Gas Turbine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Gas Turbine Market
The gas turbine market size was valued at USD 20.79 billion in 2023, and the market is now projected to grow from USD 21.86 billion in 2024 to USD 29.36 billion by 2032, exhibiting a CAGR of 3.76% during the forecast period of 2024-2032.
The power and energy zone was severely tormented by the pandemic and the lockdowns that had been imposed via numerous countries which aggravated the negative effect of the pandemic. The lockdown resulted in the unavailability of labor and a complete disruption of the supply chain and many power plant projects were experiencing investment issues. Governments applied international borders and travel restrictions, which as a minimum led to there being no machinery and experts who were not available to install power generation equipment. This factor prolonged the gas turbine market growth.
Coal-based power plants disperse huge quantities of dangerous gases into the atmosphere. The emission of these gases is one of the major causes of heating. Nuclear reactors also emit a considerable quantity of toxic gases with lasting damage to the environment. It is the goal of many countries' governments to decrease the emission of greenhouse gases and replace nuclear and coal turbines with those driven by gas. These turbines usually produce fewer toxic gases than the coal power plants. Particularly, energy consumption has increased globally as a matter of the simultaneous urbanization and infrastructure developments. In numerous nations, smart building and smart city programs have probably been launched that subsequently result in additional power demand. The governments have also imposed strict emission standards, which have forced companies to use gas-based turbines on a large scale. Consequently, it has the capacity to bring the gas turbine market share to the fore in the coming years.
The progression in products and also diagnostics is resulting in the enhancement of the dependability as well as resilience of gas generators which consequently is prolonging the running lifetimes plus minimizing downtime. The unique layouts as well as the control systems will certainly boost the versatility of the gas generators which will certainly assist the change of the electrical power need plus incorporate renewable resource resources. Moreover, the aviation sector is continually expanding globally, and that creates a huge scope for this market. The emerging economies are concentrating on the aviation sector development. Increasing investments in the development of aviation will form a space for this market to move forward.
Comprehensive Analysis of Gas Turbine Market
Due to product diversification, the gas turbine market and power & energy sector are unabatedly increasing in size. With the flourishing of this market high-level regional evaluations that are multi-dimensioned can be made which consider the essential supply and demand determinants of the power & energy sector. By capacity, by technology, by cycle, and by sector are the major classification of the market. From 1-2mw capacity to 300+mw market is divided based on capacity. 2-5mw, 5-7.5mw, 7.5-10mw, 10-15mw, 15-20mw, 20-30mw, 30-40mw, 40-100mw, 100-150mw, and 150-300mw are the categories in this classification. By technology it is classified as heavy duty, light industrial and aeroderivative. Similarly by cycle, it is classified as simple cycle and combined cycle. Power utilities, oil & gas, manufacturing, aviation, and others are the main sectors associated with this market.
North America has the main gas turbine market proportion with USD 6.34 billion in 2023. This location has several fuel-pushed turbine flowers, which are working specifically on herbal fuel as shale fuel exploration sports in this area are increasing.
The top players in the market play a crucial role in the power and energy industry assuring industrial prospectus growth and setting market standards. These gamers encompass, GE (U.S.), Siemens (Germany), Mistubushi Power(Japan), Ansaldo Energia(Italy), Solar Turbines (U.S.), Kawasaki Heavy Industries, Ltd. (Japan), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electrical Limited (India), OPRA Turbines (The Netherlands), Rolls Royce (U.K.), Vericor Power Systems LLC (U.S.). These market gamers provide a stage-gambling aggressive landscape.
In January 2023, Mitsubishi Power accepted an order for an H-25 Gas Turbine for the Taiwan& Chang Chun petrochemical assignment; additionally, the conversion of the cogeneration machine on the Miaoli Factory in Miaoli City to a High Power-Efficient Gas-Fired System to Decrease CO2 Emissions.
