The global industrial gas turbine market is expected to reach $10.23 billion by 2026, rising at a CAGR of 1.39 percent, according to a published report by Fortune Business Insights. One of the main reasons for this growth trend is the increasing number of urban areas and urban population, especially in the developing nations. According to the UNESCO, the process of urbanization is set to accelerate in the next thirty years. The organization estimates that by 2030, about 61 percent (5 billion) of the world’s 8.1 billion people will be living in cities. Furthermore, the number of megacities, urban areas having populations over 10 million, will be the highest in the developing regions of Asia-Pacific and Latin America. "Rampant urbanization is expected to put greater pressure on resources and emit more harmful gases through home appliances and coal-fired power plants in these regions. This will significantly swell the global industrial gas turbine market size," the report reads.
The report, titled “Industrial Gas Turbine Market: Global Market Analysis, Insights, and Forecast, 2018-2026,” estimated that the global industrial gas turbine market value in 2018 was roughly $9 billion and is projected to rise steadily during the forecast period.
Because gas turbines produce power more efficiently compared to traditional power plants they are in high demand. This is a major factor that will drive the global industrial gas turbine market growth in the forecast period. The report added that the urgency to develop cleaner techniques to generate electricity is expected to ramp up the demand for industrial gas turbines in the coming decade.
Prominent players named in the report are Zorya-Mashproekt, GE, Vericor Power Systems LLC, Nanjing Turbine & Electric Machinery (Group) Co. Ltd., Siemens Energy, Bharat Heavy Electrical Limited, Mitsubishi Hitachi Power Systems Ltd., Kawasaki Heavy Industries Ltd., Rolls-Royce, and Ansaldo Energia.