Global Industrial gas turbine market

Industrial Gas Turbine Market Size, Share, Growth Analysis, By Capacity(1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW), By Technology(Heavy duty, Light industrial, Aeroderivative), By Cycle(Simple cycle, Combined cycle), By Sector(Electric power utility, Oil & gas, Manufacturing), By Region - Industry Forecast 2025-2032


Report ID: SQMIG20L2012 | Region: Global | Published Date: October, 2024
Pages: 157 | Tables: 125 | Figures: 77

Industrial Gas Turbine Market Regional Insights

Based on region, global industrial gas turbine market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.

North America is expected to dominate the industrial gas turbine market throughout the forecast period. Owing to the region's expanded shale gas exploration activity, the region has a large number of industrial gas turbine plants that run on natural gas. According to the US Energy Information Administration (EIA), coal currently accounts for more than 40% of the nation's power, while natural gas accounts for approximately 25%. The EIA predicts that natural gas will be the primary fuel for power generation by 2035. During the projection period, Asia Pacific is expected to develop at a considerable CAGR. The region's market expansion may be attributed to various factors, including rapid industrialization, increased energy demand, and rising demand for clean energy technology. The Asia Pacific region is heavily reliant on coal for power generation.

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Industrial Gas Turbine Market size was valued at USD 6.13 Billion in 2023 and is poised to grow from USD 6.49 Billion in 2024 to USD 9.48 Billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).

The global industrial gas turbine market is fragmented, with a prominent market player acquiring a sizable portion. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge. 'Siemens Energy)', 'General Electric Company', 'Mitsubishi Hitachi Power Systems Ltd.', 'Kawasaki Heavy Industries, Ltd.', 'Ansaldo Energia S.p.A.', 'Bharat Heavy Electricals Limited', 'Harbin Electric Company Limited', 'MAN Energy Solutions SE', 'Solar Turbines Incorporated', 'Kawasaki Gas Turbine Asia Sdn Bhd', 'Doosan Heavy Industries & Construction Co Ltd', 'Turboden S.p.A.', 'Vericor Power Systems', 'Niigata Power Systems Co Ltd', 'Capstone Green Energy Corporation', 'Dresser-Rand Group Inc.', 'Cummins Inc.', 'Wärtsilä Corporation', 'OPRA Turbines BV', 'MTU Aero Engines AG'

Gas Turbine Technology Drives Market Growth by Reducing Greenhouse Emissions

Emerging Economies Offering Growth Avenues

Based on region, global industrial gas turbine market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa.

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Global Industrial gas turbine market

Report ID: SQMIG20L2012

$5,300
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