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Industrial Gas Turbine Market – By Fuel Type , By Capacity , By Technology , By Type , By End-Use Industry , By Geography - Opportunity Analysis & Industry Forecast, 2024-2030
Industrial Gas Turbine Market Overview:
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. Industrial gas turbines are machines which convert the chemical energy stored in fuel into mechanical energy, and are used mainly for power generation and industrial uses. Demand for clean energy is growing and the turbines are running on natural gas, which emits fewer pollutants. Cogeneration systems are adopted to increase the adoption of turbines for efficient production of electricity and heat. Their use in powering compressors and pumps is boosted by expansion in the oil and gas sector. Turbine efficiency and reliability improve with technology, and urbanization and industrialization continue increasing stable energy demand. Cleaner energy policies supported by the government also drive the market.
Hydrogen as a fuel and high efficiency turbines are two key trends in the industrial gas turbines market. For example, the construction of a 600 MW hydrogen ready Combined Cycle Gas Turbine (CCGT) power plant at Pulau Seraya Power Station in Singapore commenced by YTL PowerSeraya with completion scheduled for December 2027, highlighting the growing use of Hydrogen as a fuel. Moreover, GE Vernova turbines, designed to handle 50 % hydrogen are being used in the project, which will cost $5.97 billion, in line with Singapore’s National Hydrogen Strategy to diversify its energy mix and meet net zero goals by 2050. In the meantime, advanced turbines like Mitsubishi Power’s JAC-Series are being developed with air cooled combustor technology that performs over 63% efficiency in combined cycle operation. The market is increasingly focused on energy solutions that are sustainable and high performance.
Market Snapshot:
Industrial Gas Turbine Market - Report Coverage:
The “Industrial Gas Turbine Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Industrial Gas Turbine Market.
| Attribute | Segment |
|---|---|
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By Fuel Type |
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By Capacity |
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By Technology |
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By Type |
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By End User Industry |
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By Geography |
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COVID-19 / Ukraine Crisis - Impact Analysis:
- The industrial gas turbine market was significantly impacted by the COVID 19 pandemic, through a reduction in global energy demand. Gas demand in the U.S. power generation sector stagnated as utilities moved to renewables and retail integration. Small U.S. gas producers saw their financial conditions deteriorate further, with profitability, liquidity and refinancing capacity being squeezed. Despite the phasing out of coal and nuclear energy in Europe, the Green Deal limited long term natural gas support, creating uncertainty about its future role.
- The Russia Ukraine war added to the woes of the industrial gas turbine market by interrupting global supply chain and shifting the technological requirements. Sanctions against Russia caused European gas producers to seek new markets in Asia, and to pay more attention to green energy solutions.
Key Takeaways:
North America is the Leading Region
North America is projected as the leading region in Industrial Gas Turbine Market with market share of 35% during the period of 2023. North America stands as the largest region in the industrial gas turbine market primarily due to the extensive adoption of advanced energy solutions like cogeneration systems. As per the Architect of the Capitol (AOC), cogeneration is the best way to accomplish significant energy savings, minimise environmental impact and guarantee a dependable supply of chilled water and steam for crucial facilities like the U.S. Capitol and the Supreme Court. This technology, which produces electricity and heat simultaneously from a single natural gas source, has more than 4,400 cogeneration facilities across the United States. Moreover, North America's abundance of shale gas resources facilitates the coal to natural gas-based power generation, consistent with both economic and environmental goals. In addition, cogeneration complies with government and industrial demands to decrease greenhouse gas emissions and encourage green energy approaches.
Oil & Gas Dominate the Market
The industrial gas turbine market is dominated by the Oil & Gas sector, in terms of end use industry, because of its high usage of gas turbines in upstream, midstream and downstream applications. As per Siemens, gas turbines are used for power generation and mechanical drive operations such as compressors and pumps. These have been consistently demonstrated to be of exceptional reliability in critical applications such as oil and gas production and processing, pipeline transportation, LNG facilities and refineries. With natural gas becoming more important to the global energy mix, demand for gas turbines in oil and gas applications is expected to remain strong. By 2050, oil and natural gas will continue to play a vital role in industry, providing the high heat required for manufacturing processes and serving as key feedstocks for chemical production, as noted by Exxon Mobil. The indispensability of these turbines to the sector is due to their ability to provide efficient and reliable energy solutions for refining, pipeline transportation and LNG production. Gas turbine performance and adaptability are proven and are a key to the ability of this important industry to sustain operations and meet energy demands.
