Industrial Gas Turbine Market Forecasts to 2030 - Global Analysis By Capacity (300+ MW, 150-300 MW, 100-150 MW, 40-100 MW, 30-40 MW, 20-30 MW, 15-20 MW, 10-15 MW, 7.5-10 MW, 5-7.5 MW, 2-5 MW and 1-2 MW), Cycle (Combined Cycle, Simple Cycle and Other Cycles), Sector, Technology and By Geography
Estimated Year Value (2023)
US $10.5 BN
Projected Year Value (2030)
US $17.7 BN
CAGR (2023 - 2030)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Industrial Gas Turbine Market is accounted for $10.5 billion in 2023 and is expected to reach $17.7 billion by 2030 growing at a CAGR of 7.8% during the forecast period. An industrial gas turbine is a type of combustion engine that produces mechanical energy from fuels such as natural gas or liquid fuels. This mechanical energy is used to power an integrated generator, which generates electricity. Traditional gas-fired and oil-fired steam power plants have been phased out in exchange for more efficient combined-cycle power plants that use gas turbines to burn gas or oil.
According to the International Energy Agency (IEA), the global electricity demand soared by 6% in 2021 as compared to the previous year. Owing to the higher energy usage, advanced control and monitoring systems are extensively integrated within existing energy channels for enhancing efficiency and performance.
Broader scope in emerging economies
The rise of industrial centers and rising FDI in all major manufacturing sectors across emerging nations such as China, India, Brazil, and Southeast Asian countries are expected to generate attractive growth possibilities for this market over the forecast period. Various international developers that are interested in establishing enterprises through FDI incentive schemes are focusing on emerging economies. This will indirectly strengthen the country's economy and accelerate industrialization. To attract investments and promote expansion, countries such as the United States and many Asian countries have modified and reformed their manufacturing rules and procedures.
Natural gas price volatility
Natural gas prices are affected by actions that potentially disrupt the natural gas supply. Geopolitical tensions are a disruptive element that creates uncertainty about gas availability and demand. This may result in increased volatility in 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 have large natural gas reserves. Because of political and cultural difficulties, it is a highly volatile region.
Increased focus on self-generated power generation
Product installation will be aided by the constant growth of manufacturing units to fulfill the rising demand for produced goods. The growing desire for self-regulating power generation systems will promote the adoption of gas turbines. Governments throughout the world are pursuing ambitious strategies for integrating renewable energy sources into the energy mix. Several funds and investments in renewable energy have been announced, supporting the demand for more power generation.
A shift toward renewable energy
According to the June 2017 BP Statistical Review of World Energy, total worldwide natural gas reserves are 186.6 trillion cubic meters, enough to last for 55 years based on present consumption rates. If the United States starts to export natural gas to international markets, the reserve-to-production ratio will decrease dramatically. Despite the fact that coal output and consumption are substantially higher in Asia Pacific's fast-growing nations, the worldwide supply of natural gas is only enough to endure for half the period. Solar and wind power plants provide clean energy. Renewable energy investment is projected to have an impact on coal-fired power facilities. As a result, the market for industrial gas turbines faces difficulty due to limited natural gas sources.
COVID-19's global impact has been unprecedented and unexpected, with the industrial gas turbine industry experiencing a negative demand shock across all areas as a result of the pandemic. The power sector is one of the most severely hit, and the lockdowns have only exacerbated the pandemic's negative impact. The lack of human resources as a result of the shutdown has caused delays in power development. The shutdown created supply chain difficulties as well as project funding issues.
The 150–300 MW segment is expected to be the largest during the forecast period
The 150–300 MW segment dominated the global industrial gas turbine market share and is expected to hold the largest share over the forecast period. These high-capacity turbines are primarily used in the power generation industry and aid in the reduction of GHG emissions. However, as the trend in power generation continues to lower GHG emissions, mostly for environmental reasons, the 150–300 MW has steadily obtained a significant market share in the sector.
The heavy duty segment is expected to have the highest CAGR during the forecast period
Heavy duty segment commanded the highest CAGR during the projection period due to the increasing number of manufacturing units, together with the integration of large-scale industrial zones throughout developing nations, which resulted in an adequate commercial platform. Additionally, the integration of captive-producing power plants to service the electrical demand of industrial enterprises would boost the heavy-duty category.
