Gas Turbines Market by Type (Aero-Derivative Gas Turbines, Heavy-Duty Gas Turbines, Industrial Gas Turbines), Technology (Closed Cycle, Combined Cycle, Open Cycle), Rating Capacity, Application - Global Forecast 2024-2030

Gas Turbines Market by Type (Aero-Derivative Gas Turbines, Heavy-Duty Gas Turbines, Industrial Gas Turbines), Technology (Closed Cycle, Combined Cycle, Open Cycle), Rating Capacity, Application - Global Forecast 2024-2030

The Gas Turbines Market size was estimated at USD 20.68 billion in 2023 and expected to reach USD 21.59 billion in 2024, at a CAGR 4.62% to reach USD 28.37 billion by 2030.

A gas turbine is an engine that converts the energy from fuel combustion into mechanical energy. The system is widely used across power generation, manufacturing, and oil & gas industries due to its highly reliable machine-run capacity. Increasing demand for electricity driven by industrial growth and infrastructure development are the major factors accelerating the use of gas turbines. With the shift to renewable energy sources in support of government initiatives, the need for high-performing gas turbines has expanded. However, gas turbines' functional limitations and environmental impact impede product penetration. Market players are working on building more advanced gas turbines while focusing on predictive maintenance facilities to enable flexible and more effective operations of gas turbines. Moreover, several investments have been made in distributed and decentralized power generation activities across emerging economies, creating new opportunities for deploying modern gas turbines. The aging power generation infrastructure in many countries has also required gas turbines for replacement due to their operational flexibility and resilience.

Regional Insights



The Americas region has observed a growing market for gas turbines, driven by their rising power generation activities, shale gas exploration, and industrial applications. The U.S. and Canada share the presence of established companies working on offering highly-efficient gas turbines to their long-term industrial clients. The Asian market is denoted by rising urbanization, investments in power generation, and renewable energy, backed by the government's current focus on optimizing its energy mix. China, India, Japan, and South Korea observed increased use of gas turbines in power plants and combined heat & power systems, which has witnessed a recent rise in deployment. The market in Europe is driven by the growing focus of market players on renewable energy integration and grid stability supporting the country's energy transition. Germany, the UK, and the Netherlands have a mature gas turbine market, with players focused on expanding their production facilities and introducing energy-efficient systems. The Middle East & Africa has abundant oil & gas reserves, particularly across the UAE, Saudi Arabia, South Africa, Nigeria, and Egypt, to meet their increasing energy needs, driving the adoption of gas turbines in the region.

Market Insights



Market Dynamics



The market dynamics represent an ever-changing landscape of the Gas Turbines Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers


Increasing electricity consumption and need for reliable power generation
Government initiatives and policies supporting renewable energy
High use of energy in industrial activities worldwide

Market Restraints


Maintenance complexity and functioning issues of gas turbines

Market Opportunities


Technological advancements in high-performing gas turbines
Growing investments in oil & gas exploration and microgrid establishment

Market Challenges


Environmental impact and inefficiency of gas turbines

Market Segmentation Analysis


Type: Increasing use of heavy-duty gas turbines for power generation
Technology: Growing use of open-cycle gas turbine for marine applications
Rating Capacity: Continuous increase in use of 120-300 MW capacity gas turbines with investments in renewable energy
Application: Proliferation in use of gas turbines in the aviation sector

Market Disruption Analysis


Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix



The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Gas Turbines Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis



The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Gas Turbines Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments




GE Vernova awarded 9HA gas turbine order for Zhoushan, China’s largest archipelago

GE Vernova's Gas Power business and Harbin Electric (HE) have announced that Chinese State Development & Investment Corp., Ltd. (SDIC) Jineng (Zhoushan) Gas Power Generation Co., Ltd. has placed an order for two GE 9HA.02 gas turbines. These turbines will be used in a new combined cycle power plant in the Zhoushan archipelago, Zhejiang Province, China. The power plant is expected to generate nearly 1.7 gigawatts of electricity, providing a cleaner and more environmentally friendly alternative to coal-fired power plants for the 1390 islands in China's largest archipelago.


GE to provide digital solutions for LM2500 gas turbines for Indian Navy's new IAC-1 Vikrant

GE's local subsidiary in India is under contract with Cochin Shipyard to provide a comprehensive digital solutions package to enhance the capabilities of the LM2500 marine gas turbines that power the Indian Navy's first Indigenous Aircraft Carrier-1 (IAC-1) Vikrant. With this innovative digital solution offering, which the subsidiary GE India Industrial manages, GE continues demonstrating its advanced technologies and commitment to technology programs in India.


Malaysia’s largest combined cycle power plant starts commercial operation

General Electric Co (GE) and Edra Energy Sdn Bhd successfully commenced operations of a combined cycle power plant in Alor Gajah, Malacca. This power plant, the largest in Malaysia, contributes over 2.2 GW of electricity to the grid. It can meet 10% of Malaysia's current power demand. By utilizing GE's H-Class technology and digital solutions, the plant supports Malaysia's energy transition goals by aiding the replacement of 7 GW of coal-fired power generation by 2033.

Strategy Analysis & Recommendation



The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Gas Turbines Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles



The report delves into recent significant developments in the Gas Turbines Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Ltd., Danfoss A/S, Doosan Enerbility Co., Ltd., General Electric Company, GKN PLC, Harbin Electric Corporation, Hindustan Aeronautics Limited, Honeywell International Inc., IHI Corporation, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, MAPNA Group, Mitsubishi Heavy Industries, Ltd., MTU Aero Engines AG, Nidec Corporation, OPRA Turbines BV, Power Machines, Regal Rexnord Corporation, Rolls-Royce PLC, Siemens AG, Solar Turbines Incorporated, TECO-Westinghouse, Toshiba Corporation, Vericor Power Systems, WEG S.A., and Wärtsilä Corporation.

Market Segmentation & Coverage



This research report categorizes the Gas Turbines Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Aero-Derivative Gas Turbines
Heavy-Duty Gas Turbines
Industrial Gas Turbines
Technology
Closed Cycle
Combined Cycle
Open Cycle
Rating Capacity
120–300 MW
40–120 MW
Above 300 MW
Less than 40 MW
Application
Aviation
Manufacturing
Oil & Gas
Power Generation
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year