Industrial Gas Turbine Market to Reach $10.70 Billion by 2027

According to Fortune Business Insights, the industrial gas turbine market was worth about USD 10.45 billion in 2019 and is projected to reach USD 10.70 billion by 2027, a compound annual growth rate of roughly 2.6% over 2020–2027.

The report points to collaborations between manufacturers, low cost and high efficiency, advancing technology, and demand for cleaner power as the main growth drivers. It also notes that lockdowns, distancing rules and labour shortages were expected to slow power projects in the short term.

North America is expected to remain the dominant region, while Asia Pacific should grow fastest, led by demand in Japan, China and India. Companies profiled include GE, Siemens, Mitsubishi Hitachi Power Systems, Ansaldo Energia, Solar Turbines, Kawasaki Heavy Industries, Doosan Heavy Industries, Bharat Heavy Electricals, OPRA Turbines, Rolls-Royce and Vericor Power Systems.