Projection of Revenue Growth:

The Industrial Gas Turbine Market size was valued at USD 10.11 Bn. in 2023 and the total Industrial Gas Turbine revenue is expected to grow by 6 % from 2024 to 2030, reaching nearly USD 15.20 Bn.

Industrial Gas Turbine Market Overview

The report provides a detailed overview of the Industrial Gas Turbine Market, outlining market shares, key drivers, restraints, and growth opportunities. It covers both international and domestic markets, offering insights into the overall landscape, trade dynamics, and important areas of development.

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Industrial Gas Turbine Market Report Scope and Research Methodology

The research for this report offers a comprehensive analysis of the global Industrial Gas Turbine Market, addressing both value and volume aspects and providing forecasts for the projected period. It includes regional and country-level analyses to identify recent and future growth trends, opportunities, and market contributions. Key metrics such as Compound Annual Growth Rate (CAGR), market size, value, volume, revenue, and sales are detailed. Each industry segment is assessed based on growth rate and market share. The report also features an in-depth analysis of key market players by region, highlighting their revenue, financial status, and technological advancements, offering valuable insights into the competitive landscape. A bottom-up approach ensures precise estimation of the market size.

Industrial Gas Turbine Market Regional Insights

The Industrial Gas Turbine Market is segmented into major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America—offering a detailed view of its global presence and regional influence.

Industrial Gas Turbine Market Segmentation

by Capacity

≤ 70 MW
> 70 MW - 300 MW
≥ 300 MW


by Technology

Heavy Duty
Light Industrial
Aeroderivative


by Cycle

Simple Cycle
Combined Cycle


by Sector

Electric Power Utility
Oil & Gas
Manufacturing

Industrial Gas Turbine Market Key Players

1. General Electric Company
2. Siemens AG
3. Mitsubishi Heavy Industries Ltd
4. Harbin Electric International Company Limited
5. Doosan Heavy Industries & Construction
6. OPRA Turbines
7. Rolls-Royce
8. Vericor Power System
9. Bharat Heavy Electricals Limited
10. Kawasaki Heavy Industries Ltd
11. Ansaldo Energia SpA
12. Solar Turbines
13. Man Diesel and Turbo SE
14. MTU Aero Engines AG/Vericor Power Systems LLC
15. Centrax Industries Ltd
16. UEC Saturn
17. Wartsila
18. Zorya-Mashproekt.

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Conclusion:

The Industrial Gas Turbine Market, valued at USD 10.11 billion in 2023, is anticipated to grow at a CAGR of 6% through 2030, reaching approximately USD 15.20 billion. This growth is driven by the rising demand for cleaner energy sources, increasing global electricity needs, and the transition from coal-fired to gas-fired power plants. The market is notably influenced by the need to reduce greenhouse gas emissions, with gas turbines offering a more environmentally friendly alternative. While the market faces challenges such as natural gas price volatility and competition from renewable energy sources, opportunities abound in emerging economies and through new technological advancements. Asia-Pacific is set to lead the market due to rapid industrialization and energy demand, while North America continues to expand its gas turbine infrastructure.

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