Aeroderivative Gas Turbines Show Fastest Growth
With their unmatched adaptability, efficiency and operational advantages, aeroderivative gas turbines are the fastest growing segment of the industrial gas turbine market. According to GE Vernova, these turbines deliver unparalleled environmental advantages, generating low emissions that support global decarbonization efforts. They are compact, modular and can be installed in as little as three months, with applications in industries that require fast deployment. Aeroderivatives are characterised by operational flexibility and the capacity to meet variable loads without sacrificing fuel economy. Features such as easy mobilisation reduce the transportation and reallocation costs, while their lightweight frame and smaller energy footprint allows them to be installed in space constrained environments. So, they work with different kinds of fuel like natural gas, diesel and ethanol contributing to reduce the operational expense. They have high reliability, over 98% availability and limited maintenance requirements, once a year, which makes them a cost-effective solution for peak power and emergency applications. For instance, the Whyalla hydrogen power plant will deliver 200 MW using GE Vernova's 100% hydrogen-fueled turbines, enhancing grid stability and supporting renewable energy integration. This power plant is set to operate by 2026. This project underscores the pivotal role of aeroderivative gas turbines in accelerating the transition to a renewable energy future while maintaining grid reliability.
Rising Demand for Clean Energy Drives the Market
One of the major drivers for the growth of the Industrial Gas Turbines Market is the escalating demand for clean energy as governments and industries focus on cutting greenhouse gas emissions and shifting to renewable energy. In 2022, renewable energy comprised 22.5% of the EU's final energy consumption, and the EU's greenhouse gas emissions were down 30% compared with 1990 levels, according to the European Energy Agency. The European Green Deal and REPowerEU Plan push for rapid growth of renewables and a new target of 45% renewables by 2030. This transition is supported by industrial gas turbines providing a reliable and consistent energy supply at times of fluctuating renewable generation, and maintaining grid stability. Industrial gas turbines are key to meeting the challenge of balancing rising energy demands while pushing the industry towards climate neutrality by 2050, as nations around the globe strive to achieve this goal.
Thermal Stress to Hamper the Growth
In the Industrial Gas Turbines Market, one of the main challenges is the very high temperatures that are created during operation, particularly in combined cycle power plants. Thermal stress and material/component life are reduced due to the combination chambers operating at temperatures up to 1700°C. In regions with high ambient temperature, turbine efficiency and power output are reduced even further, as per ARANER. For example, the same gas turbine will produce about 15% more electricity at 0°C ambient temperature than at 30°C. The importance of this reduction in performance during peak power demand periods is also highlighted during high ambient temperatures, such as during summer cooling demand. The costs and operation of these systems are driven up and complicated by the effort and design considerations necessary to overcome these challenges.
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Industrial Gas Turbine Market. The top 10 companies in this industry are listed below:
- Siemens Ltd
- GE Vernova
- Mitsubishi Hitachi Power Systems
- Kawasaki Heavy Industries, Ltd.
- Bharat Heavy Electricals Ltd. (BHEL)
- Vericor Power Systems Llc
- Solar Turbines Incorporated
- Ansaldo Energia S.p.A
- MTU Aero engines
- Bomco Inc
Scope of the Report:
| Report Metric | Details |
|---|---|
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Base Year Considered |
2023 |
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Forecast Period |
2024–2030 |
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CAGR |
7.6% |
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Market Size in 2030 |
$17.3 billion |
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Segments Covered |
By Fuel Type, By Capacity, By Technology, By Type, By End User Industry, By Geography. |
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Geographies Covered |
North America (U.S., Canada, Mexico), South America (Brazil, Argentina, Rest of South America), Europe (U.K., Germany, Italy, France, Netherlands, Norway, Spain, Sweden, Rest of Europe), APAC (China, Australia, Japan, South Korea, India, Taiwan, Singapore, Rest of APAC), Rest of the World (Middle East, Africa) |
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Key Market Players |
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List of Tables:
Table 1: Industrial Gas Turbine Market Overview 2023-2030
Table 2: Industrial Gas Turbine Market Leader Analysis 2023-2030 (US$)
Table 3: Industrial Gas Turbine Market Product Analysis 2023-2030 (US$)
