructure projects, particularly in developing regions, demand stable and scalable energy solutions, contributing to the increased deployment of industrial gas turbines.
COVID-19 Impact
The outbreak of the coronavirus has affected the global economy adversely, and the power sector was also impacted badly. Due to unavailability of human resources due to lockdown, caused major delay in new projects and disruption is supply chain and issues in project financing. For instance, the Myanmar power plant projects were delayed due to the pandemic. However, the market is expected to revive during the forecast period.
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Market Segmentation:
By capacity, the market is divided into 1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, and 300+MW. By technology, the market is segmented into heavy duty, light industrial, and aeroderivative. By cycle, the market is segmented into simple cycle, and combined cycle. By sector, the market is segmented into electric power utility, oil & gas, manufacturing.
Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
What does the Report Provide?
Market Size and Growth Forecast:
The report presents current market size estimations, historical data, and future projections, including anticipated growth rates and trends over the forecast period.
Segmentation and Regional Analysis:
Detailed segmentation of the market based on various parameters such as type, application, end-user industry, and geography. It analyzes regional dynamics, identifying key markets and growth opportunities.
Key Market Drivers and Challenges:
Identification and analysis of factors influencing market growth, including drivers that propel the market and challenges that might impede its progress.
Competitive Landscape:
Insight into the competitive scenario, profiling major players in the industry, their strategies, market presence, and recent developments such as mergers, acquisitions, partnerships, and product launches.
Technological Trends:
Analysis of emerging technological advancements in industrial gas turbines, including innovations, research and development activities, and their potential impact on the market.
Regulatory Environment:
Examination of regulatory frameworks, policies, and standards affecting the industrial gas turbine market, particularly in relation to energy and environmental regulations.
Market Opportunities:
Identification of potential growth opportunities, market entry strategies, and investment areas for stakeholders aiming to capitalize on the evolving market landscape.
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Regional Insights
North America to Dominate Backed by Presence Large Number of Turbine Plants
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period because it has a large number of industrial gas turbine plants which are operating on natural gas because of the ongoing increased shale gas exploration activities in the region. North America’s market stood at USD 2.56 billion in 2020.
Asia Pacific is expected to showcase significant market share in upcoming years, owing to rapid industrialization, the rising demand for energy, and increasing demand for clean energy technologies. Asia Pacific region is majorly dependent on coal for power production. Coal combustion causes a significant amount of air pollution, thus governments in the region have passed stringent rules to control emission, which is fueling the demand for gas turbines.
Competitive Landscape
Key Players to Focus on Agreements to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
Players Profiled in the Report
- GE (U.S.)
- Siemens (Germany)
- Mitsubishi Hitachi Power Systems, Ltd. (Japan)
- Ansaldo Energia (Italy)
- Solar Turbines (U.S.)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Doosan Heavy Industries & Construction (South Korea)
- Bharat Heavy Electrical Limited (India)
- OPRA Turbines (The Netherlands)
- Rolls-Royce (U.K)
- Vericor Power Systems LLC (U.S.)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Industrial Gas Turbine Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Industrial Gas Turbine Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Capacity
- 1-2 GW
- 2-5 GW
- 5-7.5 GW
- 7.5-10 GW
- 10-15 GW
- 15-20 GW
- 20-30 GW
- 30-40 GW
- 40-100 GW
- 100-150 GW
- 150-300 GW
- 300+ GW
- Market Analysis, Insights and Forecast – By Technology
- Heavy Duty
- Light Industrial
- Aeroderivative
- Market Analysis, Insights and Forecast – By Cycle
- Simple Cycle
- Combined Cycle
- Market Analysis, Insights and Forecast – By Sector
- Electric Power Utility
- Oil & Gas
- Manufacturing
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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