The Gas Turbine market is projected to grow from USD 14.44 Billion in 2022 to USD 26.81 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.42% during the forecast period (2022 - 2030). with revamp in electricity generation infrastructure to aggressively pursue gas-based power generation being the key growth driver.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Global power demand is rising, and governments are focusing their efforts on reducing the usage of fossil fuels, which are increasing global emissions. Several governments are replacing coal-fired steam plants and combined-cycle power plants with such turbines. The principal fuel for these turbines is natural gas. Gas-powered electricity emits fewer greenhouse emissions. The aviation business is quickly developing across the world, offering a great opportunity for this market. Emerging economies are concentrating their efforts on upgrading the aviation industry. Rising aviation investment is predicted to generate a potential opportunity for this industry
Additionally, Electricity demand is expanding globally as a result of increased urbanization and infrastructure development. Industrialization is spreading in underdeveloped countries. Many nations have begun smart building and smart city programs, which have increased power demand. To meet the rising energy demand, both the public and private sectors are boosting power plant capacity, either by building new facilities or expanding existing ones. These turbines are often used in such projects since they are both efficient and environmentally friendly. Governments have also imposed tough pollution standards, prompting firms to switch to gas-powered turbines on a significant scale. As a result, this aspect is likely to fuel market expansion in the future years.
The Gas Turbine Market segmentation, based on Capacity, includes up to 200 MW and above 200 MW. Among them, above 200 MW accounted for the largest revenue share of 67% due to the growing shift from coal to gas-based power plants. The smaller size of capacity up to 200 MW provides easy maintenance and operation.
Based on Technology, the Gas Turbine Market segmentation includes open cycle and combined cycle. Out of these technologies, the open cycle segment is dominating the market with its favorable factors like lower warm-up time, quick start, lightweight, compact size, operational versatility, quick start, and less dependency on cooling water.
Figure 2: Gas Turbine Market, by Capacity, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is holding the largest market share for the growing population coupled with rapid urbanization. The raw materials and labor are available at a low cost which is attractive to the global players to expand their business operations in this region. These factors are expected to drive the gas turbine market in this region.
Figure 3: Gas Turbine Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America is predicted to grow at a significant CAGR during the review period which leads by the U.S, Mexico, and Canada. The demand is due to the shale gas reserve and the development of new technologies in extraction and mining technology are reducing the operational costs of gas extraction in this region. Moreover, North America is also witnessed large-scale commissioning of gas-based power. The oil & gas companies produce shale gas on a commercial scale with advanced technologies in completion techniques like multistage hydraulic fracturing, and drilling techniques like horizontal wellbores. Owing to the strong presence of gas turbine providers in the country, Saudi Arabia is predicted to be the major end-user in the Middle East & Africa
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Gas Turbine market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Gas Turbine industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Gas turbines. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Gas Turbine industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Gas Turbine industry to benefit customers and expand the market sector. The Gas Turbine market has recently given medicine some of the most important advantages. Major hair care product market players, including General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), and others, are attempting to increase market demand by funding R&D initiatives.
July marks two important milestones that set gas-fired generation on its course to becoming a dominant form of power generation: commercial operation of the world’s first industrial gas turbine in Neuchâtel, Switzerland, in 1939, and commercial operation of the first gas turbine in the U.S. used to generate electric power - a 3.5-MW General Electric (GE) unit at the Belle Isle Station in Oklahoma City in 1949.GE, which today is the largest original equipment manufacturer in the gas turbine space, has since developed and deployed several generations of gas and steam turbines, generators, heat recovery steam generators (HRSGs), condensers, and other balance-of-plant equipment. Here is how GE’s modern gas turbine model portfolio has evolved over the past 80 years.
Also, Kawasaki Heavy Industries, Ltd., began overhauling jet engines in 1954 and has continued to grow since. We have helped Japan to produce its first helicopter engine, developed Kawasaki's proprietary line of industrial gas turbines, and taken part in joint global development of passenger jet engines. We have manufactured upwards of 10,000 engines, more than any other company in Japan. With over fifty years of experience in gas turbines and total system engineering, our company will continue its efforts to protect the global environment and create a bright future for all.
In June 2020, the two popular enterprises of the consortium between Ansaldo Energia and Shangai Electric Group collaborated and signed a contract with the highly populated Bangladesh Power Development Board Company which is also known as North-West Power Generation Company Ltd. By this contract, Bangladesh, the consortium is predicted to manufacture and build a combined cycle power plant of 880MW which enhances the company’s scale of operation.
North America
Europe
Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 14.44 Billion |
| Market Size 2032 | USD 26.81 Billion |
| Compound Annual Growth Rate (CAGR) | 6.42% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019 & 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Capacity, Technology, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China) |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Revamp in electricity generation infrastructure to aggressively pursue gas-based power generation |
Gas Turbine Market Highlights:
Frequently Asked Questions (FAQ) :
The Gas Turbine Market size was valued at USD 14.44 Billion in 2022.
The global market is projected to grow at a CAGR of 6.42% during the forecast period, 2023-2032.
Asia Pacific had the largest share of the Gas Turbine Market.
The key players in the market are General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), and Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China).
The Above 200 MW category dominated the market in 2021.
The open cycle base had the largest share in the global market for Gas turbines
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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