Global Industrial Gas Turbine Market Size By Partitioning Capacity, By Applications, By Technology, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationGlobal Industrial Gas Turbine Market Size By Partitioning Capacity, By Applications, By Technology, By Geographic Scope And Forecast
Industrial Gas Turbine Market Size And Forecast
Industrial Gas Turbine Market size was valued at USD 18.6 Billion in 2023 and is projected to reach USD 29.5 Billion by 2030, growing at a CAGR of 4.2% during the forecast period 2024-2030.
Global Industrial Gas Turbine Market Drivers
The market drivers for the Industrial Gas Turbine Market can be influenced by various factors. These may include
- Growing Energy DemandAs a result of population expansion, urbanization, industrialization, and economic growth, there is an increasing demand for electricity globally, which necessitates the construction of new power plants. To satisfy the rising need for energy, industrial gas turbines offer a dependable and adaptable supply of electricity for use in commercial, residential, and industrial settings.
- Transition to Natural GasNatural gas, which is regarded as a cleaner and more environmentally friendly fuel than coal and oil, is frequently used to power industrial gas turbines. Adoption of gas turbine-based power production solutions is fueled by rising natural gas prices and availability as well as tighter environmental laws meant to cut greenhouse gas emissions.
- Flexibility and Quick Start-upDue to their quick start-up periods and operational flexibility, industrial gas turbines are a great choice for applications including grid stability, backup power generation, and peaking power plants that need to react quickly to changes in energy demand. Gas turbines offer grid stability and dependability because of their ability to swiftly ramp up or down to meet shifting load requirements.
- Efficiency ImprovementsEnhancements in Aerodynamics, Materials, Combustion Systems, and Control SystemsConstant progress in gas turbine technology results in increased performance and efficiency. High-efficiency gas turbines are desirable for power production applications because they maximize power output while lowering emissions, fuel consumption, and operating costs.
- Cogeneration and Combined Cycle PlantsWaste heat from gas turbine exhaust is collected and used to power steam turbines in combined cycle power plants, which frequently employ industrial gas turbines. Gas turbine-based combined cycle plants are an economically and environmentally sustainable solution for power generation because of their improved overall efficiency and energy use.
- Decentralized Power GenerationOpportunities for industrial gas turbines are created by the trend toward decentralized power generation, which is fueled by issues with energy security, grid stability, and the integration of renewable energy sources. Distributed energy systems based on gas turbines offer on-site power generation options for data centers, hospitals, commercial buildings, industrial sites, and distant areas.
- Industrial ApplicationsIn addition to producing electricity, industrial gas turbines are employed in a wide range of mechanical drive applications, such as compressors, pumps, and generators, in sectors including manufacturing, petrochemicals, oil and gas, and petrochemicals. Gas turbines boost productivity and operational efficiency by supplying dependable and effective mechanical power for industrial processes.
- Market Expansion in Developing RegionsThe need for industrial infrastructure and power is driven by the industrialization and economic growth that are seen in developing regions, especially in Asia-Pacific, the Middle East, and Africa. These regions’ developing construction, urbanization, and industrial activity present prospects for industrial gas turbine suppliers and manufacturers to meet the region’s expanding energy needs.
Global Industrial Gas Turbine Market Restraints
Several factors can act as restraints or challenges for the Industrial Gas Turbine Market. These may include
- High Initial InvestmentThe purchase, installation, and commissioning of industrial gas turbines necessitate a sizable upfront expenditure. In large-scale power generating and industrial applications, the cost of gas turbine units, auxiliary equipment, infrastructure, and site preparation can be substantial. Excessive capital expenditure (CapEx) requirements have the potential to discourage prospective purchasers and restrict market penetration, particularly in areas where funding and investment resources are scarce.
- Long Lead Times and Project DelaysBecause of the complexity of the engineering, the need for customization, and the logistics of the supply chain, industrial gas turbine design, manufacture, and delivery sometimes include lengthy lead times. Project risks might rise and schedules can be further extended by delays in environmental assessments, permits, regulatory approvals, and project execution. In the market for industrial gas turbines, uncertainties over project delivery and schedule might affect investor decisions and consumer confidence.
- Energy Price FluctuationsIndustrial gas turbines are susceptible to changes in the cost of fuel, natural gas, and electricity, among other energy-related factors. Energy market volatility, supply-demand dynamics, and geopolitical unrest can all have an effect on how profitable and competitive gas turbine-based power production and cogeneration projects are. Market demand may be impacted by uncertain energy price projections and regulatory uncertainty, which may discourage investments in gas turbine installations.
