The Global Industrial Gas Turbine Market was worth US$ 19.6 billion in 2021. It is estimated to reach a valuation of US$ 23.5 billion by the end of 2027, expanding at an annual growth rate of (CAGR) 3.7% between 2022 and 2027. Industrial Gas Turbines is a combustion engines at the heart of a power plant that can convert natural gas or other liquid fuels to mechanical energy. This energy then drives a generator that produces the electrical energy that moves along power lines to homes and businesses; these are the main factors that have considerably increased the demand for Industrial Gas Turbine in the market, thereby driving the huge growth of the Industrial Gas Turbines market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Industrial Gas Turbines in the market are mainly due to the rapid technological advancements in the energy sector coupled with an increase in focus toward distributed power generation technologies. The gas turbine market is expected to grow significantly during the forecast period on account of the rise in government support across the world for power generation technologies that aim to reduce carbon dioxide (CO2) emissions; these are the main factors that have considerably increased the demand for the Industrial Gas Turbines in the market, thereby driving the massive growth of the Industrial Gas Turbines market in the upcoming years

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The report is segmented as:

Industrial Gas Turbines Market is segmented on the basis of by:

By Capacity (1-40MW, 40-120MW, 121MW - 300MW, above 300MW),

By product type (Heavy Duty, Aeroderivative),

By Technology (Open Cycle, Combined Cycle),

By End-user (Electric Power Utility, Oil and gas, others)

Geographical Segmentation:

Industrial Gas Turbines Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the rest of the world. North America has the dominant share in Industrial Gas Turbines due to the paradigm shift from coal-based power generation to gas-based power generation in developed and developing countries such as the U.S. These are the main factors that have considerably increased the demand for Industrial Gas Turbines in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Industrial Gas Turbines Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has created huge losses in every sector across the world, and a temporary lack of growth in export and import activities, which has impacted the raise of Industrial Gas Turbines market growth. Due to covid-19 many companies have shut down and stopped their production which has decreased the availability of Industrial Gas Turbines. The government restrictions like lockdowns in many countries have stopped the production of products by manufacturing companies. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Industrial Gas Turbines market growth.

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