Segmentation Table
ATTRIBUTE
Global Gas Turbine Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 3.76% from 2024 to 2032
Unit Value (USD billion), Volume (MW)
Segmentation By Capacity, By Technology, By Cycle, By Sector, By Region
By Capacity 1-2 MW
2-5 MW
5-7.5 MW
7.5-10 MW
10-15 MW
15-20 MW
20-30 MW
30-40 MW
40-100 MW
100-150 MW
150-300 MW
300+ MW
By Technology Heavy Duty
Light Industrial
Aeroderivative
By Cycle Simple Cycle
Combined Cycle
By Sector Power Utilities
Oil & Gas
Manufacturing
Aviation
Others
By Region
North America (By Capacity, By Technology, By Cycle, By Sector, and by Country)
- U.S. (By Cycle)
- Canada (By Cycle)
Europe (By Capacity, By Technology, By Cycle, By Sector, and by Country)
- U.K. (By Cycle)
- Germany (By Cycle)
- France (By Cycle)
- Spain (By Cycle)
- Italy (By Cycle)
- Turkey (By Cycle)
- Russia (By Cycle)
- Rest of Europe (By Cycle)
Asia Pacific (By Capacity, By Technology, By Cycle, By Sector, and By Country)
- China (By Cycle)
- India (By Cycle)
- Japan (By Cycle)
- Australia (By Cycle)
- Indonesia (By Cycle)
- Thailand (By Cycle)
- South Korea (By Cycle)
- Rest of Asia-Pacific (By Cycle)
Latin America (By Capacity, By Technology, By Cycle, By Sector, and by Country)
- Brazil (By Cycle)
- Mexico (By Cycle)
- Argentina (By Cycle)
- Venezuela (By Cycle)
- Rest of Latin America (By Cycle)
Middle East & Africa (By Capacity, By Technology, By Cycle, By Sector, and by Country)
- South Africa (By Cycle)
- Iran (By Cycle)
- Egypt (By Cycle)
- Qatar (By Cycle)
- Saudi Arabia (By Cycle)
- Algeria (By Cycle)
- United Arab Emirates (By Cycle)
- Rest of Middle East & Africa (By Cycle)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Gas Turbine Market
- 5. Global Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights and Forecast – By Capacity
- 5.2.1. 1-2 MW
- 5.2.2. 2-5 MW
- 5.2.3. 5-7.5 MW
- 5.2.4. 7.5-10 MW
- 5.2.5. 10-15 MW
- 5.2.6. 15-20 MW
- 5.2.7. 20-30 MW
- 5.2.8. 30-40 MW
- 5.2.9. 40-100 MW
- 5.2.10. 100-150 MW
- 5.2.11. 150-300 MW
- 5.2.12. 300+ MW
- 5.3. Market Analysis, Insights and Forecast – By Technology
- 5.3.1. Heavy Duty
- 5.3.2. Light Industrial
- 5.3.3. Aeroderivative
- 5.4. Market Analysis, Insights and Forecast – By Cycle
- 5.4.1. Simple Cycle
- 5.4.2. Combined Cycle
- 5.5. Market Analysis, Insights and Forecast – By Sector
- 5.5.1. Power Utilities
- 5.5.2. Oil & Gas
- 5.5.3. Manufacturing
- 5.5.4. Aviation
- 5.5.5. Others
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Latin America
- 5.6.5. Middle East & Africa
- 6. North America Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights and Forecast – By Capacity
- 6.2.1. 1-2 MW
- 6.2.2. 2-5 MW
- 6.2.3. 5-7.5 MW
- 6.2.4. 7.5-10 MW
- 6.2.5. 10-15 MW
- 6.2.6. 15-20 MW
- 6.2.7. 20-30 MW
- 6.2.8. 30-40 MW
- 6.2.9. 40-100 MW
- 6.2.10. 100-150 MW
- 6.2.11. 150-300 MW
- 6.2.12. 300+ MW