- Competition from Alternative TechnologiesEnergy storage devices like batteries and pumped hydro as well as renewable energy sources like solar, wind, and hydroelectricity provide a threat to industrial gas turbines. The appeal of gas turbine solutions may decline due to rising cost competitiveness, technology improvements, and government incentives for the use of renewable energy, especially in areas with abundant renewable energy resources and supportive legislation.
- Environmental Regulations and Emissions ComplianceGas turbine operators must comply with strict environmental regulations and emissions standards, which comes with added expenditures. In order to minimize nitrogen oxides (NOx) and other pollutants, regulations controlling air quality, greenhouse gas emissions, and pollution control measures may mandate the installation of emissions control systems, such as exhaust gas recirculation (EGR) and selective catalytic reduction (SCR). Market demand and profitability may be impacted by gas turbine operators’ increased operating costs and regulatory risks as a result of complying with emissions restrictions.
- Grid Integration ChallengesThe integration of industrial gas turbines into current utility networks and power grids may present technological difficulties with regard to load balancing, grid dependability, and grid stability. To accommodate gas turbine installations, modifications to the grid’s transmission lines, control systems, and infrastructure may be necessary due to variations in power production, ramp rates, and grid interconnection requirements. Problems with grid integration can have an impact on interconnection costs, project viability, and grid dependability, which can change the demand for gas turbine-based power production options in the market.
Global Industrial Gas Turbine Market Segmentation Analysis
The Global Industrial Gas Turbine Market is Segmented on the basis of Partitioning Capacity, Applications, Technology, and Geography.
By Partitioning Capacity
- Heavy-Duty Gas TurbinesThis market segmentation is based on gas turbines intended for large-scale industrial uses, such as industrial cogeneration facilities, oil and gas processing, and power generation.
- Aeroderivative Gas Turbines Analyzing gas turbines that are industrially modified from aircraft engines for peaking power plants, combined heat and power (CHP) systems, and distributed generation applications is known as aeroderivative gas turbines.
- MicroturbinesDividing the market according to small-scale gas turbines that are generally employed in distant power applications, combined heat and power (CHP) systems, and distributed energy generation.
By Applications
- Power GenerationDividing the market according to the gas turbines that power plants, such as combined-cycle, peaking, and base-load power plants, utilize to generate energy.
- Oil and Gas IndustryThis study examines the gas turbines utilized in this industry for a range of purposes, including pipeline pumping, LNG production, gas compression, and offshore platform power generation.
- Industrial CogenerationGas turbines that produce electricity and use waste heat for industrial processes or heating are part of combined heat and power (CHP) systems. Segmenting services are used in these systems.
- Marine PropulsionAn examination of the high power-to-weight ratios and fuel efficiency of gas turbines used in marine vessels, such as ferries, ships, and naval warships.
- Aviation and Aerospace Gas turbines utilized in aviation and aerospace applications, such as aircraft engines, auxiliary power units (APUs), and ground-based power production for airports, are the basis for market segmentation.
By Technology
- Open-Cycle Gas Turbines Gas turbines operating in an open-cycle mode, in which hot exhaust gases are released straight into the atmosphere after passing through the turbine, provide the basis for market segmentation.
- Combined-Cycle Gas TurbinesAnalysis of gas turbines integrated with steam turbines in combined-cycle power plants, where the gas turbine’s exhaust heat is used to create steam, which is then used to generate extra power.
- Reciprocating Gas EnginesGas engines with reciprocating piston motion, which provide benefits in terms of efficiency, adaptability, and low emissions for distributed energy generation and cogeneration applications, are the basis for service segmentation.
By Geography
- North America Market conditions and demand in the United States, Canada, and Mexico.
- Europe Analysis of the Industrial Gas Turbine Market in European countries.
- Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa Examining market dynamics in the Middle East and African regions.
- Latin America Covering market trends and developments in countries across Latin America.
 Key Players
The major players in the Industrial Gas Turbine Market are
- Siemens AG
- General Electric (GE)
- Mitsubishi Heavy Industries, Ltd. (MHI)
- Rolls-Royce plc
- Kawasaki Heavy Industries, Ltd.
- Solar Turbines Incorporated
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Siemens AG, General Electric (GE), Mitsubishi Heavy Industries, Ltd. (MHI), Rolls-Royce plc, Kawasaki Heavy Industries, Ltd., Solar Turbines Incorporated |
| SEGMENTS COVERED | Partitioning Capacity, Applications, Technology, And Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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