Industrial Gas Turbine Market to Exhibit 3.0% CAGR from 2021 to 2028; Growing Demand Clean Energy Technology to Augment Market Growth

The global industrial gas turbine market size is expected to gain momentum by reaching USD 10.55 billion by 2028, because of rapid industrialization, the increasing demand for clean energy, and clean energy technologies. This information is provided by Fortune Business Insights in its report titled “Industrial Gas Turbine Market Size, Share & COVID-19 Impact Analysis, By Capacity (1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, 300+MW), By Technology (Heavy Duty, Light Industrial, Aeroderivative), By Cycle (Simple Cycle, Combined Cycle), By Sector (Electric Power Utility, Oil & Gas, Manufacturing) and Regional Forecasts, 2021-2028”, mentions that the market stood at USD 8.35 billion in 2020 and is projected to exhibit a CAGR of 3.0 % during the forecast period

Siemens Made Contract from Brest Republican Unitary Enterprise

In March 2020, Siemens got a contract from Brest Republican Unitary Enterprise of Electricity Industry (Brestenergo) in Belarus. As per this contract, Siemens has to supply five of its SGT-800 industrial gas turbines for a new 254MW peak load and backup power plant. Moreover, the company will also to supply auxiliary and electrical systems for the plant.

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https://www.fortunebusinessinsights.com/industry-reports/industrial-gas-turbine-market-100921

Growing Demand for Electricity Augment the Growth of the Global Market

The developing infrastructure and development activities worldwide have resulted in enormous demand for electricity. As the demand for electricity increases, many countries are looking to expand their production capacity. Moreover, due to stringent government rules for clean energy, is making manufacturing companies to get more inclined toward industrial gas turbine systems. This is the major factor that is driving industrial gas turbine market growth.  

Key Players Focus on Partnerships to Brighten Their Market Prospects

The market is experiencing healthy competition among key players focusing on developing and launching new products, forming partnerships to widen their product portfolio, and further boost sales revenues.  Such strategies will contribute to the growth of the market during the forecast period.

Industry Development

• August 2020 – General Electric is all set to order an 858 MW CCGT power plant to supply its 9HA.02 gas turbine and related equipment for the Zainskaya State District Power Plant.

List of Key Players Profiled in the Report

• GE (U.S.)
• Siemens (Germany)
• Mitsubishi Hitachi Power Systems, Ltd. (Japan)
• Ansaldo Energia (Italy)
• Solar Turbines (U.S.)
• Kawasaki Heavy Industries, Ltd. (Japan)
• Doosan Heavy Industries & Construction (South Korea)
• Bharat Heavy Electrical Limited (India)
• OPRA Turbines (Netherlands)
• Rolls-Royce (U.K.)
• Vericor Power Systems LLC (U.S.)

Further Report Findings

• North America is expected to hold the largest global industrial gas turbine market share during the forecast period. This is because a report by the U.S. Energy Information Administration (EIA) suggested that in the region, more than 40% of power source is coal, whereas around 25% from natural gas. Thus, the EIA is making natural gas which is the primary fuel for power generation by 2035. The region stood at USD 2.56 billion in 2020.
• The market in Asia Pacific is expected to rise significantly during the forecast period, because rapid industrialization and government initiatives to reduce carbon emissions have given rise to the use of natural gases as source of power in countries like Japan, China, Australia, South Korea, India, etc.
• By sector, the market is segmented into electric power utility, oil & gas, manufacturing. Out of these, the electric power and utility held a market share of 76.7% in 2020. This is because there is a focus on refurbishing traditional steam and coal-fired power plants with renewable energy power generating stations.

Table of Segmentation