Gas Turbine Market Research Report Information by Type (Industrial, Heavy Duty and Aeroderivative), By Rating Capacity (Less Than 40 MW, 40-120 MW, 121 To 300 MW and Above 300 MW), By End-User (Power Generation, Oil & Gas, Marine, Process Plants and Other

Gas Turbine Market Research Report Information by Type (Industrial, Heavy Duty and Aeroderivative), By Rating Capacity (Less Than 40 MW, 40-120 MW, 121 To 300 MW and Above 300 MW), By End-User (Power Generation, Oil & Gas, Marine, Process Plants and Others), By Technology (Open Cycle and Combined Cycle) and By Region – Industry Forecast to 2032

In 2023, the gas turbine market was estimated to be worth USD 30,375 million. According to projections, the gas turbine market would expand at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2032, from USD 32,741 million to USD 44,106 million. The need for dependable and effective power production solutions may rise during the projection period, which would fuel demand for gas turbines. Consistent and reliable energy sources are becoming increasingly important as the world economy grows.

For businesses, industries, and residential areas to operate efficiently, a steady supply of power is necessary. Furthermore, the United Nations reports that the world's population has more than tripled since the middle of the 20th century, rising from an anticipated 2.5 billion people in 1950 to 8.0 billion by mid-November 2022. This includes a 2 billion rise since 1998 and a 1 billion increase since 2010. The population is expected to increase by around 2 billion people during the next 30 years, reaching 9.7 billion by 2050 and possibly reaching a peak of 10.4 billion in the middle of the 1980s. The demand for power will rise because of this population growth. To meet this need, gas turbines are essential since they offer a dependable and effective source of power generation.

Perspectives on Market Segments
The gas turbine market is divided into three segments based on type: industrial, heavy-duty, and aeroderivative.
Large-scale power generation and industrial applications are the focus of heavy-duty gas turbines, which are distinguished by their strong structure and great efficiency. Three classes—the E Class, F Class, and H Class—are further separated into this segment, each of which stands for improvements in performance and technology.
Based on rating capacity, the gas turbine market is divided into four segments: less than 40 MW, 40-120 MW, 121-300 MW, and more than 300 MW.
Power Generation, Oil & Gas, Marine, Process Plants, and Others are the end-user-based market segments for gas turbines.
The market is divided into two segments depending on technology: Open Cycle and Combined Cycle.

Regional Perspectives
North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America are the regions into which the study divides the gas turbine market. The gas turbine market is dominated by the Asia Pacific region. The market for gas turbines is expanding quickly in the Asia Pacific area due to rising energy consumption, urbanization, and industrialization.

As part of its larger plan to switch to cleaner energy sources, China is investing heavily in gas turbine technology. Building new gas-fired power plants and updating existing ones are the results of the Chinese government's promotion of natural gas as a vital part of its energy mix.

Key Players
Siemens Energy, General Electric, Anslado Energia, IHI Corporation, MAPNA Group, Mitsubishi Heavy Industries, Ltd., Rolls-Royce, Bharat Heavy Electricals Limited, Solar Turbines Incorporated, and Baker Hughes are some of the major players in the gas turbine market.