Global Gas Turbine Market, By Design Type (Heavy Duty, Aeroderivative), By Technology (Open Cycle, Combined Cycle), By Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW), By End-User (Power Generation, Oil & Gas, Other Industries), By Region (N

Global Gas Turbine Market, By Design Type (Heavy Duty, Aeroderivative), By Technology (Open Cycle, Combined Cycle), By Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW), By End-User (Power Generation, Oil & Gas, Other Industries), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028

Global Gas Turbine Market Stood to Reach USD 24 Billion by 2028

The global gas turbine market is growing at a high CAGR because of the increasing demand for electricity owing to rapid urbanization and increasing population along with increasing focus towards decreasing greenhouse emissions…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global gas turbine market was worth USD 19.0 billion in the year 2021. The market is forecast to grow at a CAGR of 3.60%, with revenues reaching around USD 24.3 billion by the end of 2028. The growth of the global gas turbine market is attributed to the increasing demand for electricity owing to rapid urbanization and increasing population along with increasing focus towards decreasing greenhouse emissions. Furthermore, expanding innovations and rising investment towards research and development for improving the efficiency of the gas turbines is anticipated to present lucrative growth opportunities to the global gas turbine market.

Increasing Research and Development Activities and Innovations Propelling Global Gas Turbine Market

The rising demand for gas turbines is prompting the market players into investing significantly towards research and development activities and bringing innovations into their products. As a result, the companies are advancing their offerings. For instance, they are introducing new cooling schemes using steam or conditioned air and breakthroughs in blade metallurgy that result in higher turbine temperatures. Furthermore, the new gas turbines also have fired inlet temperatures as high as 2600° F and pressure ratios of 40:1 with efficiencies of 45% and above.

Prominent Demand for Combined Cycle Technology Is Driving The Global Gas Turbine Market

The global gas turbine market is segmented into the open cycle and combined cycle, based on technology. The combined cycle technology accounts for the largest market share owing to its prominent use in driving the electricity generator and recovering waste heat from the turbine exhaust to generate steam, according to International Petroleum Industry Environmental Conservation Association (IPIECA). The steam generated from waste heat is run through a steam turbine to provide supplemental electricity.

Global Gas Turbine Market - By End-User

Based on end-user, the global gas turbine market is segmented into power generation, oil & gas, and other industries. The power generation segment accounts for the largest market share owing to the increasing demand for electricity along with rising focus and investment towards environment-friendly power generation infrastructures. The expanding economy's activities have resulted in a significant surge in electricity demand due to which the development of power plants is increasing, eventually leading to rising demand for gas turbines.

Global Gas Turbine Market - Regional Insights

Geographically, the global gas turbine market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global gas turbine market owing to the presence of emerging economies and rising investment towards low-cost electricity-generating infrastructures due to high population and rising economic development. However, North America also covers substantial market share owing to the presence of leading industry players and high investment towards research and development.

Impact of COVID-19 on Global Gas Turbine Market

The COVID-19 pandemic outbreak halted the growth of the global gas turbine market. The lockdown imposed in several countries to mitigate the virus spread resulted in a huge shortage of human resources due to which the establishment of new power plants resulted in a decline in the demand for gas turbines in the market. Furthermore, the maintenance activities were also paused during the lockdown period which also affected the business of the industry players dealing with gas turbines.

Competitive Landscape

The leading market players of the global gas turbine market are Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players. The market is highly competitive and concentrated among the global and regional industry players. The companies significantly invest in research and development activities to innovate their offerings and launch new products. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the global gas turbine market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global gas turbine market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global gas turbine market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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