- 6.3. Market Analysis, Insights and Forecast – By Technology
- 6.3.1. Heavy Duty
- 6.3.2. Light Industrial
- 6.3.3. Aeroderivative
- 6.4. Market Analysis, Insights and Forecast – By Cycle
- 6.4.1. Simple Cycle
- 6.4.2. Combined Cycle
- 6.5. Market Analysis, Insights and Forecast – By Sector
- 6.5.1. Power Utilities
- 6.5.2. Oil & Gas
- 6.5.3. Manufacturing
- 6.5.4. Aviation
- 6.5.5. Others
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S. Market Analysis, Insights, and Forecast – By Cycle
- 6.6.1.1. Simple Cycle
- 6.6.1.2. Combined Cycle
- 6.6.2. Canada Market Analysis, Insights, and Forecast – By Cycle
- 6.6.2.1. Simple Cycle
- 6.6.2.2. Combined Cycle
- 7. Europe Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights and Forecast – By Capacity
- 7.2.1. 1-2 MW
- 7.2.2. 2-5 MW
- 7.2.3. 5-7.5 MW
- 7.2.4. 7.5-10 MW
- 7.2.5. 10-15 MW
- 7.2.6. 15-20 MW
- 7.2.7. 20-30 MW
- 7.2.8. 30-40 MW
- 7.2.9. 40-100 MW
- 7.2.10. 100-150 MW
- 7.2.11. 150-300 MW
- 7.2.12. 300+ MW
- 7.3. Market Analysis, Insights and Forecast – By Technology
- 7.3.1. Heavy Duty
- 7.3.2. Light Industrial
- 7.3.3. Aeroderivative
- 7.4. Market Analysis, Insights and Forecast – By Cycle
- 7.4.1. Simple Cycle
- 7.4.2. Combined Cycle
- 7.5. Market Analysis, Insights and Forecast – By Sector
- 7.5.1. Power Utilities
- 7.5.2. Oil & Gas
- 7.5.3. Manufacturing
- 7.5.4. Aviation
- 7.5.5. Others
- 7.6. Market Analysis, Insights and Forecast – By Country
- 7.6.1. UK Market Analysis, Insights, and Forecast – By Cycle
- 7.6.1.1. Simple Cycle
- 7.6.1.2. Combined Cycle
- 7.6.2. Germany Market Analysis, Insights, and Forecast – By Cycle
- 7.6.2.1. Simple Cycle
- 7.6.2.2. Combined Cycle
- 7.6.3. France Market Analysis, Insights, and Forecast – By Cycle
- 7.6.3.1. Simple Cycle
- 7.6.3.2. Combined Cycle
- 7.6.4. Spain Market Analysis, Insights, and Forecast – By Cycle
- 7.6.4.1. Simple Cycle
- 7.6.4.2. Combined Cycle
- 7.6.5. Italy Market Analysis, Insights, and Forecast – By Cycle
- 7.6.5.1. Simple Cycle
- 7.6.5.2. Combined Cycle
- 7.6.6. Turkey Market Analysis, Insights, and Forecast – By Cycle
- 7.6.6.1. Simple Cycle
- 7.6.6.2. Combined Cycle
- 7.6.7. Russia Market Analysis, Insights, and Forecast – By Cycle
- 7.6.7.1. Simple Cycle
- 7.6.7.2. Combined Cycle
- 7.6.8. Rest of Europe Market Analysis, Insights, and Forecast – By Cycle
- 7.6.8.1. Simple Cycle
- 7.6.8.2. Combined Cycle
- 8. Asia Pacific Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights and Forecast – By Capacity
- 8.2.1. 1-2 MW
- 8.2.2. 2-5 MW
- 8.2.3. 5-7.5 MW
- 8.2.4. 7.5-10 MW
- 8.2.5. 10-15 MW
- 8.2.6. 15-20 MW
- 8.2.7. 20-30 MW
- 8.2.8. 30-40 MW
- 8.2.9. 40-100 MW
- 8.2.10. 100-150 MW
- 8.2.11. 150-300 MW
- 8.2.12. 300+ MW
- 8.3. Market Analysis, Insights and Forecast – By Technology
- 8.3.1. Heavy Duty
- 8.3.2. Light Industrial
- 8.3.3. Aeroderivative
- 8.4. Market Analysis, Insights and Forecast – By Cycle
- 8.4.1. Simple Cycle
