Industrial Gas Turbine Market to reach $17.3 Billion by 2030; Growing demand for clean energy, expansion of the oil and gas sector, increasing adoption of cogeneration systems, advancements in gas turbine technology, supportive government policies ar

The Industrial Gas Turbine Market size is estimated to reach $17.3 Billion by 2030, growing at a CAGR of 7.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Industrial Gas Turbine Market – By Fuel Type (Natural Gas, Diesel, Others), By Capacity (1–10 MW, 10–40 MW, 40–100 MW, 100–150 MW, 150–300 MW, Above 300 MW), By Technology (Open-Cycle Gas Turbines (OCGT), Combined-Cycle Gas Turbines (CCGT)), By Type (Heavy-Duty Gas Turbines, Aeroderivative Gas Turbines), By End-Use Industry (Industrial, Oil & Gas, Power Producer, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

The need for clean energy is increasing, and as a result, industrial gas turbines are being increasingly adopted. Efficiency focused turbine deployments are being driven by rising adoption of cogeneration systems. With the expansion of the oil & gas sector the demand for reliable power solutions is growing. Gas turbine technology is advancing with improved performance and decreased emissions. Higher energy demands are being created by rapid urbanization and industrialization. Investments in gas turbine-based energy projects are being encouraged by supportive government policies.

North America accounted for the largest share of 35% of the Industrial Gas Turbine Market in 2023. North America leads the industrial gas turbines market due to its advanced infrastructure and significant investments in natural gas-fired power generation. According to the U.S. Energy Information Administration (EIA), the United States successfully added 8.6 gigawatts (GW) of gas-fired capacity in 2023, including contributions from both combined-cycle gas turbines (CCGT) and simple-cycle gas turbines (SCGT). In 2022 and 2023, 13 new CCGT plants with a combined capacity of 12.4 GW came online, with 5.8 GW in Florida and Michigan, two states that depend heavily on natural gas power. Furthermore, 14 SCGT plants with a capacity of 1.9 GW were brought on line, more than half of which were located in Texas to meet its high daily peak electricity demand. In the future, 20 more gas fired power plants are planned to be built by 2025 adding 7.7 GW of capacity. The deployment of this scale clearly indicates North America’s pre-eminence in the industrial gas turbine industry.

Increase in the adoption of cogeneration systems is one of the key factors promoting the industrial gas turbine market, as it offers better energy efficiency and supports the sustainability goals as well. For example, an Amiral cogeneration plant in Saudi Arabia, announced in March 2024, is projected to be functional by 2027. This facility is an advanced combined cycle gas turbine facility designed to produce 475 MW of electricity and 452 tons of steam per hour. This project, developed in collaboration between TAQA, JERA and SATORP, is a demonstration of the industry's move towards more efficient energy solutions with lower environmental impact. Prime Minister Hristijan Mickoski revealed plans in November to construct gas-fired cogeneration plants in North Macedonia, also in order to attract investments and use natural gas from Azerbaijan. Industrial gas turbines are seeing increased demand, as cogeneration systems seek to reduce waste, emissions, and bring their carbon neutrality targets in line. 

A major driver for the industrial gas turbine market is technological advancements which greatly improve the efficiency, versatility and sustainability of such systems. Fuel flexibility innovations have enabled the use of a wider range of fuels, including low-heating value fuels and hydrogen, which is being developed as a next generation clean fuel. Kawasaki Heavy Industries states that its gas turbines, which can operate in highly efficient cogeneration systems, reduce energy costs while at the same time helping to preserve the global environment by utilizing fuels that were previously discarded. In addition, dual fuel systems enable the turbines to change over from one fuel type to another (e.g., natural gas to liquid fuel) without interruption. In particular, this feature is necessary for applications that need both baseload and standby capabilities and continuous power supply in case of an emergency. These turbines integrate advanced combustion technologies such as DLE (Dry Low Emissions) thereby achieving reduced NOx emissions with high efficiency. Such advancements are leading the market growth by providing sustainable, and dependable solutions for meeting the evolving energy demands. 

Key companies profiled in the Industrial Gas Turbine Market are Siemens Ltd, GE Vernova, Mitsubishi Hitachi Power Systems, Vericor Power Systems LLC, Solar Turbines Incorporated, Ansaldo Energia S.p.A, MTU Aero Engines, Bomco Inc, BHEL, Kawasaki Heavy Industries, Ltd. and others.

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