PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1618304
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1618304
Heavy Duty Gas Turbine Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Heavy Duty Gas Turbine Market, valued at USD 10.8 billion in 2023, is projected to grow at a 5.6% CAGR from 2024 to 2032. Increasing environmental awareness and a shift towards cleaner energy solutions are driving growth as more industries and utilities recognize the need for efficient, high-performance power generation. Heavy-duty gas turbines are designed for large-scale applications, delivering significant power output for electricity generation, industrial operations, and natural gas compression. By compressing air, mixing it with fuel, and igniting the mixture, these turbines generate high-pressure gas that drives turbine blades, creating substantial power. This technology is particularly attractive for applications requiring reliable, high-power solutions with a reduced carbon footprint.
Turbines with capacities between 70 MW and 200 MW are expected to surpass USD 3 billion by 2032, as they are ideal for energy-intensive sectors like utility-scale power, oil and gas, and industrial manufacturing. The shift from coal to natural gas, driven by climate concerns and regulatory support, is boosting the adoption of these turbines. This segment offers a promising balance of power, efficiency, and lowered emissions, aligning well with global climate goals. In the combined cycle sector, heavy-duty gas turbines are projected to grow at over 5% CAGR through 2032, fueled by the industry's focus on efficiency and emission reductions.
These systems enhance fuel efficiency and minimize operational costs and environmental impact compared to traditional power plants. With the rising energy demand, combined cycle technology offers a robust solution that meets the market need for reliable, sustainable power generation. The U.S. market for heavy-duty gas turbines is set to reach over USD 1.2 billion by 2032. The integration of renewable energy sources like wind and solar into the power grid has created a strong need for pliable and responsive backup electricity solutions, reshaping the U.S. market landscape. Stricter environmental regulations further support technological advancements in gas turbines, fostering an industry shift towards low-emission power.Meanwhile, the Asia Pacific market is gaining momentum, driven by rapid urbanization, industrialization, and significant investments in power generation infrastructure. As electricity demand rises, the region is focusing on building resilient power solutions, positioning heavy-duty gas turbines as a key part of its energy mix.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $10.8 Billion |
| Forecast Value | $17.8 Billion |
| CAGR | 5.6% |
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Market estimates & forecast parameters
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid
- 1.4.2.2 Public
Chapter 2 Executive Summary
- 2.1 Industry synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls & challenges
- 3.4 Growth potential analysis
- 3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Strategic outlook
- 4.3 Innovation & sustainability landscape
Chapter 5 Market Size and Forecast, By Capacity, 2021 - 2032 (MW & USD Million)
- 5.1 Key trends
- 5.2 <= 50 kW
- 5.3 > 50 kW to 500 kW
- 5.4 > 500 kW to 1 MW
- 5.5 > 1 MW to 30 MW
- 5.6 > 30 MW to 70 MW
- 5.7 > 70 MW to 200 MW
- 5.8 > 200 MW
Chapter 6 Market Size and Forecast, By Technology, 2021 - 2032 (MW & USD Million)
- 6.1 Key trends
- 6.2 Open cycle
- 6.3 Combined cycle
Chapter 7 Market Size and Forecast, By Application, 2021 - 2032 (MW & USD Million)
- 7.1 Key trends
- 7.2 Power plants
- 7.3 Oil & gas
- 7.4 Process plants
- 7.5 Aviation
- 7.6 Marine
- 7.7 Others
Chapter 8 Market Size and Forecast, By Region, 2021 - 2032 (MW & USD Million)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 France
- 8.3.3 Germany
- 8.3.4 Russia
- 8.3.5 Italy
- 8.3.6 Netherlands
- 8.3.7 Denmark
- 8.3.8 Poland
- 8.3.9 Sweden
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 Australia
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 Indonesia
- 8.4.6 Thailand
- 8.4.7 Malaysia
- 8.5 Middle East & Africa
- 8.5.1 Saudi Arabia
- 8.5.2 UAE
- 8.5.3 Qatar
- 8.5.4 Oman
- 8.5.5 Egypt
- 8.5.6 Turkey
- 8.5.7 Iraq
- 8.5.8 South Africa
- 8.5.9 Algeria
- 8.6 Latin America
- 8.6.1 Brazil
- 8.6.2 Argentina
- 8.6.3 Chile
Chapter 9 Company Profiles
- 9.1 Ansaldo Energia
- 9.2 Baker Hughes
- 9.3 Bharat Heavy Electricals
- 9.4 Capstone Green Energy
- 9.5 Doosan
- 9.6 Flex Energy Solutions
- 9.7 General Electric
- 9.8 Harbin Electric
- 9.9 Kawasaki Heavy Industries
- 9.10 MAN Energy Solutions
- 9.11 Mitsubishi Heavy Industries
- 9.12 Nanjing Turbine and Electric Machinery
- 9.13 Opra Turbines
- 9.14 Rolls Royce
- 9.15 Siemens
- 9.16 Solar Turbines
- 9.17 UEC-Saturn
- 9.18 Vericor
- 9.19 Wartsila
- 9.20 Zorya-Mashproekt