- 8.4.2. Combined Cycle
- 8.5. Market Analysis, Insights and Forecast – By Sector
- 8.5.1. Power Utilities
- 8.5.2. Oil & Gas
- 8.5.3. Manufacturing
- 8.5.4. Aviation
- 8.5.5. Others
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. Australia Market Analysis, Insights, and Forecast – By Cycle
- 8.6.1.1. Simple Cycle
- 8.6.1.2. Combined Cycle
- 8.6.2. Indonesia Market Analysis, Insights, and Forecast – By Cycle
- 8.6.2.1. Simple Cycle
- 8.6.2.2. Combined Cycle
- 8.6.3. Thailand Market Analysis, Insights, and Forecast – By Cycle
- 8.6.3.1. Simple Cycle
- 8.6.3.2. Combined Cycle
- 8.6.4. Rest of Asia-Pacific Market Analysis, Insights, and Forecast – By Cycle
- 8.6.4.1. Simple Cycle
- 8.6.4.2. Combined Cycle
- 9. Latin America Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights and Forecast – By Capacity
- 9.2.1. 1-2 MW
- 9.2.2. 2-5 MW
- 9.2.3. 5-7.5 MW
- 9.2.4. 7.5-10 MW
- 9.2.5. 10-15 MW
- 9.2.6. 15-20 MW
- 9.2.7. 20-30 MW
- 9.2.8. 30-40 MW
- 9.2.9. 40-100 MW
- 9.2.10. 100-150 MW
- 9.2.11. 150-300 MW
- 9.2.12. 300+ MW
- 9.3. Market Analysis, Insights and Forecast – By Technology
- 9.3.1. Heavy Duty
- 9.3.2. Light Industrial
- 9.3.3. Aeroderivative
- 9.4. Market Analysis, Insights and Forecast – By Cycle
- 9.4.1. Simple Cycle
- 9.4.2. Combined Cycle
- 9.5. Market Analysis, Insights and Forecast – By Sector
- 9.5.1. Power Utilities
- 9.5.2. Oil & Gas
- 9.5.3. Manufacturing
- 9.5.4. Aviation
- 9.5.5. Others
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. Brazil Market Analysis, Insights, and Forecast – By Cycle
- 9.6.1.1. Simple Cycle
- 9.6.1.2. Combined Cycle
- 9.6.2. Mexico Market Analysis, Insights, and Forecast – By Cycle
- 9.6.2.1. Simple Cycle
- 9.6.2.2. Combined Cycle
- 9.6.3. Argentina Market Analysis, Insights, and Forecast – By Cycle
- 9.6.3.1. Simple Cycle
- 9.6.3.2. Combined Cycle
- 9.6.4. Venezuela Market Analysis, Insights, and Forecast – By Cycle
- 9.6.4.1. Simple Cycle
- 9.6.4.2. Combined Cycle
- 9.6.5. Rest of Latin America Market Analysis, Insights, and Forecast – By Cycle
- 9.6.5.1. Simple Cycle
- 9.6.5.2. Combined Cycle
- 10. Middle East & Africa Gas Turbine Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights and Forecast – By Capacity
- 10.2.1. 1-2 MW
- 10.2.2. 2-5 MW
- 10.2.3. 5-7.5 MW
- 10.2.4. 7.5-10 MW
- 10.2.5. 10-15 MW
- 10.2.6. 15-20 MW
- 10.2.7. 20-30 MW
- 10.2.8. 30-40 MW
- 10.2.9. 40-100 MW
- 10.2.10. 100-150 MW
- 10.2.11. 150-300 MW
- 10.2.12. 300+ MW
- 10.3. Market Analysis, Insights and Forecast – By Technology
- 10.3.1. Heavy Duty
- 10.3.2. Light Industrial
- 10.3.3. Aeroderivative
- 10.4. Market Analysis, Insights and Forecast – By Cycle
- 10.4.1. Simple Cycle
- 10.4.2. Combined Cycle
- 10.5. Market Analysis, Insights and Forecast – By Sector
- 10.5.1. Power Utilities
- 10.5.2. Oil & Gas
- 10.5.3. Manufacturing
- 10.5.4. Aviation
- 10.5.5. Others
