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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