Industrial Gas Turbine Market Growth Outlook With
Industry Review And Forecasts 2022-2030

The global industrial
gas turbine market is estimated to garner commendable growth by
2030. An imploding demand for electricity across rapidly urbanizing nations is
popularizing the trend of electricity generation from renewable energy sources.

A massive shift towards
abundantly available natural gas resources coupled with supportive regulatory
activities and government schemes are encouraging the modernization of grid
infrastructure. Moreover, substantial investments are made in restructuring
power networks to cater to the surging electricity demand.

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In May 2022, the U.S. government
announced plans to boost technology development in the field of hydrogen and
ammonia-fired gas turbines. With a total of $24.9 million investment, the
initiative will support six novel industry-led projects.

The global industrial gas turbine
market is segmented into capacity, product, technology, application, and
region.

With respect to capacity, the
industry is classified into ≤ 70 MW, > 70 MW - 300 MW, and > 300 MW. The
demand for > 300 MW gas turbines is expected to grow owing to the massive
deployment of renewable energy systems endorsed by favorable government
mandates.

In terms of application, the
industrial gas turbine market is divided into oil & gas and power
generation. Growing awareness associated with the hazardous impact of
conventional energy resources is accelerating the integration of sustainable
energy systems, which will result in high demand for industrial gas turbines
across oil & gas applications.

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Based on product, the industry is
fragmented into heavy-duty, and aero-derivative turbines. Heavy duty industrial
gas turbines are anticipated witness significant growth supported by new
technological advancements. Various advantages such as high-performance
capabilities and enhanced efficiency make heavy-duty gas turbines an ideal fit
across a wide range of industrial applications.

Increasing investments and
restructuring trade policies will pave the way for segment growth. In June 2022,
GE confirmed the successful demonstration of its 7HA.03 gas turbines at Florida
Power & Light's (FPL) Dania Beach center.

By technology, the market
landscape is bifurcated into open cycle and combined cycle. Among these, open
cycle gas turbine industry is anticipated to exceed USD 1.5 billion by 2030.
These units are extensively deployed across land-based industries with direct
and mechanical drive applications.

In the regional landscape,
industrial gas turbine market of Latin America is estimated to value around USD
400 million by 2030. Natural gas-fired power plants are rapidly replacing
conventional oil-fired power plants in Latin America, offering lucrative scope
for business players.

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In November 2021, Siemens Energy
banked a massive order for the largest LNG-powered complex in Latin America.
The natural gas-fired combined cycle power plant will be the most efficient
thermal infrastructure in the region and will feature three high-efficiency HL
class gas turbines along with four electrical generators, one steam turbine,
and three heat recovery steam generators.

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