by The global gas turbine market size is accounted at USD 28.14 billion in 2024 and is projected to attain around USD 57.44 billion by 2034 with a CAGR of 7.48%
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Key Takeaways
- In 2023, Asia Pacific accounted for approximately 37% of the total market revenue.
- The >200 MW capacity segment contributed 66% of the total revenue share.
- Combined cycle turbines led the market with a 74% revenue share in 2023.
- The power & utility sector dominated the market, holding over 82% of the revenue share.
- The aero-derivative segment is projected to grow at a CAGR of 9% from 2024 to 2033.
Market Overview
The gas turbine market continues to grow steadily, driven by the rising need for efficient power generation and industrial applications. These turbines play a crucial role in power plants, aviation, and the oil & gas sector due to their superior efficiency and lower emissions. Technological advancements, increasing electricity demand, and a global shift toward cleaner energy solutions are key factors propelling market expansion.
Drivers
The surging demand for electricity and substantial investments in power infrastructure are major forces driving the gas turbine market. The shift from coal-fired power plants to natural gas-based generation is further accelerating market growth. Additionally, continuous advancements in turbine technology, including improved efficiency and reduced emissions, are making gas turbines a preferred choice across multiple industries.
Opportunities
The growing integration of renewable energy sources opens new opportunities for hybrid power systems, where gas turbines complement wind and solar power. Government policies supporting clean energy and carbon reduction initiatives are further fueling demand for advanced gas turbine solutions. Additionally, innovations such as hydrogen-powered turbines and the digitalization of power plants are expected to enhance efficiency and drive future growth.
Challenges
Volatile natural gas prices and the high capital costs associated with gas turbine installations present significant challenges for market expansion. Strict environmental regulations aimed at reducing emissions add another layer of complexity for manufacturers. Moreover, increasing competition from alternative energy technologies like battery storage and fuel cells may pose a threat to the growth of the gas turbine industry.
Regional Insights
Asia Pacific dominates the gas turbine market, driven by rapid industrialization and growing energy needs in countries such as China and India. North America follows closely, supported by shale gas exploration and modernization of power infrastructure. Europe is seeing steady growth, with a strong focus on carbon emission reduction. Meanwhile, the Middle East & Africa region benefits from a high demand for gas turbines in the oil & gas industry.
Gas Turbine Market Companies
- Wartsila
- BHEL
- Mitsubishi Hitachi Power Systems
- Harbin Electric International Company
- Siemens AG
- Man Diesel & Turbo
- General Electric
- NPO Saturn
- Kawasaki Heavy Industries
- Solar Turbines
- Capstone Turbine
- Vericor Power Systems
- Cryosta
- AnsaldoEnergia
- Opra Turbines
- Zorya-Mashproekt
Segments Covered in the Report
By Capacity Type
- > 500 kW to 1 MW
- > 1 MW to 30 MW
- < 50 kW
- 50 kW to 500 kW
- > 70 MW to 200 MW
- >30 MW to 70 MW
- > 200 MW
By Product Type
- Heavy Duty
- Aero-Derivative
By Technology Type
- Combined Cycle
- Open Cycle
By Application Type
- Process Plants
- Power Plants
- Oil & Gas
- Aviation
- Marine
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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