Gas Turbine Market Size was valued at USD 30,375 million in 2023. The Gas Turbine Market industry is projected to grow from USD 32,741 million in 2024 to USD 44,106 million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.8% during the forecast period (2024 - 2032). During the forecast period we may see increase in demand for reliable and efficient power generation solutions which in turn is driving the demand for gas turbines. As the global economy continues to expand, the need for consistent and dependable energy sources becomes more critical.
Industries, businesses, and residential areas all require a stable supply of electricity to function effectively. Additionally, according to the data published by United Nations, the global population has more than tripled since the mid-twentieth century, growing from an estimated 2.5 billion in 1950 to 8.0 billion by mid-November 2022. This includes an increase of 1 billion people since 2010 and 2 billion since 1998. Over the next 30 years, the population is projected to rise by nearly 2 billion, reaching 9.7 billion by 2050, and could potentially peak at around 10.4 billion in the mid-2080s. This rise in population will result into increase in demand for electricity. Gas turbines play a crucial role in meeting this demand, as they provide a reliable and efficient source of power generation
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for gas turbines in the market is driven by the increasing demand for reliable and efficient power generation solutions. As the global economy continues to expand, the need for consistent and dependable energy sources becomes more critical. Industries, businesses, and residential areas all require a stable supply of electricity to function effectively. Additionally, according to the data published by United Nations, the global population has more than tripled since the mid-twentieth century, growing from an estimated 2.5 billion in 1950 to 8.0 billion by mid-November 2022.
This includes an increase of 1 billion people since 2010 and 2 billion since 1998. Over the next 30 years, the population is projected to rise by nearly 2 billion, reaching 9.7 billion by 2050, and could potentially peak at around 10.4 billion in the mid-2080s. This rise in population will result into increase in demand for electricity. Gas turbines play a crucial role in meeting this demand, as they provide a reliable and efficient source of power generation. Moreover, according to the International Energy Administration, the global electricity demand is anticipated to witness faster growth over the next three years with an average annual growth rate of 3.4% by 2026. Thus, with growing demand is anticipated to drive the demand for reliable and efficient power generation solutions such as gas turbines over the forecast period.
One of the significant advantages of gas turbines is their ability to generate power with high efficiency. Modern gas turbines achieve efficiency rates exceeding 60% in combined cycle operations, where both gas and steam turbines are used in tandem to produce electricity. This high efficiency translates into lower fuel consumption per unit of electricity generated, resulting in cost savings and reduced environmental impact. As fuel costs continue to fluctuate, the economic benefits of efficient power generation are becoming increasingly important to power producers and end-users alike.
The growing emphasis on cleaner energy sources is anticipated to drive the demand for gas turbines over the forecast period. This shift is primarily driven by global efforts to reduce greenhouse gas emissions and mitigate climate change. As countries and industries transition from coal and oil to more environmentally friendly energy solutions, gas turbines have emerged as a critical technology in this transformative phase. Gas turbines provide efficient and quickly deployable power with reliability, operational flexibility, and a proven track record of low emissions. They also have the capability to use low-carbon and hydrogen fuel blends. These characteristics create significant opportunities for decarbonization in the energy transition, offering a clear path towards a dispatchable zero-carbon technology that can be applied across various Rating Capacity. Additionally, natural gas, the primary fuel for gas turbines, burns cleaner than coal or oil, producing significantly less carbon dioxide, sulfur dioxide, and particulate matter. This cleaner combustion process aligns well with international climate goals and stringent environmental regulations. Governments and organizations are increasingly adopting gas turbines to meet emission reduction targets while ensuring reliable power supply, thereby fostering market growth.
Moreover, gas turbines offer flexibility and efficiency, which are essential attributes in the modern energy landscape. They can quickly ramp up and down, making them ideal for complementing intermittent renewable energy sources such as wind and solar power. As the penetration of renewables increases, the grid requires more flexible and responsive power generation solutions to maintain stability and reliability. Gas turbines fill this gap effectively, supporting the integration of renewable energy and enhancing grid resilience.
Based on type, the Gas Turbine Market is segmented into industrial, heavy-duty and aeroderivative. The heavy-duty segment accounted for the largest market share with market value of USD 20.95 Billion in 2023 and is anticipated to reach at USD 29.20 Billion by 2032 witnessing growth at a CAGR of 3.22% from 2024 to 2032.
