Asia Pacific Gas Turbine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Asia Pacific Gas Turbine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Asia Pacific gas turbine market was valued at USD 5.5 billion in 2023 and is projected to indicate a CAGR of 5.7% from 2024-2032. Heightened environmental concerns and stringent government regulations on greenhouse gas emissions are steering the industry towards effective energy conservation measures, thereby amplifying its potential. For example, as of the first quarter of 2024, gas-based power plants in India boast an installed capacity of 24.8 GW, accounting for roughly 2 to 3% of the nation's total power generation. Increasing electricity demand, coupled with a push for cleaner energy solutions, is set to bolster the gas turbine market. The rising share of renewable energy, alongside stringent energy efficiency agreements, will further fuel product adoption. Moreover, heightened electricity demand and significant investments in natural gas extraction and trade bode well for the industry's outlook.

The overall Asia Pacific gas turbine industry is classified based on the capacity, product, technology, application, and country.

By 2032, the aero derivative gas turbine market is projected to surpass USD 2 billion. These turbines offer advantages like reduced weight, environmental benefits, higher rotational speeds, operational versatility, and minimal water consumption, all of which enhance their market appeal. Furthermore, the swift rise of co-generating units catering to energy and heat needs in small commercial, industrial, and isolated grid networks underscores the industry's growth potential.

The market for gas turbines in the 70 MW to 200 MW range is anticipated to grow at a CAGR of over 5% by 2032. Their versatility in direct and mechanical drive applications, quick startup capabilities, and reduced cooling water reliance make them increasingly popular. The expansion of energy generation to offshore platforms and their rising use in aircraft further bolster their market position. Additionally, stringent government regulations on emissions and stabilized gas prices are expected to drive technology adoption.

China's gas turbine market is on track to exceed USD 3.5 billion by 2032. The ongoing expansion of manufacturing and processing facilities is set to boost the growth of self-regulated power generating plants. Furthermore, the government's commitment to a sustainable energy mix and stringent emission regulations emphasize a shift towards cleaner power generation. This shift is likely to accelerate business growth, especially with the replacement of outdated coal-fired plants by efficient gas-fired counterparts.