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 2024-2031

Industrial Gas Turbine Market Drivers

• Gas Turbine Technology Drives Market Growth by Reducing Greenhouse Emissions

• Traditional coal-fired power stations are known to release substantial volumes of harmful gases and contribute significantly to global warming. Coal-fired power facilities are one of the major producers of emissions. Rising greenhouse gas emissions necessitate the development of greener methods of generating power, which is expected to increase demand for industrial gas turbines over the next decade. Natural gas, the principal fuel for gas turbines, contains relatively little sulphur, resulting in almost no sulphur dioxide emissions. CO2 emissions from natural gas-fired gas turbines are also low—0.37 kilos of CO2 per kWh of power generated. This compares to lignite's 1.01 kg/kWh and anthracite's 0.8 kg/kWh.

• Escalating electricity demands.

• The demand of electricity has increased across the globe due to rapid industrialization , increased use of electrical appliances, and economic activities increasing in   developing countries. Major developed countries across the globe have strict laws regarding emissions. Therefore, Growing demand for electricity is expected to drive the installation of natural gas power plants, as natural gas emits less carbon dioxide.

Industrial Gas Turbine Market Restraint

• Natural Gas Price Volatility may Stymie Market Growth

• Natural gas prices are affected by actions that potentially disrupt natural gas supply. Geopolitical tensions are a disruptive element that creates uncertainty about gas availability and demand. This may increase the volatility of gas prices. Gas prices in the United States have dropped dramatically as a result of shale gas extraction, but prices elsewhere in the world remain relatively high. The majority of the countries in the Middle East region account for a considerable portion of natural gas reserves. Because of political and cultural difficulties, it is a highly volatile region. Furthermore, due to the Covid-19 epidemic, demand for natural gas has reduced dramatically in recent months.