Industrial Gas Turbines Market Report 2025 (Global Edition)

Global Industrial Gas Turbines Market Report 2024 Market Size Split by Capacity (1 to 40 M.W., 41 to 120 MW, 121 to 300 MW, Above 300 MW), by Technology (Heavy Duty, Light Industrial, Aeroderivative),...

Industrial Gas Turbines Market Report Description

We have various report editions of Industrial Gas Turbines Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Industrial Gas Turbines Market Insights Video

Competitive Landscape of the Industrial Gas Turbines Market

The industrial gas turbine market features intense competition among major players like GE, Siemens Energy, and Mitsubishi Power. Key factors include technological innovation, efficiency improvements, and cost-effectiveness. Companies strive to offer advanced solutions with lower emissions and higher performance. Strategic partnerships, acquisitions, and investments in research and development also shape the competitive landscape.

In July 2024, Ansaldo Energia entered into a contract to develop a new 299 MW energy security project at Poolbeg, located in Dublin, Ireland. This initiative aims to bolster the region's energy infrastructure and enhance its security, reflecting Ansaldo Energia's commitment to advancing power generation capabilities in key markets. (Source: https://www.ansaldoenergia.com/about-us/media-center/power-generation-news-insights/detail-news/ansaldo-energia-news-new-contract-in-ireland) In June 2022, Wärtsilä acquired PortLink Global as part of its strategy to advance its Smart Port Ecosystem vision. This acquisition is expected to accelerate Wärtsilä's efforts in enhancing port efficiency and digitalization, aligning with its goal to transform port operations through innovative technology solutions. (Source: https://www.wartsila.com/media/news/15-06-2022-wartsila-acquires-portlink-global-to-accelerate-its-smart-port-ecosystem-vision-3270412) In January 2021, MAN Energy Solutions revealed that it had acquired nearly 99% of the shares in H-TEC SYSTEMS, a German company based in Augsburg that specializes in manufacturing PEM electrolyzers. This acquisition enhances MAN Energy Solutions' capabilities in the hydrogen technology sector and expands its portfolio in clean energy solutions. (Source: https://www.man-es.com/company/press-releases/press-details/2021/01/15/man-energy-solutions-continues-to-invest-in-hydrogen-acquisition-of-h-tec-systems)

Top Companies Market Share in Industrial Gas Turbines Industry: (In no particular order of Rank)

• General Electric (G.E.)
• Siemens Energy
• Mitsubishi Power
• Ansaldo Energia
• Solar Turbines (Caterpillar Inc.)
• Rolls-Royce Holdings
• Kawasaki Heavy Industries
• Hyundai Heavy Industries
• MAN Energy Solutions
• OPRA Turbines
• Tetra Gas Systems
• Wärtsilä Corporation
• BHI (Burns & McDonnell)
• Alstom (now part of G.E.)
• United Technologies Corporation (UTC)
• MTU Aero Engines
• Harbin Electric
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Industrial Gas Turbines Market

Which Region Dominates the Industrial Gas Turbines Market in 2024?

According to Cognitive Market Research, the North American region dominates the Industrial Gas Turbines Market due to its well-established infrastructure, high industrial activity, and significant investments in power generation projects. The presence of major players, advanced technological capabilities, and strong demand for energy-efficient solutions contribute to its leading position. Additionally, supportive regulatory frameworks and substantial research and development efforts further bolster North America's dominance in the global market.

Which Region is Expanding at the Fastest CAGR?

The Asia-Pacific region is the fastest-growing market for industrial gas turbines, driven by rapid industrialization, urbanization, and increasing energy needs. Countries like China and India are major contributors, with substantial investments in infrastructure and energy projects. The region's growth is fueled by rising power generation demands, government initiatives to enhance energy efficiency, and expanding industrial sectors, making it a key area of expansion in the global market.

The current report Scope analyzes Industrial Gas Turbines Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Industrial Gas Turbines Market

According to Cognitive Market Research, the global Industrial Gas Turbines market size was estimated at USD 9262.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 3705.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2 % from 2024 to 2031.

