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 size was valued at USD 5.8 billion in 2019 and is poised to grow from USD 6.13 billion in 2023 to USD 8.96 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

A gas turbine is a mechanical device that uses kinetic or potential energy from a working fluid or gas to generate energy. These turbines operate on the brayton cycle, which includes a heater, compressor, turbine, and cooler. The working fluid goes through a thermodynamic process in which the system converts mechanical/heat energy into spinning energy, which creates electricity as an output. The global industrial gas turbine market is expanding due to significant technological breakthroughs in the energy sector, as well as an increased emphasis on distributed power production technologies. The industrial gas turbine market is likely to expand significantly during the forecast period as governments around the world increase their support for power production technologies that aim to minimise carbon dioxide (CO2) emissions. According to the bp Statistical Review of World Energy 2021, natural gas was the largest source of electricity generation in the United States in 2019, and the second largest source of electricity generation globally, accounting for 40.5 percent of U.S. power generation and 23.4 percent of global power generation. The global spread of the COVID-19 pandemic has resulted in a drop in demand for power from industrial and commercial end-users due to suspended production and manufacturing activity as a result of government-imposed lockdown measures. As a result, demand for gas turbines is likely to fall during the projection period.

US Industrial Gas Turbine Market  is poised to grow at a sustainable CAGR for the next forecast year.