- 10.6. Market Analysis, Insights and Forecast – By Country
- 10.6.1. South Africa Market Analysis, Insights, and Forecast – By Cycle
- 10.6.1.1. Simple Cycle
- 10.6.1.2. Combined Cycle
- 10.6.2. Iran Market Analysis, Insights, and Forecast – By Cycle
- 10.6.2.1. Simple Cycle
- 10.6.2.2. Combined Cycle
- 10.6.3. Egypt Market Analysis, Insights, and Forecast – By Cycle
- 10.6.3.1. Simple Cycle
- 10.6.3.2. Combined Cycle
- 10.6.4. Qatar Market Analysis, Insights, and Forecast – By Cycle
- 10.6.4.1. Simple Cycle
- 10.6.4.2. Combined Cycle
- 10.6.5. Saudi Arabia Market Analysis, Insights, and Forecast – By Cycle
- 10.6.5.1. Simple Cycle
- 10.6.5.2. Combined Cycle
- 10.6.6. Algeria Market Analysis, Insights, and Forecast – By Cycle
- 10.6.6.1. Simple Cycle
- 10.6.6.2. Combined Cycle
- 10.6.7. United Arab Emirates Market Analysis, Insights, and Forecast – By Cycle
- 10.6.7.1. Simple Cycle
- 10.6.7.2. Combined Cycle
- 10.6.8. Rest of Middle East & Africa Market Analysis, Insights, and Forecast – By Cycle
- 10.6.8.1. Simple Cycle
- 10.6.8.2. Combined Cycle
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. GE
- 11.2.1.1. Business Overview
- 11.2.1.2. Product Application, & Services
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. Siemens
- 11.2.2.1. Business Overview
- 11.2.2.2. Product Application, & Services
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. Mitsubishi Power
- 11.2.3.1. Business Overview
- 11.2.3.2. Product Application, & Services
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Ansaldo Energia
- 11.2.4.1. Business Overview
- 11.2.4.2. Product Application, & Services
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. Solar Turbines
- 11.2.5.1. Business Overview
- 11.2.5.2. Product Application, & Services
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. Kawasaki Heavy Industries, Ltd.
- 11.2.6.1. Business Overview
- 11.2.6.2. Product Application, & Services
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. Doosan Heavy Industries & Construction
- 11.2.7.1. Business Overview
- 11.2.7.2. Product Application, & Services
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. Bharat Heavy Electrical Limited
- 11.2.8.1. Business Overview
- 11.2.8.2. Product Application, & Services
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. OPRA Turbines
- 11.2.9.1. Business Overview
- 11.2.9.2. Product Application, & Services
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
- 11.2.10. Rolls Royce
- 11.2.10.1. Business Overview
- 11.2.10.2. Product Application, & Services
- 11.2.10.3. Recent Developments
- 11.2.10.4. Financials (Based on Availability)
- 11.2.11. Vericor Power Systems LLC
- 11.2.11.1. Business Overview
- 11.2.11.2. Product Application, & Services
- 11.2.11.3. Recent Developments
- 11.2.11.4. Financials (Based on Availability)
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