Region with largest share:
Due to a rise in energy demand and natural gas usage in the region, the Asia-Pacific region is expected to have the largest proportion throughout the anticipated period. In the region, there has been significant growth in the usage of gas for power generation and transportation, with the aim of reducing greenhouse gas emissions. Furthermore, the region's market expansion may be attributed to various factors, including rapid industrialization, increased energy demand, and rising demand for clean energy technology.
Region with highest CAGR:
The Asia-Pacific region is projected to have lucrative growth throughout the extrapolated period as it heavily relies on coal for power generation. Coal combustion contributes significantly to air pollution. Government measures to minimize carbon emissions have led to the use of gas turbines in nations such as Japan, China, Australia, South Korea, India, and others. Moreover, China's gas demand increased from essentially 336.6 BCM in 2020 to around 378.7 BCM in 2021, with much of the demand coming from the industrial and transportation sectors.
Key players in the market
Some of the key players in Industrial Gas Turbine market include Ansaldo Energia SpA , Baker Hughes Company, Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Industries Ltd, Cummins Inc, Doosan Heavy Industries & Construction Co Ltd, Dresser-Rand Group Inc, General Electric Company, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd, Man Diesel and Turbo SE, MAN Energy Solutions, Mitsubishi Heavy Industries Ltd, Mitsubishi Hitachi Power Systems Ltd., MTU Aero Engines AG/Vericor Power Systems LLC, Nanjing Turbine & Electric Machinery (Group) Co., Ltd, Niigata Power Systems Co Ltd, OPRA Turbines BV, Siemens AG, Siemens Energy, Solar Turbines, Turboden S.p.A., UEC-Saturn and Wärtsilä Corporation.
In October 2022, GE Gas Power and NTPC signed a Memorandum of Understanding (MoU) for the viability of demonstrating hydrogen co-firing mixed with natural gas in GE's 9E gas turbines. Under this collaboration, they will explore the ways to reduce CO2 emissions from the Kawa gas power plant and future deployment at scale across NTPC's installed units in India.
In September 2022, Mitsubishi Power, a power solutions company of Mitsubishi Heavy Industries, Ltd. (MHI), has reached 8,000 total Actual Operating Hours (AOH) for the M701JAC gas turbine. One of Thailand's largest Independent Power Producers (IPPs), Gulf Energy Development Public Company Limited, and Mitsui & Co., Ltd. formed a joint venture, and Gulf Energy Development Public Company Limited installed the subject gas turbine unit for a gas turbine combined cycle power generation system used in that venture.
• 300+ MW
• 150-300 MW
• 100-150 MW
• 40-100 MW
• 30-40 MW
• 20-30 MW
• 15-20 MW
• 10-15 MW
• 7.5-10 MW
• 5-7.5 MW
• 2-5 MW
• 1-2 MW
• Combined Cycle
• Simple Cycle
• Other Cycles
• Oil & Gas
• Power Utilities
• Other Sectors
• Light Industrial
• Heavy Duty
• Other Technologies
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
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- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Technology Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Industrial Gas Turbine Market, By Capacity
