Market Size of Industrial Gas Turbine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Gas Turbine Market Analysis
The Industrial Gas Turbine Market is expected to register a CAGR of over 3% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as rapid urbanization, increasing demand for electrical energy, and the rising demand for cleaner energy from gas turbines, over concerns about the environmental impact of energy generation from coal-fired plants, are likely to drive the industrial gas turbine market during the forecast period.
- On the other hand, the increasing shift toward renewable energies, such as solar and wind, for power generation has hampered the market's growth.
- Nevertheless, with the increasing demand for electrical energy to sustain global development, there is a need for consistent heavy investments in power supply generation. This has helped the market for gas turbines grow significantly in recent years, and it is expected to continue to do so during the forecast period. This, in turn, is likely to create opportunities for the market in the near future.
- Asia-Pacific is expected to dominate the market growth, with the majority of demand coming from China and India, owing to factors like economic growth in emerging nations, an increase in the number of gas-based power generation plants, and rising industrial activities.
