Industrial Gas Turbine Market Introduction 

An industrial gas turbine is a type of turbine that is used to convert the energy generated from the combustion of a fuel, such as natural gas, diesel, or biofuels, into mechanical energy. This mechanical energy can then be used to drive generators or other machinery. Industrial gas turbines are widely used in a variety of industries, including power generation, oil and gas, aviation, and marine.The global industrial gas turbine market has been growing significantly in recent years, driven by factors such as increasing demand for energy, growing investment in the oil and gas sector, and technological advancements in gas turbine technology. Additionally, the increasing focus on reducing carbon emissions and increasing the use of renewable energy sources is expected to drive the demand for industrial gas turbines in the coming years.The market is segmented based on type, capacity, technology, application, and region. Based on type, the market is segmented into heavy-duty gas turbines and aeroderivative gas turbines. Based on capacity, the market is segmented into less than 40 MW, 40-120 MW, and more than 120 MW. Based on technology, the market is segmented into open cycle and combined cycle. Based on application, the market is segmented into power generation, oil and gas, aviation, and marine.North America is expected to dominate the market, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to witness significant growth, driven by increasing industrialization and infrastructure development in countries such as China and India.Overall, the industrial gas turbine market is expected to witness significant growth in the coming years, driven by factors such as increasing demand for energy, growing investment in the oil and gas sector, and technological advancements in gas turbine technology.

Industrial Gas Turbine Market Size

The global industrial gas turbine market size was valued at USD 10.8 billion in 2020 and is projected to reach USD 17.3 billion by 2025, at a CAGR of 9.9% during the forecast period.The heavy-duty gas turbine segment accounted for the largest share of the market in 2020, owing to its high efficiency and ability to operate at high temperatures and pressures. The less than 40 MW capacity segment dominated the market in 2020, owing to its widespread use in various industries such as power generation, oil and gas, and aviation.North America dominated the market in 2020, with the US being the largest contributor to the market growth in the region. This can be attributed to the presence of major industrial gas turbine manufacturers, such as General Electric, Siemens, and Mitsubishi Hitachi Power Systems, in the region.The Asia-Pacific region is expected to witness significant growth during the forecast period, driven by increasing industrialization and infrastructure development in countries such as China and India. Additionally, the growing demand for energy and increasing investment in the oil and gas sector in the region are also expected to drive the growth of the market in the region.Overall, the industrial gas turbine market is expected to witness steady growth in the coming years, driven by increasing demand for energy and infrastructure development in emerging economies, growing investment in the oil and gas sector, and technological advancements in gas turbine technology.

Industrial Gas Turbine Market Share

The global industrial gas turbine market is highly competitive, with several key players operating in the market. Some of the leading companies in the market include General Electric, Siemens AG, Mitsubishi Hitachi Power Systems, Ansaldo Energia, Kawasaki Heavy Industries, Harbin Electric, BHEL, MAN Energy Solutions, and Capstone Turbine Corporation.General Electric held the largest market share in the industrial gas turbine market in 2020, owing to its strong presence in the market and extensive product portfolio. The company offers a wide range of gas turbines, including heavy-duty gas turbines and aeroderivative gas turbines, for various applications such as power generation, oil and gas, and aviation.Siemens AG and Mitsubishi Hitachi Power Systems are also significant players in the market, with a strong presence in the power generation sector. Other players such as Ansaldo Energia, Kawasaki Heavy Industries, and BHEL are also expanding their presence in the market by offering advanced gas turbine technologies and expanding their product portfolios.In terms of region, North America dominated the market in 2020, followed by Europe and Asia-Pacific. The presence of major industrial gas turbine manufacturers and increasing investment in the oil and gas sector in North America have contributed to the region's dominant market share. However, the Asia-Pacific region is expected to witness significant growth during the forecast period, driven by increasing industrialization and infrastructure development in countries such as China and India.

Industrial Gas Turbine Market Trends

There are several notable trends in the industrial gas turbine market:

Adoption of advanced technologies: The industrial gas turbine market is witnessing the adoption of advanced technologies, such as additive manufacturing, advanced sensors, and predictive maintenance, to enhance the performance and efficiency of gas turbines. These technologies are helping manufacturers to optimize the design and performance of gas turbines, reduce maintenance costs, and improve the reliability and safety of turbines.

Increased demand for renewable energy: The increasing demand for renewable energy is driving the adoption of gas turbines for power generation from renewable sources such as biogas and hydrogen. Gas turbines are being used as a flexible and reliable backup power source for renewable energy systems, enabling smooth integration of renewable energy into the grid.

Focus on reducing emissions: The industrial gas turbine market is witnessing a growing focus on reducing emissions and improving the environmental performance of gas turbines. Manufacturers are investing in the development of gas turbines with lower emissions, such as hydrogen-fueled gas turbines, to meet the increasing demand for cleaner energy solutions.

Growth in the oil and gas sector: The industrial gas turbine market is driven by the growth of the oil and gas sector, which is a major end-user of gas turbines. Increasing investment in the exploration and production of oil and gas, particularly in emerging economies such as China, India, and Brazil, is expected to drive the growth of the industrial gas turbine market in the coming years.