• According to Cognitive Market Research, the U.S. had a major share in the Industrial Gas Turbines market with a market size of USD 2923.25 million in 2024 and is projected to grow at a CAGR of 2.0% during the forecast period. The U.S. market's Shift towards natural gas for power generation and modernization of energy infrastructure led to growth.
• The Canada Industrial Gas Turbines market had a market share of USD 444.60 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. Canada’s increasing adoption of gas turbines for reliable, low-emission power generation led to the growth of the country.
• The Mexico Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 337.16 million in 2024.

Europe Industrial Gas Turbines Market

According to Cognitive Market Research, the global Industrial Gas Turbines market size was estimated at USD 9262.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 2778.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

• The United Kingdom Industrial Gas Turbines market had a market share of USD 466.83 million in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period. In the U.K., Industrial Gas Turbines sales witness an upswing due to the Focus on decarbonization and upgrading aging power infrastructure to meet energy need.
• The France Industrial Gas Turbines market is projected to witness growth at a CAGR of 1.7% during the forecast period, with a market size of USD 255.65 million in 2024.
• According to Cognitive Market Research, the German Industrial Gas Turbines market size was valued at USD 550.19 million in 2024 and is projected to grow at a CAGR of 2.7% during the forecast period. In Germany, Industrial Gas Turbines surged due to the Transition to renewable energy sources and phase-out of coal power plants.
• The Italy Industrial Gas Turbines market is projected to witness growth at a CAGR of 1.9% during the forecast period, with a market size of USD 238.97 million in 2024.
• The Russia Industrial Gas Turbines market is projected to witness growth at a CAGR of 1.5% during the forecast period, with a market size of USD 430.71 million in 2024.
• The Spain Industrial Gas Turbines market is projected to witness growth at a CAGR of 1.6% during the forecast period with a market size of USD 227.86 million in 2024
• The Luxembourg Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.6% during the forecast period, with a market size of USD 86.14 million in 2024.
• The Portugal Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 58.35 million in 2024.
• The Greece Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 33.35 million in 2024.
• The Rest of Europe's Industrial Gas Turbines market is projected to witness growth at a CAGR of 1.2% during the forecast period, with a market size of USD 430.71 million in 2024.

Asia Pacific Industrial Gas Turbines Market

According to Cognitive Market Research, the global Industrial Gas Turbines market size was estimated at USD 9262.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 2130.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Industrial Gas Turbines market size was valued at USD 958.67 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Industrial Gas Turbines surged in China due to Rapid industrialization, urbanization, and increasing demand for reliable power, driving the growth of gas turbines.
• The Japan Industrial Gas Turbines market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 293.99 million in 2024.
• The India Industrial Gas Turbines market had a market share of USD 255.65 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period. India's Growing energy demands from expanding industrial activities and a shift towards cleaner energy solutions boost the market.
• The South Korean Industrial Gas Turbines market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 213.04 million in 2024.
• The Australian Industrial Gas Turbines market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 110.78 million in 2024.
• The South East Asia Industrial Gas Turbines market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 147.00 million in 2024.
• The Rest of Asia Pacific Industrial Gas Turbines market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 151.26 million in 2024.

South America Industrial Gas Turbines Market

According to Cognitive Market Research, the global Industrial Gas Turbines market size was estimated at USD 9262.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 463.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Industrial Gas Turbines market size was valued at USD 198.22 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Industrial Gas Turbines flourished in Brazil due to Rising energy demands and investments in power infrastructure to support industrial growth.
• Argentina's Industrial Gas Turbines market had a market share of USD 77.81 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. Argentina's Growing need for reliable energy sources to support industrial and economic activities.
• Colombia Industrial Gas Turbines market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 41.22 million in 2024.
• Peru Industrial Gas Turbines market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 37.98 million in 2024.
• Chile Industrial Gas Turbines market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 33.35 million in 2024.
• The Rest of Latin America's Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 74.56 million in 2024.

Middle East and Africa Industrial Gas Turbines Market

According to Cognitive Market Research, the global Industrial Gas Turbines market size was estimated at USD 9262.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 185.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031..

• The GCC Countries Industrial Gas Turbines market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 79.29 million in 2024. Industrial Gas turbine sales flourish due to the High energy demand from industrial sectors and investments in gas-based power plants.
• The Egypt Industrial Gas Turbines market is projected to witness growth at a CAGR of 4.0 % during the forecast period, with a market size of USD 19.45 million in 2024.
• The South Africa Industrial Gas Turbines market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 29.27 million in 2024. Industrial Gas Turbines sales flourished in South Africa due to Need to diversify energy sources and reduce reliance on coal to address power shortages.
• The Turkey Industrial Gas Turbines market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 15.93 million in 2024.
• The Nigeria Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 19.45 million in 2024.
• The Rest of the MEA Industrial Gas Turbines market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 21.86 million in 2024.

