According to the report by Expert Market Research (EMR), the global industrial gas turbine market size is projected to grow at a CAGR of 10% between 2024 and 2032. Aided by the increasing demand for cleaner energy sources and the broadening applications of gas turbines across various industries, the market is expected to grow significantly by 2032.
Industrial gas turbines are versatile engines that convert natural gas or other liquid fuels into mechanical energy. This energy is then used to power generators that produce electricity. Apart from power generation, these turbines are also integral in the mechanical drive and marine applications. They play a crucial role in reducing carbon emissions and improving energy efficiency, aligning with the global shift towards sustainable energy solutions.
The escalating demand for efficient and cleaner energy sources is a key driver propelling the global industrial gas turbine market growth. As the world grapples with the detrimental impacts of climate change, there is a pressing need to reduce carbon emissions and reliance on fossil fuels. This shift towards sustainable energy is leading to a surge in demand for industrial gas turbines, known for their high-efficiency power generation and lower carbon footprint.
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Additionally, the ever-increasing industrialisation and urbanisation, particularly in emerging economies, are contributing to the rising popularity of industrial gas turbines. As industries and urban areas demand more power, gas turbines, with their ability to provide efficient, reliable, and continuous power supply, are gaining significant traction.
The broadening applications of industrial gas turbines in various sectors are also fuelling the industrial gas turbine market expansion. In the oil and gas industry, these turbines are used for mechanical drive applications to compress gas at production sites. In the maritime sector, gas turbines are increasingly utilised for propulsion applications due to their lightweight, compact size, and high power-to-weight ratio.
Moreover, the growing emphasis on natural gas-fired power plants in the energy mix is leading to a heightened focus on industrial gas turbines as a key component in power generation. Natural gas, due to its cleaner burning nature, is seen as a bridge towards renewable energy. Therefore, the role of gas turbines is expected to remain crucial in the transition towards a greener energy future, thereby propelling the industrial gas turbine market growth.
Industrial Gas Turbine Market Segmentation
The market can be divided based on capacity, cycle, sector, and region.
Market Breakup by Capacity
- 1 to 40 MW
- 41 to 120 MW
- 121 to 300 MW
- Above 300 MW
Market Breakup by Cycle
- Simple Cycle
- Combined Cycle
Market Breakup by Sector
- Power
- Oil and Gas
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Industrial Gas Turbine Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial gas turbine companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Ansaldo Energia S.p.A
- Kawasaki Heavy Industries, Ltd.
- Solar Turbines Incorporated
- Siemens AG
- Vericor Power Systems
- OPRA Technologies B.V.
- General Electric Company
- Others
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