Table 4: Industrial Gas Turbine Market End User Analysis 2023-2030 (US$)
Table 5: Industrial Gas Turbine Market Patent Analysis 2013-2023* (US$)
Table 6: Industrial Gas Turbine Market Financial Analysis 2023-2030 (US$)
Table 7: Industrial Gas Turbine Market Driver Analysis 2023-2030 (US$)
Table 8: Industrial Gas Turbine Market Challenges Analysis 2023-2030 (US$)
Table 9: Industrial Gas Turbine Market Constraint Analysis 2023-2030 (US$)
Table 10: Industrial Gas Turbine Market Supplier Bargaining Power Analysis 2023-2030 (US$)
Table 11: Industrial Gas Turbine Market Buyer Bargaining Power Analysis 2023-2030 (US$)
Table 12: Industrial Gas Turbine Market Threat of Substitutes Analysis 2023-2030 (US$)
Table 13: Industrial Gas Turbine Market Threat of New Entrants Analysis 2023-2030 (US$)
Table 14: Industrial Gas Turbine Market Degree of Competition Analysis 2023-2030 (US$)
Table 15: Industrial Gas Turbine Market Value Chain Analysis 2023-2030 (US$)
Table 16: Industrial Gas Turbine Market Pricing Analysis 2023-2030 (US$)
Table 17: Industrial Gas Turbine Market Opportunities Analysis 2023-2030 (US$)
Table 18: Industrial Gas Turbine Market Product Life Cycle Analysis 2023-2030 (US$)
Table 19: Industrial Gas Turbine Market Supplier Analysis 2023-2030 (US$)
Table 20: Industrial Gas Turbine Market Distributor Analysis 2023-2030 (US$)
Table 21: Industrial Gas Turbine Market Trend Analysis 2023-2030 (US$)
Table 22: Industrial Gas Turbine Market Size 2023 (US$)
Table 23: Industrial Gas Turbine Market Forecast Analysis 2023-2030 (US$)
Table 24: Industrial Gas Turbine Market Sales Forecast Analysis 2023-2030 (Units)
Table 25: Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 26: Industrial Gas Turbine Market By End User Industry, Revenue & Volume, By Industrial, 2023-2030 ($)
Table 27: Industrial Gas Turbine Market By End User Industry, Revenue & Volume, By Oil & Gas, 2023-2030 ($)
Table 28: Industrial Gas Turbine Market By End User Industry, Revenue & Volume, By Power Producer, 2023-2030 ($)
Table 29: North America Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 30: South america Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 31: Europe Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 32: APAC Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 33: Middle East & Africa Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 34: Russia Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 35: Israel Industrial Gas Turbine Market, Revenue & Volume, By End User Industry, 2023-2030 ($)
Table 36: Top Companies 2023 (US$) Industrial Gas Turbine Market, Revenue & Volume
Table 37: Product Launch 2023-2030 Industrial Gas Turbine Market, Revenue & Volume
Table 38: Mergers & Acquistions 2023-2030 Industrial Gas Turbine Market, Revenue & Volume
List of Figures:
Figure 1: Overview of Industrial Gas Turbine Market 2023-2030
Figure 2: Market Share Analysis for Industrial Gas Turbine Market 2023 (US$)
Figure 3: Product Comparison in Industrial Gas Turbine Market 2023-2030 (US$)
Figure 4: End User Profile for Industrial Gas Turbine Market 2023-2030 (US$)
Figure 5: Patent Application and Grant in Industrial Gas Turbine Market 2013-2023* (US$)
Figure 6: Top 5 Companies Financial Analysis in Industrial Gas Turbine Market 2023-2030 (US$)
Figure 7: Market Entry Strategy in Industrial Gas Turbine Market 2023-2030
Figure 8: Ecosystem Analysis in Industrial Gas Turbine Market 2023
Figure 9: Average Selling Price in Industrial Gas Turbine Market 2023-2030
Figure 10: Top Opportunites in Industrial Gas Turbine Market 2023-2030
Figure 11: Market Life Cycle Analysis in Industrial Gas Turbine Market
Figure 12: GlobalBy End User Industry Industrial Gas Turbine Market Revenue, 2023-2030 ($)
Figure 13: Global Industrial Gas Turbine Market - By Geography
Figure 14: Global Industrial Gas Turbine Market Value & Volume, By Geography, 2023-2030 ($)
Figure 15: Global Industrial Gas Turbine Market CAGR, By Geography, 2023-2030 (%)
Figure 16: North America Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 17: US Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 18: US GDP and Population, 2023-2030 ($)
Figure 19: US GDP – Composition of 2023, By Sector of Origin
Figure 20: US Export and Import Value & Volume, 2023-2030 ($)
Figure 21: Canada Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 22: Canada GDP and Population, 2023-2030 ($)
Figure 23: Canada GDP – Composition of 2023, By Sector of Origin
Figure 24: Canada Export and Import Value & Volume, 2023-2030 ($)
Figure 25: Mexico Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 26: Mexico GDP and Population, 2023-2030 ($)
Figure 27: Mexico GDP – Composition of 2023, By Sector of Origin
Figure 28: Mexico Export and Import Value & Volume, 2023-2030 ($)
Figure 29: South America Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 30: Brazil Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 31: Brazil GDP and Population, 2023-2030 ($)
Figure 32: Brazil GDP – Composition of 2023, By Sector of Origin
Figure 33: Brazil Export and Import Value & Volume, 2023-2030 ($)
