Gas Turbine Market

Gas Turbine Market Size & Insights

Gas Turbine Market size was valued at USD 21.8 billion in 2024 and is forecast to touch USD 27.2 billion in 2032, and the market is expected to grow at a CAGR 2.8% between 2025 and 2032 primarily driven by growing demand for electricity and push toward environment friendly power generation etc.

Global Gas Turbine Market Overview

A gas turbine is a type of continuous and internal combustion engine which produces an electric current. It converts natural gas or any liquid fuel into machinal energy. For the generation of electricity, the gas turbines heat both air and fuel at very high temperatures, thus helping the turbine blade to spin.

Gas Turbine Market Drivers

Growing Demand for Electricity

Global demand for energy grew at an above-average rate in 2024, increasing demand for all forms of energy including oil, natural gas, coal, renewables and nuclear power. As per IEA, the global demand for electricity grew at 4.3% in 2024, a 1.8 pts jump from the 2.5% growth rate in 2023.The average rate of increase in electricity demand between 2010 and 2023 was 2.7%, which was twice the pace of increase in total energy demand over the period. The advance of electrification came across sectors, lifting electricity demand in most large economies in 2024. Low-emissions sources supplied virtually all growth in global electricity, with solar PV alone exceeding the expansion of all fossil fuels. Gas demand rose significantly, and oil and coal consumption grew more slowly than in 2023.

Push for Environmentally Friendly Power Generation

The gas turbine provides benefits which include reduced operational costs, higher power density, and has lower emission. They are highly efficient comparatively to other combustion-based power generation technologies. The International Energy Agency’s Global Energy and CO2 Status Report of 2018 illustrates that the coal-fired power generating plants is one of the biggest contributors to the emission in 2018, which has increased by 2.9% from 2017. As per the gas turbine market forecast, the growing population and the rising emphasis on infrastructural development at the global level have led to an increase in the demand for electricity. This will further drive the growth of the gas turbine market share in terms of revenue.

Some of the major drivers that are contributing to the growth of the global gas turbine market size include the growing government support for power generation technologies with an aim to decrease carbon dioxide emission. The U.S. Department of Energy has introduced clean energy research, development, demonstration, & deployment (RDD&D) to bring progress in the U.S. climate and energy goals. As per the Energy Information Administration, natural gas is one of the biggest sources for electricity generation in the U.S. amounting for on third of share in the U.S. power generation. Additionally, shift from coal-based power generation towards gas-based power generation is one of the emerging gas turbine market trends that is surging the demand.

Challenges Faced by Gas Turbine Market Players

Gas turbine market outlook predicts that the increasing share of renewables in the electricity mix will hamper industry growth. In addition to this, the lack of suitable gas infrastructure in Asian countries further has a negative impact on the market growth.

Gas Turbine Market Segment Analysis

Capacity Type Insights

Based on capacity, 100 to <150 MW is expected to dominate the market over the forecast period. The strong demand for this type of gas turbines, especially by the power & utility companies to set up large-scale gas-based power plants in order to meet the increasing power demand from several sectors, is a key driver that is surging the growth of the market. Additionally, the shift towards gas-based power generation from coal-based methods is further driving the growth of the market.

Technology Type Insights

Based on the technology, the combined cycle is expected to grow at a faster CAGR over the forecast period. This is attributed to the technology’s ability to improve the overall efficiency of the plant. Furthermore, these turbines consumes less fuel for the production of energy. The strong demand for large capacity gas-based power plants will have a positive impact on the growth of the global gas turbine market.

End-Use Industry Type Insights

Based on the end-use, the power & utility is predicted to lead the market during the forecast period. One of the biggest factors that is responsible for the growth is the strong demand for large-scale power plants to meet the growing baseload power demand. The accelerating demand from the industrial and commercial sectors around the world is opening new doors for the segment’s growth

Regional Insights: Asia Pacific holds the largest market share

On the basis of regional coverage, Asia-Pacific is expected to grow at a faster CAGR during the forecast period. China is one of the leading contributor in this regional market growth during the forecast period. in 2018, Siemens and State Power Investment Corporation (SPIC) of China joined hands to support the Chinese government to design and manufacture heavy-duty gas turbines independently. Thus, the increasing demand for gas turbines in China is a major factor that is driving the market growth. India’s power sector is dominated by coal-based generation. As per the IBEF, the Indian government is planning to achieve 227 GW capacity in renewable energy by the end of 2020. Moreover, the country’s government has identified the potential of renewable energy and gas-based generation for decarbonizing the economy and meeting the aims as per the Paris Agreement. Therefore, the rising share of gas based generation is supporting the demand for gas turbines in India.

Gas Turbine Market Major Players & Competitive Landscape

Several leading companies operating in the market include GE, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Ansaldo Energia, Solar Turbines Incorporated, OPRA Turbines, MAN Energy Solutions, and Centrax Gas Turbines.

Gas Turbine Market News

• • In 2019, Siemens Energy and State Power Investment Corporation Limited signed a Strategic Partnership Framework Agreement (SPFA) for the development of heavy-duty gas turbines.

Gas Turbine Market Scope of the Report

Gas Turbine Market Research Report Segmentation

Global gas turbine market has been segmented on the basis of technology, end-use industries, capacity, and regions. Based on technology, the market is segmented into open cycle and combined cycle. Based on End-Use, the market is segmented into power & utility, oil & gas and other industries. Based on capacity, the market is segmented into 1-40 MW, 40-120 MW, 120-300 MW, above 300 MW.

Global Gas Turbine Market by Technology

• • Open cycle
  • Combined Cycle

Global Gas Turbine Market by End-Use Industries

• • Power & Utility
  • Oil & Gas
  • Other Industries

Global Gas Turbine Market by Capacity

• • 1-40 MW
  • 40-120 MW
  • 120-300 MW
  • Above 300 MW

Global Gas Turbine Market by Region

• • North America Gas Turbine Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industries
    • By Capacity
    • US Market All-Up
    • Canada Market All-Up

  • Europe Gas Turbine Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industries
    • By Capacity
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Gas Turbine Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industries
    • By Capacity
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Gas Turbine Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By End-Use Industries
    • By Capacity
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Gas Turbine (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • GE
  • Siemens Energy
  • Mitsubishi Power, Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • Bharat Heavy Electricals Limited
  • Ansaldo Energia
  • Solar Turbines Incorporated
  • OPRA Turbines
  • MAN Energy Solutions
  • Centrax Gas Turbines