Industrial Gas Turbines Market Analysis

Industrial Gas Turbines Market Capacity Segment Analysis

According to Cognitive Market Research, the 121 to 300 MW segment is the dominant category in the Industrial Gas Turbines Market, primarily due to its widespread application in medium to large-scale power generation projects. This segment offers a balance between efficiency and capacity, making it ideal for industrial and utility-scale applications. The demand for these turbines is driven by their ability to provide reliable and cost-effective power solutions in various industries, including manufacturing, oil and gas, and energy production.

The above 300 MW segment is the largest in the Industrial Gas Turbines Market, reflecting its pivotal role in large-scale power generation and utility applications. This segment includes high-capacity turbines designed for major power plants and energy infrastructure projects. The need for substantial power output in large industrial operations and energy plants drives the demand for these turbines, making it the leading segment in terms of capacity and market share.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Industrial Gas Turbines Industry. Request a Free Sample PDF!

Industrial Gas Turbines Market Technology Segment Analysis

According to Cognitive Market Research, the heavy-duty segment is the dominant category in the Industrial Gas Turbines Market due to its robustness and ability to handle high power outputs in demanding industrial applications. These turbines are preferred for large-scale power generation and industrial processes because of their reliability, efficiency, and durability. The significant demand for stable and continuous power supply in industries such as oil and gas, power generation, and manufacturing drives the dominance of Heavy Duty turbines.

The Aeroderivative segment is the largest in the Industrial Gas Turbines Market, driven by its high efficiency and versatility. Aeroderivative turbines, derived from aircraft engine technology, offer superior performance and flexibility for both power generation and mechanical drive applications. Their ability to deliver high power output with relatively lower emissions and operational costs makes them a popular choice for various applications, including peaking power plants and mobile power units. This popularity translates into the largest market share for Aeroderivative turbines.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Industrial Gas Turbines Cycle Segment Analysis

Industrial Gas Turbines Market Cycle Segment Analysis

According to Cognitive Market Research, The Combined Cycle segment is the dominant category in the Industrial Gas Turbines Market due to its superior efficiency and reduced emissions. By utilizing the waste heat from gas turbines to produce additional power through steam turbines, Combined Cycle systems achieve higher overall efficiency compared to Simple Cycle systems. This efficiency makes Combined Cycle turbines ideal for large-scale power plants and industrial applications, leading to their dominance in the market, particularly where high energy efficiency and cost-effectiveness are critical.

The Simple Cycle segment is the largest in the Industrial Gas Turbines Market, primarily due to its widespread use in peaking power plants and backup power applications. Simple Cycle turbines offer quick start-up times and flexibility, making them suitable for meeting short-term or fluctuating energy demands. While they generally have lower efficiency compared to Combined Cycle systems, their lower initial capital costs and simplicity make them the largest segment in terms of market volume and applications.

• Simple Cycle
• Combined Cycle

Industrial Gas Turbines Sector Segment Analysis

Industrial Gas Turbines Market Sector Segment Analysis

According to Cognitive Market Research, the Oil & Gas sector is the dominant segment in the Industrial Gas Turbines Market due to its significant need for reliable and efficient power generation in exploration, production, and refining operations. Gas turbines in this sector are crucial for powering offshore platforms, pipelines, and processing facilities. The demand for high-performance, durable turbines that can operate in challenging environments drives the dominance of the Oil & Gas segment, reflecting its critical role in the industry’s energy infrastructure.

The Electric Power Utility segment is the largest in the Industrial Gas Turbines Market, driven by its substantial demand for large-scale power generation. Gas turbines are integral to utility-scale power plants for both base-load and peaking power applications. The need to meet increasing electricity demand and transition to more efficient and cleaner power generation solutions contributes to the segment's size. The Electric Power Utility sector’s broad application of gas turbines for consistent and reliable electricity supply makes it the largest market segment.

• Electric Power Utility
• Oil & Gas
• Manufacturing

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

LinkedIn

Profile

ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion