report thumbnailGas Turbine Market

Gas Turbine Market 3.76 CAGR Growth Outlook 2025-2033

Gas Turbine Market by Capacity (1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, 15-20 MW, 20-30 MW, 30-40 MW, 40-100 MW, 100-150 MW, 150-300 MW, 300+ MW), by Technology (Heavy Duty, Light Industrial, Aeroderivative), by Cycle (Simple Cycle, Combined Cycle), by Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, Others), by North America (U.S., Canada), by Europe (U.K., Germany, France, Spain, Italy, Turkey, Russia, Rest of Europe), by Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand, South Korea, Rest of Asia-Pacific), by Latin America (Brazil, Mexico, Argentina, Venezuela, Rest of Latin America), by Middle East & Africa (South Africa, Iran, Egypt, Qatar, Saudi Arabia, Algeria, United Arab Emirates, Rest of Middle East & Africa) Forecast 2025-2033


Base Year: 2024

180 Pages
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Gas Turbine Market 3.76 CAGR Growth Outlook 2025-2033


Key Insights

The Gas Turbine Market size was valued at USD 20.79 USD Billion in 2023 and is projected to reach USD 26.92 USD Billion by 2032, exhibiting a CAGR of 3.76 % during the forecast period. Gas turbine is an internal combustion engine type that converts fuel into mechanical energy through the process of combustion, finding major usage in power generation, aviation, and industries. Gas turbines operate on a principle of rotating shaft with continuous combustion that results in compressors sucking air into them which gets mixed with fuel before ignition then hot gases produced from it are directed to give either thrust or turn a generator. Some of these parts include a compressor, combustion chamber, turbine and exhaust. There is a growing market demand for gas turbines because they are efficient, flexible, have less emissions as compared to other forms of electricity production especially when dealing with its renewable integration and distributed generation systems.

Gas Turbine Market Research Report - Market Size, Growth & Forecast

Gas Turbine Trends

  • Increasing demand for reliable and efficient power generation has fueled the Gas Turbine market growth.
  • Growing adoption of Gas Turbines in the power, oil & gas, manufacturing, and aviation sectors is driving market expansion.
  • Technological advancements, such as the development of high-efficiency and low-emission gas turbines, are further contributing to the market's progress.

Driving Forces: What's Propelling the Gas Turbine Market

  • Surging Energy Demand: Rapid industrialization and population growth worldwide have escalated the demand for reliable and accessible energy sources, fueling the growth of the gas turbine market.
  • Government Policies for Sustainable Energy: Governments around the globe are implementing initiatives to promote the use of sustainable and efficient energy generation methods. This has created favorable conditions for gas turbines, which offer lower emissions compared to traditional fossil fuel power plants.
  • Depletion of Fossil Fuels and Transition to Cleaner Energy: The dwindling reserves of fossil fuels and concerns about their environmental impact are driving the transition to cleaner and greener energy sources. Gas turbines play a crucial role in this transition due to their ability to use natural gas, which is a relatively clean-burning fuel, and their high efficiency in converting fuel into electricity.

Challenges and Restraints in Gas Turbine Market

  • High cost of gas turbines, maintenance, and fuel can limit market growth.
  • Fluctuating prices of natural gas can impact operating costs.
  • Environmental concerns and regulations related to gas turbine emissions can pose challenges.

Emerging Trends in Gas Turbine

  • Increased adoption of hydrogen-fueled gas turbines to reduce carbon footprint.
  • Integration of advanced materials and coatings to enhance durability and efficiency.
  • Digitalization and smart technologies for remote monitoring and optimization.

Growth Catalysts in Gas Turbine Industry

Gas Turbine Market Growth
  • Growing investments in renewable energy projects.
  • Increasing demand for cleaner and more efficient power generation systems.
  • Technological advancements and government initiatives supporting the adoption of gas turbines.

Market Segmentation: Gas Turbine Analysis

Capacity:

  • 1-2 MW
  • 2-5 MW
  • 5-7.5 MW
  • 7.5-10 MW
  • 10-15 MW
  • 15-20 MW
  • 20-30 MW
  • 30-40 MW
  • 40-100 MW
  • 100-150 MW
  • 150-300 MW
  • 300+ MW

Technology:

  • Heavy Duty
  • Light Industrial
  • Aeroderivative

Cycle:

  • Simple Cycle
  • Combined Cycle

Sector:

  • Power Utilities
  • Oil & Gas
  • Manufacturing
  • Aviation
  • Others

Leading Players in the Gas Turbine Market

Significant developments in Gas Turbine Sector

March 2023: GE’s latest high-efficiency gas turbine will cover less natural gas, which will be implemented in the 435-megawatt Tallawarra power station in Sydney, Australia.

