Frequently Asked Questions
The industrial gas turbine market also suffered from the COVID-19 pandemic, which resulted in a decline of over 2.2% in revenue generated in 2020.
The Asia Pacific accounted for the highest share in the global industrial gas turbines market regarding value and volume.
Rapid technological advancements in the energy industry, rising global demand for power, rapid urbanization, increased investment in energy and power projects, and increased shale gas exploration activities are major factors propelling the market growth.
Heavy duty industrial gas turbines had a major share in 2021, with more than 67% of the market revenue share. Besides, the aero-derivative industrial gas turbines are projected to witness the fastest growth.
Oil & Gas had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.