Increasing demand for reliable and efficient power generation solutions will positively impact the global Gas Turbine market at a CAGR of 4.2% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “global Gas Turbine market” that contains the information from 2018 to 2032. 

The Gas Turbine market is estimated to register a CAGR of 4.2% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Gas Turbine market— Siemens Energy, General Electric,  Ansaldo Energia, IHI Corporation, MAPNA Group, Mitsubishi Heavy Industries, Ltd., Rolls-Royce, Bharat Heavy Electricals Limited, Solar Turbines Incorporated, Baker Hughes and Others.

Gas Turbine Market Highlights

The global Gas Turbine market is accounted for to register a CAGR of 4.2% during the forecast period and is estimated to reach USD 44,106.2 million by 2032.

Combined Heat and Power (CHP) is an energy technology that achieves high efficiencies by simultaneously generating electricity and thermal energy using various technologies and fuel sources. They offer a valuable opportunity to increase the efficiency of power plants by utilizing wasted heat from electricity generation. In traditional power plants, only around 40% of the fuel energy is effectively converted into electricity, while the remaining 60% is released as heat, often wasted through smokestacks or into bodies of water. In CHP plants, this rejected heat is captured and used to create steam, hot water, or chilled water, which can then be utilized for heating or cooling purposes in a network of surrounding buildings through a district energy system. By harnessing the thermal by-product of electricity production, CHP plants can achieve fuel efficiencies of 70% to 85% or even higher. Thus, gas turbines are well-suited for CHP Rating Capacities due to their ability to produce both electricity and high-quality heat, resulting in efficiency levels of 60-80%, compared to about 50% for conventional separate heat and power production. This increased efficiency translates into operational cost savings and makes gas turbines an attractive option for facilities seeking to maximize energy use.

Additionally, the environmental benefits of CHP systems further drive their adoption. By utilizing the heat that would otherwise be wasted, CHP systems significantly reduce greenhouse gas emissions and other pollutants. This aligns with the global push for stricter environmental regulations and sustainability goals, positioning gas turbines as a key technology for achieving these objectives. Additionally, CHP systems are versatile and scalable, catering to a range of Rating Capacities from large industrial plants to smaller commercial buildings. This flexibility opens up numerous market opportunities, including hospitals, universities, manufacturing facilities, and residential complexes, all of which can benefit from the reliable and efficient energy provided by gas turbines in CHP systems.

Furthermore, ongoing research and development efforts are focused on improving the efficiency and performance of gas turbines in CHP Rating Capacities. This includes the development of more efficient turbines, high power-to-heat ratio CHP systems, and the integration of gas turbines into micro grids and district energy systems. These advancements aim to enhance the overall effectiveness and flexibility of CHP systems, making them even more attractive for various Rating Capacities.

Thus, the rise in the adoption of Combined Heat and Power (CHP) systems presents a significant opportunity in the gas turbine market. The efficiency and environmental benefits of CHP, along with government support and ongoing research and development efforts, are driving the demand for gas turbines in CHP Rating Capacities.

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Segment Analysis

The global Gas Turbine market has been segmented based on Type, Rating Capacity, End-User, Technology,   and Region.

The global Gas Turbine Market segmentation, based on Type has been segmented into industrial, heavy-duty and aeroderivative. Among these, the heavy-duty Gas Turbine is projected to dominate the global Gas Turbine market revenue through the projected period. Based on Rating Capacity it has been segmented into Less Than 40 MW, 40 to 120 MW, 121 to 300 MW, and Above 300 MW in the global Gas Turbine market, 40 to 120 MW is projected to dominate the global Gas Turbine market revenue through the projected period.

In End-User segment, the market is categorized Power Generation, Oil & Gas, Marine, Process Plants, and Others. Out of which the Power Generation segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well.

In Technology segment, the market is categorized Open Cycle and Combined Cycle. Out of which the Combined Cycle segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well.

Regional Analysis

By Region, the Gas Turbine market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia-Pacific Gas Turbine market holds the considerable market share and is also forecasted to hold the largest share during the forecast period. China, in particular, is making substantial investments in gas turbine technology as part of its broader strategy to transition to cleaner energy sources. The Chinese government is promoting natural gas as a key component of its energy mix, leading to the construction of new gas-fired power plants and the modernization of existing facilities. Additionally, the country's commitment to reducing carbon emissions aligns with the adoption of combined cycle gas turbine (CCGT) systems, which offer higher efficiency and lower environmental impact.

India is also experiencing significant growth in the gas turbine market, driven by its increasing energy demand and efforts to diversify its energy sources. The Indian government is promoting natural gas as a cleaner alternative to coal, and investments in gas infrastructure, including pipelines and LNG terminals, are facilitating this transition.

In Japan, the post-Fukushima energy landscape has led to a greater reliance on natural gas for power generation, with gas turbines playing a critical role in ensuring energy security. The region's focus on energy efficiency and sustainability will continue to drive the growth of the gas turbine market, as countries seek to balance economic development with environmental considerations.

Key Findings of the Study

• The global Gas Turbine market is expected to reach 44,106.2 million by 2032, at a CAGR of 4.2% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on Type, the heavy-duty segment was attributed to holding the largest market in 2023.


• Based on Rating Capacity, the 40 to 120 MW segment was attributed to holding the largest market in 2023.


• Based on End-User, the Power Generation segment was attributed to holding the largest market in 2023.


• Based on Technology, the Combined Cycle segment was attributed to holding the largest market in 2023.


• Based on End Use, the automotive segment was attributed to holding the largest market in 2023.


• Siemens Energy, General Electric, Ansaldo Energia, IHI Corporation, MAPNA Group, Mitsubishi Heavy Industries, Ltd., Rolls-Royce, Bharat Heavy Electricals Limited, Solar Turbines Incorporated, Baker Hughes and Others are the key market players.