5.2 300+ MW
5.3 150-300 MW
5.4 100-150 MW
5.5 40-100 MW
5.6 30-40 MW
5.7 20-30 MW
5.8 15-20 MW
5.9 10-15 MW
5.10 7.5-10 MW
5.11 5-7.5 MW
5.12 2-5 MW
5.13 1-2 MW
6 Global Industrial Gas Turbine Market, By Cycle
6.2 Combined Cycle
6.3 Simple Cycle
6.4 Other Cycles
7 Global Industrial Gas Turbine Market, By Sector
7.3 Oil & Gas
7.4 Power Utilities
7.5 Other Sectors
8 Global Industrial Gas Turbine Market, By Technology
8.3 Light Industrial
8.4 Heavy Duty
8.5 Other Technologies
9 Global Industrial Gas Turbine Market, By Geography
9.2 North America
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.5 Other Key Strategies
11 Company Profiling
11.1 Ansaldo Energia SpA
11.2 Baker Hughes Company
11.3 Bharat Heavy Electricals Limited
11.4 Capstone Green Energy Corporation
11.5 Centrax Industries Ltd
11.6 Cummins Inc
11.7 Doosan Heavy Industries & Construction Co Ltd
11.8 Dresser-Rand Group Inc
11.9 General Electric Company
11.10 Harbin Electric International Company Limited
11.11 Kawasaki Heavy Industries Ltd
11.12 Man Diesel and Turbo SE
11.13 MAN Energy Solutions
11.14 Mitsubishi Heavy Industries Ltd
11.15 Mitsubishi Hitachi Power Systems Ltd.
11.16 MTU Aero Engines AG/Vericor Power Systems LLC
11.17 Nanjing Turbine & Electric Machinery (Group) Co., Ltd
11.18 Niigata Power Systems Co Ltd
11.19 OPRA Turbines BV
11.20 Siemens AG
11.21 Siemens Energy
11.22 Solar Turbines
11.23 Turboden S.p.A.
11.25 Wärtsilä Corporation
List of Tables
1 Global Industrial Gas Turbine Market Outlook, By Region (2021-2030) ($MN)
2 Global Industrial Gas Turbine Market Outlook, By Capacity (2021-2030) ($MN)
3 Global Industrial Gas Turbine Market Outlook, By 300+ MW (2021-2030) ($MN)
4 Global Industrial Gas Turbine Market Outlook, By 150-300 MW (2021-2030) ($MN)
5 Global Industrial Gas Turbine Market Outlook, By 100-150 MW (2021-2030) ($MN)
6 Global Industrial Gas Turbine Market Outlook, By 40-100 MW (2021-2030) ($MN)
7 Global Industrial Gas Turbine Market Outlook, By 30-40 MW (2021-2030) ($MN)
8 Global Industrial Gas Turbine Market Outlook, By 20-30 MW (2021-2030) ($MN)
9 Global Industrial Gas Turbine Market Outlook, By 15-20 MW (2021-2030) ($MN)
10 Global Industrial Gas Turbine Market Outlook, By 10-15 MW (2021-2030) ($MN)
11 Global Industrial Gas Turbine Market Outlook, By 7.5-10 MW (2021-2030) ($MN)
12 Global Industrial Gas Turbine Market Outlook, By 5-7.5 MW (2021-2030) ($MN)
13 Global Industrial Gas Turbine Market Outlook, By 2-5 MW (2021-2030) ($MN)
14 Global Industrial Gas Turbine Market Outlook, By 1-2 MW (2021-2030) ($MN)
15 Global Industrial Gas Turbine Market Outlook, By Cycle (2021-2030) ($MN)
16 Global Industrial Gas Turbine Market Outlook, By Combined Cycle (2021-2030) ($MN)
17 Global Industrial Gas Turbine Market Outlook, By Simple Cycle (2021-2030) ($MN)
18 Global Industrial Gas Turbine Market Outlook, By Other Cycles (2021-2030) ($MN)
19 Global Industrial Gas Turbine Market Outlook, By Sector (2021-2030) ($MN)
20 Global Industrial Gas Turbine Market Outlook, By Manufacturing (2021-2030) ($MN)
21 Global Industrial Gas Turbine Market Outlook, By Oil & Gas (2021-2030) ($MN)
22 Global Industrial Gas Turbine Market Outlook, By Power Utilities (2021-2030) ($MN)
23 Global Industrial Gas Turbine Market Outlook, By Other Sectors (2021-2030) ($MN)
24 Global Industrial Gas Turbine Market Outlook, By Technology (2021-2030) ($MN)
25 Global Industrial Gas Turbine Market Outlook, By Aeroderivative (2021-2030) ($MN)
26 Global Industrial Gas Turbine Market Outlook, By Light Industrial (2021-2030) ($MN)
27 Global Industrial Gas Turbine Market Outlook, By Heavy Duty (2021-2030) ($MN)
28 Global Industrial Gas Turbine Market Outlook, By Other Technologies (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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