Industry Market Status Continued from pg 25
years, even as domestic defense budgets remained flat at around $170 billion. Uncertainty remains around U.S.- European cooperation and the potential impact of space militarization.
Industrial Gas Turbines (IGT) Industrial Gas Turbines (IGT) saw 4.2% growth between 2023 and 2024 but are projected to contract by 2.9% in 2025. Still, the long-term CAGR is estimated at 1.9% through 2026. While short- term trends are uneven, the long-term outlook is more bullish. Gas turbines are expected to play a critical role in powering data centers that support artificial intelligence—a market with vast energy demands.
IGT Growth 2023–2024 Growth:
2024–2025 Forecast:
+4.2% –2.9%
CAGR (through 2026): +1.9%
Near-term IGT market softness is likely temporary. Long-term prospects remain favorable, especially with the surge in AI-driven data center energy demand and expanded use of natural gas as a transitional fuel.
Automotive Automotive saw solid demand in 2024, with the investment casting segment benefiting from both internal combustion and electric vehicle (EV) platforms. Data on U.S. passenger miles driven and light truck/auto assembly volumes from 2021 to 2027 confirm steady vehicle production. EVs continue to capture share, and cast components for drivetrain and thermal systems remain critical. While vehicle assemblies in North America are stabilizing, technology shifts continue to reshape demand. Internal combustion engine (ICE) assemblies are declining slightly, while EVs are rising steadily.
26 ❘ April 2025 ®
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