Gas Turbine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

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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