Press Release

Global Industrial Gas Turbine Market to Grow at a CAGR of 3.5% During the Period 2024-2032, Driven by Growing Demand for Power and Rapid Industrialization

Global Industrial Gas Turbine Market

According to a new report by EMR titled, ‘Global Industrial Gas Turbine Market Report and Forecast 2024-2032’, the global industrial gas turbine market size reached a value of about USD 22.31 billion in 2023. The market is expected to grow at a CAGR of about 3.5% during the forecast period 2024-2032.

The global industrial gas turbine market is likely to be driven by uses across industries; uses include those in processing, production, and pipeline transmission of natural gas and crude oil, and electricity and thermal energy generation for processing applications, including production of chemicals, drugs, and food items. Gas turbines are available in various forms to meet various power needs (from powering jets, tanks, and helicopters to power generation and industrial power applications). Gas turbines enable electrification and heating of universities, hospitals, industrial sites and other establishments, and offer applications for compression gas compression/transmission, withdrawal/storage, generation of power, off-shore platforms and others. The most significant uses of gas turbines are in the field of aviation; gas turbines supply motive power for jet propulsion. North America and Europe are projected to be key markets.


Several leading companies are engaged in providing solutions that offer increased efficiency and dependability, and reduced environmental impact. For example, Kawasaki offers M1A-17D, one of the most efficient gas turbines in its power class providing among the lowest levels of NOx emissions at 35 ppm (converted at 0% O2).


Considering the uncertain energy landscape, the modernization of existing gas-fired power plants has become more viable from the perspective of investment. Companies like Siemens Energy offer support for such modernization through solutions such as BEX. BEX is a solution that is tailored to clients’ needs and seeks to enhance performance while maintaining total capital spending at an optimal level. BEX is the Siemens Energy plug-and-play concept to replace current gas turbines with new Siemens units. Benefits of the solutions include enhanced efficiency and power output, savings on fuel cost and decreased CO2 footprint, decreased emissions, quick start and cyclic capability, and others. Such solutions are expected to drive the global industrial gas turbine market.


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Key Findings of the Report

  • The global industrial gas turbine market is expected to be driven by uses of industrial gas turbines across domains.
  • Advancements in technology are likely to drive market growth.
  • North America and Europe are projected to be key markets.


Market Analysis by Capacity, Cycle, Sector and Region

  • By capacity, the market is segmented into 1 to 40 MW, 41 to 120 MW, 121 to 300 MW, and Above 300 MW.
  • By cycle, the market is divided into Simple Cycle and Combined Cycle.
  • By sector, the market is classified into Power, Oil and Gas, and Others.
  • By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.


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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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