January 2023: Mitsubishi Power accepts an order for H-25 Gas Turbine for Taiwan’s Chang Chun petrochemical project; additionally, conversion of the cogeneration system at the Miaoli Factory in Miaoli City to a High Power-Efficient Gas-Fired System to Decrease CO2 Emissions.

January 2022: GE Digital’s Autonomous Tuning Speed up the Energy Transition with Machine Learning and Artificial Intelligence, which will reduce harmful emissions and fuel consumption for gas turbines. Additionally, this will cost lower machinery and operational flexibility.

March 2021: General Electric declared to deliver the first two HA gas turbines to the UAE, which will likely be the most effective power plant in the middle east utility sector. General Electric will source in total three 9HA.01 gas-driven turbines.

January 2021: Gruppo Arvedi awarded Ansaldo Energia a contract for the delivery and refurbishment of the new combined cycle power Plant in Servola. The plant will include an AE64.3A gas turbine equipped with the advanced generation technologies already validated to ensure low operational emissions, flexibility, and high efficiency.

Comprehensive Coverage Gas Turbine Market Report

This comprehensive report offers a detailed analysis of the global Gas Turbine market, encompassing market size, share, trends, forecasts, growth drivers, challenges, and competitive landscape. It provides invaluable insights for investors, manufacturers, suppliers, and other stakeholders in the industry.

Market Overview:
  • Global gas turbine market size, share, and growth projections
  • Key market dynamics, including technological advancements and regulatory changes
  • Emerging trends and opportunities shaping the market landscape
Segment Analysis:
  • Breakdown of the market based on type, capacity, and application
  • Analysis of market segments including industrial turbines, power generation turbines, and marine turbines
  • Growth prospects and competitive dynamics within each segment
Regional Analysis:
  • Assessment of gas turbine markets across key regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
  • Analysis of regional market size, growth drivers, and competitive landscape
  • Identification of potential growth opportunities in emerging regions
Competitive Landscape:
  • Profiles of leading gas turbine manufacturers, including market share analysis
  • Assessment of competitive strategies, product portfolios, and technological advancements
  • Analysis of mergers, acquisitions, and partnerships shaping the industry landscape
Growth Drivers and Challenges:
  • Key drivers fueling market growth, such as rising electricity demand, decarbonization efforts, and technological innovations
  • Challenges faced by the industry, including supply chain disruptions, geopolitical uncertainties, and environmental concerns
  • Strategies for market players to mitigate challenges and capitalize on growth opportunities
Forecast Analysis:
  • Market growth projections for the next five to ten years
  • Analysis of potential market scenarios based on different growth drivers and challenges
  • Identification of emerging trends and their impact on market growth

Regional Insight

Gas Turbine Market Regional Share
  • Asia Pacific
  • North America
  • Europe
  • South America
  • Middle East & Africa

Technology Analysis

  • Advanced materials and coatings
  • Hydrogen-fueled gas turbines
  • Digitalization and smart technologies

Pestle Analysis

  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental

Portor's Five Force Analysis

  • Threat of new entrants
  • Bargaining power of suppliers
  • Bargaining power of customers
  • Threat of substitutes
  • Competitive rivalry

BCG Matrix

  • Stars
  • Cash cows
  • Question marks
  • Dogs

Import & Export Analysis

  • Key exporting and importing countries
  • Trade regulations and tariffs

Production & Consumption

  • Global production and consumption volumes
  • Key production and consumption regions

Regulatory Landscape

  • Environmental regulations
  • Government incentives and policies

Gas Turbine Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 3.76% from 2019-2033
Segmentation
    • By Capacity
      • 1-2 MW
      • 2-5 MW
      • 5-7.5 MW
      • 7.5-10 MW
      • 10-15 MW
      • 15-20 MW
      • 20-30 MW
      • 30-40 MW
      • 40-100 MW
      • 100-150 MW
      • 150-300 MW
      • 300+ MW
    • By Technology
      • Heavy Duty
      • Light Industrial
      • Aeroderivative
    • By Cycle
      • Simple Cycle
      • Combined Cycle
    • By Sector
      • Power Utilities
      • Oil & Gas
      • Manufacturing
      • Aviation
      • Others
  • By Geography
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
      • Turkey
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • Indonesia
      • Thailand
      • South Korea
      • Rest of Asia-Pacific
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Venezuela
      • Rest of Latin America
    • Middle East & Africa
      • South Africa
      • Iran
      • Egypt
      • Qatar
      • Saudi Arabia
      • Algeria
      • United Arab Emirates
      • Rest of Middle East & Africa

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