Figure 34: Venezuela Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 35: Venezuela GDP and Population, 2023-2030 ($)
Figure 36: Venezuela GDP – Composition of 2023, By Sector of Origin
Figure 37: Venezuela Export and Import Value & Volume, 2023-2030 ($)
Figure 38: Argentina Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 39: Argentina GDP and Population, 2023-2030 ($)
Figure 40: Argentina GDP – Composition of 2023, By Sector of Origin
Figure 41: Argentina Export and Import Value & Volume, 2023-2030 ($)
Figure 42: Ecuador Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 43: Ecuador GDP and Population, 2023-2030 ($)
Figure 44: Ecuador GDP – Composition of 2023, By Sector of Origin
Figure 45: Ecuador Export and Import Value & Volume, 2023-2030 ($)
Figure 46: Peru Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 47: Peru GDP and Population, 2023-2030 ($)
Figure 48: Peru GDP – Composition of 2023, By Sector of Origin
Figure 49: Peru Export and Import Value & Volume, 2023-2030 ($)
Figure 50: Colombia Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 51: Colombia GDP and Population, 2023-2030 ($)
Figure 52: Colombia GDP – Composition of 2023, By Sector of Origin
Figure 53: Colombia Export and Import Value & Volume, 2023-2030 ($)
Figure 54: Costa Rica Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 55: Costa Rica GDP and Population, 2023-2030 ($)
Figure 56: Costa Rica GDP – Composition of 2023, By Sector of Origin
Figure 57: Costa Rica Export and Import Value & Volume, 2023-2030 ($)
Figure 58: Europe Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 59: U.K Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 60: U.K GDP and Population, 2023-2030 ($)
Figure 61: U.K GDP – Composition of 2023, By Sector of Origin
Figure 62: U.K Export and Import Value & Volume, 2023-2030 ($)
Figure 63: Germany Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 64: Germany GDP and Population, 2023-2030 ($)
Figure 65: Germany GDP – Composition of 2023, By Sector of Origin
Figure 66: Germany Export and Import Value & Volume, 2023-2030 ($)
Figure 67: Italy Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 68: Italy GDP and Population, 2023-2030 ($)
Figure 69: Italy GDP – Composition of 2023, By Sector of Origin
Figure 70: Italy Export and Import Value & Volume, 2023-2030 ($)
Figure 71: France Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 72: France GDP and Population, 2023-2030 ($)
Figure 73: France GDP – Composition of 2023, By Sector of Origin
Figure 74: France Export and Import Value & Volume, 2023-2030 ($)
Figure 75: Netherlands Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 76: Netherlands GDP and Population, 2023-2030 ($)
Figure 77: Netherlands GDP – Composition of 2023, By Sector of Origin
Figure 78: Netherlands Export and Import Value & Volume, 2023-2030 ($)
Figure 79: Belgium Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 80: Belgium GDP and Population, 2023-2030 ($)
Figure 81: Belgium GDP – Composition of 2023, By Sector of Origin
Figure 82: Belgium Export and Import Value & Volume, 2023-2030 ($)
Figure 83: Spain Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 84: Spain GDP and Population, 2023-2030 ($)
Figure 85: Spain GDP – Composition of 2023, By Sector of Origin
Figure 86: Spain Export and Import Value & Volume, 2023-2030 ($)
Figure 87: Denmark Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 88: Denmark GDP and Population, 2023-2030 ($)
Figure 89: Denmark GDP – Composition of 2023, By Sector of Origin
Figure 90: Denmark Export and Import Value & Volume, 2023-2030 ($)
Figure 91: APAC Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 92: China Industrial Gas Turbine Market Value & Volume, 2023-2030
Figure 93: China GDP and Population, 2023-2030 ($)
Figure 94: China GDP – Composition of 2023, By Sector of Origin
Figure 95: China Export and Import Value & Volume, 2023-2030 ($) Industrial Gas Turbine Market China Export and Import Value & Volume, 2023-2030 ($)
Figure 96: Australia Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 97: Australia GDP and Population, 2023-2030 ($)
Figure 98: Australia GDP – Composition of 2023, By Sector of Origin
Figure 99: Australia Export and Import Value & Volume, 2023-2030 ($)
Figure 100: South Korea Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 101: South Korea GDP and Population, 2023-2030 ($)
Figure 102: South Korea GDP – Composition of 2023, By Sector of Origin
Figure 103: South Korea Export and Import Value & Volume, 2023-2030 ($)
Figure 104: India Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 105: India GDP and Population, 2023-2030 ($)
Figure 106: India GDP – Composition of 2023, By Sector of Origin
Figure 107: India Export and Import Value & Volume, 2023-2030 ($)
Figure 108: Taiwan Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 109: Taiwan GDP and Population, 2023-2030 ($)
Figure 110: Taiwan GDP – Composition of 2023, By Sector of Origin
Figure 111: Taiwan Export and Import Value & Volume, 2023-2030 ($)
Figure 112: Malaysia Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 113: Malaysia GDP and Population, 2023-2030 ($)
Figure 114: Malaysia GDP – Composition of 2023, By Sector of Origin
