Power Generation Gas Turbine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Power Generation Gas Turbine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Power generation gas turbine market size is anticipated to grow at a 14.8% CAGR between 2024 and 2032 propelled by the global pivot towards cleaner energy. Gas turbines, known for their efficiency and reduced carbon emissions in contrast to coal-fired plants, play a pivotal role in the shift to sustainable energy. Moreover, advancements in turbine design, emphasizing efficiency, flexibility, and lower maintenance, will amplify their appeal.

With swift start-up and adaptability, gas turbines are prime candidates for peaking plants and backup power during high demand or disruptions. For example, in June 2024, the Government of Germany initiated tenders for an additional 10GW gas-fired capacity. Furthermore, integration into hybrid systems, especially alongside renewables like wind and solar, underscores the market growth.

The industry is classified into capacity, product, technology, and region.

Based on product, the power generation gas turbine market value from the aero-derivative segment is poised to grow between 2024 and 2032 due to its superior performance characteristics and operational flexibility. These turbines, initially crafted for aircraft, boast high efficiency, swift start-ups, and stellar load-following, making them perfect for peaking and backup power.

In terms of technology, the power generation gas turbine market from the open cycle segment is set to witness a significant CAGR from 2024 to 2032. This is owing to its operational simplicity and flexibility. Open cycle gas turbines, which operate on a simple Brayton cycle, offer quick start-up times and can be ramped up or down rapidly to meet varying power demands, emerging ideal for peaking power plants and emergency power applications.

North America power generation gas turbine industry is expected to accrue notable expansion from 2024 to 2032. This surge is linked to a heightened emphasis on energy efficiency and curbing carbon emissions. Major investments in modernizing infrastructure, coupled with the demand for reliable peaking solutions to complement intermittent renewables, are driving the market growth. Additionally, regulatory pushes for cleaner energy and robust funding for energy initiatives across the region.