Shift towards decentralized power generation: The shift towards decentralized power generation, where power is generated at or near the point of consumption, is driving the adoption of gas turbines in various industries. Gas turbines offer a flexible and efficient solution for decentralized power generation, enabling industries to meet their energy needs while reducing their reliance on grid power.

Industrial Gas Turbine Market Driving Factors

The industrial gas turbine market is driven by several factors, including:

Growing demand for electricity: The increasing global demand for electricity, driven by rapid urbanization and industrialization, is a key driver of the industrial gas turbine market. Gas turbines are used to generate electricity for various applications, including power generation, oil and gas, and industrial manufacturing.

Rise in investments in the energy sector: The growing investments in the energy sector, particularly in developing countries, are driving the demand for industrial gas turbines. Governments and private companies are investing in the development of new power plants, expansion of existing power plants, and adoption of cleaner energy sources, which is expected to drive the growth of the industrial gas turbine market.

Need for reliable and efficient power generation: The industrial gas turbine market is driven by the need for reliable and efficient power generation solutions. Gas turbines are known for their high efficiency, low emissions, and fast start-up times, making them an attractive option for power generation applications.

Expansion of the oil and gas industry: The expansion of the oil and gas industry is driving the demand for gas turbines, which are used to power various equipment such as compressors, pumps, and generators. The growth of the shale gas industry in North America and the increasing investment in offshore oil and gas exploration are expected to drive the growth of the industrial gas turbine market.

Technological advancements: The industrial gas turbine market is driven by technological advancements, including the development of advanced materials, sensors, and control systems. These advancements are enabling manufacturers to develop more efficient, reliable, and cost-effective gas turbines, which is expected to drive the growth of the industrial gas turbine market.

Industrial Gas Turbine Market Regional Analysis

The industrial gas turbine market can be analyzed based on regional segmentation, which includes North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America: The North American market is driven by the growth of the oil and gas industry and the increasing demand for electricity. The United States is the largest market in the region, accounting for a significant share of the global market. The shale gas boom in the United States has led to a significant increase in the demand for gas turbines in the region.

Europe: The European market is driven by the increasing demand for cleaner energy sources and the need to replace aging power plants. The region is home to some of the world's leading gas turbine manufacturers, including Siemens and General Electric. Germany and the United Kingdom are the largest markets in the region.

Asia Pacific: The Asia Pacific market is the largest and fastest-growing market for industrial gas turbines, driven by the growing demand for electricity in emerging economies such as China and India. The region is also witnessing significant investments in the energy sector, particularly in the development of renewable energy sources.

Middle East & Africa: The Middle East & Africa market is driven by the growth of the oil and gas industry and the increasing demand for electricity. The region is home to some of the world's largest oil and gas producers, which is driving the demand for gas turbines in the region.

South America: The South American market is driven by the growth of the oil and gas industry and the increasing demand for electricity. Brazil is the largest market in the region, driven by the growing investments in the energy sector and the need to replace aging power plants.

Industrial Gas Turbine Market Forecasts 2030 

The global industrial gas turbine market is expected to grow at a significant rate and reach USD 13.6 billion by 2030, registering a CAGR of 3.9% from 2021 to 2030. The increasing demand for electricity, growing investments in the energy sector, and the need for reliable and efficient power generation are the key factors driving the growth of the industrial gas turbine market.The Asia Pacific region is expected to dominate the market during the forecast period, driven by the growing demand for electricity in emerging economies such as China and India. The region is also witnessing significant investments in the energy sector, particularly in the development of renewable energy sources, which is expected to drive the growth of the industrial gas turbine market.North America and Europe are also expected to witness significant growth during the forecast period, driven by the need to replace aging power plants and the increasing demand for cleaner energy sources. The Middle East & Africa and South America are also expected to witness moderate growth during the forecast period, driven by the growth of the oil and gas industry and the increasing demand for electricity.The power generation segment is expected to dominate the market during the forecast period, driven by the increasing demand for electricity and the need for reliable and efficient power generation solutions. The oil and gas segment is also expected to witness significant growth during the forecast period, driven by the expansion of the oil and gas industry and the increasing demand for gas turbines to power various equipment.Overall, the industrial gas turbine market is expected to witness significant growth during the forecast period, driven by the growing demand for electricity, increasing investments in the energy sector, and the need for reliable and efficient power generation solutions.

Industrial Gas Turbine Market Key Industry Players

Some of the key players operating in the global industrial gas turbine market include:

General Electric

Siemens AG

Mitsubishi Hitachi Power Systems, Ltd.

Kawasaki Heavy Industries, Ltd.

Ansaldo Energia

Solar Turbines Incorporated

Bharat Heavy Electricals Limited

MAN Energy Solutions SE

Capstone Turbine Corporation

NPO Saturn

These companies are focusing on research and development activities to develop advanced gas turbine technologies to meet the increasing demand for reliable and efficient power generation solutions. They are also adopting various growth strategies, such as partnerships, collaborations, mergers and acquisitions, and product launches, to expand their market presence and strengthen their position in the global market.