What is Global Industrial Gas Turbines Market?
The Global Industrial Gas Turbines Market is a vast and dynamic sector that encompasses a wide range of applications and technologies. These turbines, which are essentially engines that generate power by burning gas, are used in various industries worldwide. The market's global reach is reflected in its value, which was estimated at US$ 13020 million in 2022. This figure is expected to rise to US$ 15370 million by 2029, indicating a steady Compound Annual Growth Rate (CAGR) of 2.4% from 2023 to 2029. This growth is driven by the increasing demand for clean and efficient power generation methods, as well as the need for reliable and cost-effective solutions in the oil and gas industry.
Less Than 20MW, More Than 20MW in the Global Industrial Gas Turbines Market:
The Global Industrial Gas Turbines Market is segmented based on the power output of the turbines. The two main segments are Less Than 20MW and More Than 20MW. The Less Than 20MW segment holds the majority share of the market, accounting for about 70% of the total. These turbines are typically used in small to medium-sized industries and power plants, where their compact size and efficiency make them an ideal choice. On the other hand, the More Than 20MW turbines are used in larger industries and power plants, where the demand for power is much higher. Despite their smaller market share, these turbines play a crucial role in the overall market due to their high power output and efficiency.
Power Generation, Oil and Gas, Other in the Global Industrial Gas Turbines Market:
The Global Industrial Gas Turbines Market finds its applications in various sectors, including Power Generation, Oil and Gas, and others. In the Power Generation sector, these turbines are used to generate electricity for both industrial and residential use. Their high efficiency and low emissions make them a preferred choice for power generation. In the Oil and Gas sector, these turbines are used for various purposes, including pumping and compression. They are also used in other sectors, such as manufacturing and transportation, where they provide a reliable and efficient power source.
Global Industrial Gas Turbines Market Outlook:
The outlook for the Global Industrial Gas Turbines Market is positive, with steady growth expected in the coming years. The market, which was valued at US$ 13020 million in 2022, is projected to reach US$ 15370 million by 2029. This represents a CAGR of 2.4% during the forecast period from 2023 to 2029. The market is dominated by the top three manufacturers, who collectively hold a share of over 70%. The largest product segment in the market is the Less Than 20MW turbines, which account for about 70% of the total market. This dominance is due to their wide range of applications and high efficiency.
| Report Metric | Details |
| Report Name | Industrial Gas Turbines Market |
| Accounted market size in 2022 | US$ 13020 in million |
| Forecasted market size in 2029 | US$ 15370 million |
| CAGR | 2.4% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | GE, Siemens, MHPS, Ansaldo, Kawasaki, Solar Turbines, MAN Energy, BHEL |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
