Industrial Gas Turbine Market Growth Analysis | 2023-2028

Market Insights

The Industrial Gas Turbine Market was estimated at US$ 5.85 billion in 2022 and is expected to grow at a CAGR of 5.8% during 2023-2028 to reach US$ 8.23 billion in 2028.

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What is an Industrial Gas Turbine?

An industrial gas turbine is a type of combustion engine that converts the energy of fuel into mechanical energy, which is then used to drive a generator or perform other mechanical work. These turbines are specifically designed for industrial applications and are used in various sectors, including power generation, oil and gas, chemical plants, and manufacturing industries. Industrial gas turbines typically operate on natural gas or liquid fuels and offer high efficiency, reliability, and flexibility. They can generate large amounts of electricity, provide mechanical power for industrial processes, and are often used in combined heat and power (CHP) systems to maximize energy efficiency.

Market Dynamics

The market dynamics of industrial gas turbines are influenced by a multitude of factors. Firstly, the surging global demand for electricity and the pressing need for efficient power generation solutions propel the growth of this market. Moreover, the transition towards cleaner energy sources and the imposition of stricter environmental regulations foster the adoption of gas turbines, as they offer lower emissions in comparison to conventional fossil fuel-based power plants. Technological advancements, including the development of sophisticated combustion systems and the implementation of digitalization in turbine operations, further augment the market's progress.

However, certain challenges, such as volatile fuel prices, competition from renewable energy sources, and substantial initial investment costs, can exert an impact on the market dynamics. Despite these obstacles, the industrial gas turbine market thrives on the increasing demand for power generation solutions that are both efficient and environmentally friendly.

Segments Analysis

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By Capacity Type

The market is segmented into ≤70 MW, 70-300 MW, and ≥300 MW. The ≤70 MW segment is estimated to account for the major share of the market during the forecast period on account of its wide range of applications across power generating stations, mechanical drive coupled with oil & gas, and other industrial processes. Similarly, 70-300 MW capacity is also estimated to witness significant growth in the market owing to the extensive applications across small-scale generating plants and process industries, fueling the segment’s growth during the forecast period.

By Product Type

The industrial gas turbine market is segmented into aero-derivative and heavy-duty. The aero-derivative product type is estimated to account for the major share of the market on account of the availability of highly flexible and mobile technologies. Moreover, the heavy-duty segment is also estimated to witness significant growth in the market owing to the growing number of manufacturing plants along with the integration of large-scale economic zones across emerging economies.

By Technology Type

The market is segmented into open cycle and combined cycle. The open cycle segment is estimated to be the leading technology type in the market during the forecast period on account of its various beneficial features, such as compact size, lower warm-up time, lightweight, operational versatility, and less dependency on cooling water.

By Application Type

The industrial gas turbine market is segmented into power generation, oil & gas, and other manufacturing. Power generation is estimated to be the dominating segment of the market on account of the increasing focus on the refurbishment of traditional steam and coal-fired power stations with natural gas or any other renewable energy power generating stations, fueling the overall industry growth over the forecast period.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period owing to its operational flexibility offered by gas-fired plants as compared to coal-fired plants and the modernization of infrastructure by investing in gas-fired distributed energy. Further, North America is also estimated to witness significant growth in the market owing to an increased focus on combined cycle gas turbine power plant capacity additions, fueling the regional market growth over the forecast period.

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Key Players

Some of the key players in the industrial gas turbine market are-

• Ansaldo Energia S.P.A.
• Bharat Heavy Electricals Limited
• Kawasaki Heavy Industries Ltd.
• MAN Energy Solutions SE
• Mitsubishi Hitachi Power Systems, Ltd.
• Opra Turbines B.V.
• Siemens
• UEC Saturn
• Wärtsilä
• Zorya-Mashproekt.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders validation, and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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