Figure 115: Malaysia Export and Import Value & Volume, 2023-2030 ($)
Figure 116: Hong Kong Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 117: Hong Kong GDP and Population, 2023-2030 ($)
Figure 118: Hong Kong GDP – Composition of 2023, By Sector of Origin
Figure 119: Hong Kong Export and Import Value & Volume, 2023-2030 ($)
Figure 120: Middle East & Africa Industrial Gas Turbine Market Middle East & Africa 3D Printing Market Value & Volume, 2023-2030 ($)
Figure 121: Russia Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 122: Russia GDP and Population, 2023-2030 ($)
Figure 123: Russia GDP – Composition of 2023, By Sector of Origin
Figure 124: Russia Export and Import Value & Volume, 2023-2030 ($)
Figure 125: Israel Industrial Gas Turbine Market Value & Volume, 2023-2030 ($)
Figure 126: Israel GDP and Population, 2023-2030 ($)
Figure 127: Israel GDP – Composition of 2023, By Sector of Origin
Figure 128: Israel Export and Import Value & Volume, 2023-2030 ($)
Figure 129: Entropy Share, By Strategies, 2023-2030* (%) Industrial Gas Turbine Market
Figure 130: Developments, 2023-2030* Industrial Gas Turbine Market
Figure 131: Company 1 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 132: Company 1 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 133: Company 1 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 134: Company 2 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 135: Company 2 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 136: Company 2 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 137: Company 3 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 138: Company 3 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 139: Company 3 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 140: Company 4 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 141: Company 4 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 142: Company 4 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 143: Company 5 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 144: Company 5 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 145: Company 5 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 146: Company 6 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 147: Company 6 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 148: Company 6 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 149: Company 7 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 150: Company 7 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 151: Company 7 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 152: Company 8 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 153: Company 8 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 154: Company 8 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 155: Company 9 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 156: Company 9 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 157: Company 9 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 158: Company 10 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 159: Company 10 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 160: Company 10 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 161: Company 11 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 162: Company 11 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 163: Company 11 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 164: Company 12 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 165: Company 12 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 166: Company 12 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 167: Company 13 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 168: Company 13 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 169: Company 13 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 170: Company 14 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 171: Company 14 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 172: Company 14 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
Figure 173: Company 15 Industrial Gas Turbine Market Net Revenue, By Years, 2023-2030* ($)
Figure 174: Company 15 Industrial Gas Turbine Market Net Revenue Share, By Business segments, 2023 (%)
Figure 175: Company 15 Industrial Gas Turbine Market Net Sales Share, By Geography, 2023 (%)
The Industrial Gas Turbine Market is projected to grow at 7.6% CAGR during the forecast period 2024-2030.
The Industrial Gas Turbine Market size is estimated to be $10.3 billion in 2023 and is projected to reach $17.3 billion by 2030
The leading players in the Industrial Gas Turbine Market are Siemens Ltd, GE Vernova, Mitsubishi Hitachi Power Systems, Kawasaki Heavy Industries, Ltd., BHEL and Others.
Integration of hydrogen as a fuel and development of high-efficiency turbines are some of the major Industrial Gas Turbine Market trends in the industry which will create growth opportunities for the market during the forecast period.
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 are the driving factors of the Industrial Gas Turbine market.