Industrial Gas Turbine Market Size, Share, Growth Analysis, By Type, By Fuel Type, By Capacity, By Product, By Technology, By Application, By Region - Industry Forecast 2025-2032

Global Industrial Gas Turbine Market size was valued at USD 6.13 billion in 2023 and is poised to grow from USD 6.49 billion in 2024 to USD 10.18 billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).

The global industrial gas turbine market is poised for significant growth, driven by advancements in energy technology and a rising focus on distributed power generation. These turbines utilize the Brayton cycle to convert mechanical and heat energy from gases into electricity. Government initiatives to reduce carbon emissions are further propelling market expansion. Although natural gas accounted for 40.5% of electricity generation in the U.S. and 23.4% globally in 2019, the COVID-19 pandemic temporarily hampered industrial demand due to reduced manufacturing activity. Nonetheless, the long-term outlook remains optimistic as investments in cleaner energy sources and innovative technologies continue to shape the market landscape, fostering a transition towards sustainable and efficient power generation solutions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Gas Turbine market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Industrial Gas Turbine Market Segmental Analysis

Global Industrial Gas Turbine Market is segmented by Type, Fuel Type, Capacity, Product, Technology, Application and Region. Based on Type, the market is segmented into Heavy-Duty Gas Turbines and Aeroderivative Gas Turbines. Based on Fuel Type, the market is segmented into Natural Gas, Diesel and Others. Based on Capacity, the market is segmented into <= 70 MW, > 70 MW - 300 MW and >= 300 MW. Based on Product, the market is segmented into Aero-Derivative and Heavy Duty. Based on Technology, the market is segmented into Open Cycle and Combined Cycle. Based on Application, the market is segmented into Power Generation, Oil & Gas and Other Manufacturing. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Industrial Gas Turbine Market

The Global Industrial Gas Turbine market is significantly driven by advancements in gas turbine technology, which helps mitigate greenhouse gas emissions. Unlike traditional coal-fired power plants that release high levels of harmful pollutants, gas turbines utilize natural gas, a cleaner fuel with minimal sulfur content, resulting in negligible sulfur dioxide emissions. The carbon dioxide emissions from natural gas-fired gas turbines are markedly lower than those from coal, making them an environmentally friendly alternative. Concurrently, the rising demand for electricity due to rapid industrialization, increased utilization of electrical appliances, and economic growth in developing nations further propels the adoption of natural gas power plants, as stringent emission regulations in developed countries are fostering this transition to cleaner energy sources.

Restraints in the Global Industrial Gas Turbine Market

The Global Industrial Gas Turbine market faces challenges due to the volatility of natural gas prices, which can hinder its growth. Fluctuations in gas prices often stem from factors that disrupt supply, including geopolitical tensions that create uncertainty regarding the availability and demand for natural gas. While the United States has witnessed a significant decline in gas prices due to shale gas production, other regions, particularly those in the Middle East with substantial natural gas reserves, continue to experience high prices influenced by political and cultural complexities. Additionally, the COVID-19 pandemic has further impacted natural gas demand, exacerbating concerns over price stability.

Market Trends of the Global Industrial Gas Turbine Market

The Global Industrial Gas Turbine market is witnessing a dynamic shift fueled by burgeoning industrialization in emerging economies such as China, India, Brazil, and Southeast Asian nations. With rising foreign direct investment (FDI) in these regions, various manufacturing sectors are set to thrive, promoting economic growth and operational efficiency. International developers are increasingly attracted to these markets, spurred by favorable FDI incentives and regulatory reforms aimed at streamlining industrial operations. This surge in industrial activity is expected to accelerate automation processes, thereby enhancing manufacturing efficacy. Consequently, the industrial sector's expansion in emerging economies is poised to offer substantial growth avenues for the global gas turbine market in the coming years.