Industrial Gas Turbine Market Trends, Statistics & Growth Forecast 2022- 2030

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Industrial Gas Turbine Market is expected to be
USD 9.9 Billion by 2030
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Industry Overview

• 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.
• 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, gt 70 MW - 300 MW, and gt
  300 MW. The demand for gt 300 MW gas turbines is
  expected to grow owing to the massive deployment
  of renewable energy systems endorsed by favorable
  government mandates.

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• 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.
• 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.

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