Heavy duty gas turbines are designed for large-scale power generation and industrial applications, characterized by their robust construction and high efficiency. This segment is further divided into three classes: E Class, F Class, and H Class, each representing advancements in technology and performance capabilities. E Class turbines are typically utilized in applications requiring moderate output and efficiency. They are known for their reliability and are often employed in base-load power generation, where consistent energy supply is crucial. The E Class turbines operate at lower temperatures compared to their F and H Class counterparts, which allows for a longer operational life and reduced maintenance costs. However, they are less efficient than the higher classes, making them suitable for regions with lower efficiency requirements or where capital costs are a primary concern. F Class turbines represent a significant technological advancement, offering improved efficiency and output compared to E Class models. These turbines are capable of operating at higher temperatures and pressures, which enhances their thermal efficiency and power output.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Gas Turbine Market segmentation, based on rating capacity, the market is segmented as Less Than 40 MW, 40-120 MW, 121 To 300 MW and Above 300 MW. Among this, 40-120 MW hold the largest market share. Gas turbines in the 40 to 120 MW capacity range are often employed in mid-sized power generation projects, including peaking power plants, industrial applications, and cogeneration systems. This segment strikes a balance between efficiency and output, making it a popular choice for utilities and independent power producers looking to meet fluctuating energy demands without over-investing in larger infrastructure. These turbines are particularly well-suited for applications where quick ramp-up capabilities are essential, such as during peak demand periods or in response to intermittent renewable energy sources like wind and solar. Their ability to start quickly and operate efficiently allows them to complement renewable energy systems, providing backup power when solar or wind generation is insufficient.
The Gas Turbine Market segmentation, based on end -users, the market is segmented as Power Generation, Oil & Gas, Marine, Process Plants and Others. Among these, the power generation is projected to dominate the Gas Turbine Market revenue through the projected period. The power generation segment is the largest and most significant in the Gas Turbine Market. Gas turbines play a critical role in electricity production, particularly in combined cycle power plants, which are known for their high efficiency and low emissions. These plants use both gas and steam turbines to generate more electricity from the same amount of fuel compared to traditional single-cycle power plants. The versatility and reliability of gas turbines make them an attractive option for utilities and independent power producers.
They can be quickly started and stopped, providing valuable grid stability and backup power, which is crucial as the integration of intermittent renewable energy sources like wind and solar increases. Additionally, gas turbines are pivotal in the transition to cleaner energy, as they can burn natural gas—a cleaner fossil fuel compared to coal and oil—thus contributing to reduced greenhouse gas emissions. Technological advancements, such as the development of high-efficiency and low-emission gas turbines, are further propelling the adoption of gas turbines in the power generation sector. The global push towards sustainable and reliable energy solutions ensures that gas turbines remain a cornerstone in power generation, driving continuous innovation and market growth.
The Gas Turbine Market segmentation, based on technology, the market is segmented as Open cycle and Combined Cycle. Among these, combined cycle is projected to dominate the Gas Turbine Market revenue through the projected period. Combined cycle gas turbines (CCGT) represent a more advanced and efficient technology in the gas turbine market, integrating both gas and steam turbine systems to maximize energy output and minimize emissions. In a CCGT system, a gas turbine generates electricity by burning fuel and producing high-temperature exhaust gases, which are then used to drive a steam turbine. The steam turbine utilizes waste heat from the gas turbine's exhaust to generate additional electricity, significantly improving overall thermal efficiency.
One of the primary advantages of combined cycle systems is their ability to achieve thermal efficiencies often exceeding 60%, making them among the most efficient forms of power generation available today. This high efficiency translates into lower fuel consumption and reduced greenhouse gas emissions per unit of electricity generated, aligning with global efforts to transition to cleaner energy sources. As countries seek to reduce their carbon footprints and meet stringent environmental regulations, CCGT technology is increasingly being adopted as a preferred solution for new power generation projects.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study segments the Gas Turbine Market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia Pacific region holds the largest market share in Gas Turbine Market. The Asia Pacific region is witnessing rapid growth in the gas turbine market, driven by increasing energy demand, urbanization, and industrialization. Countries such as China, India, and Japan are at the forefront of this growth, with significant investments in gas-fired power generation to meet their expanding energy needs. The shift from coal to natural gas is a key trend in the region, as governments seek to reduce air pollution and greenhouse gas emissions while ensuring energy security.
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.
The global gas turbines market is characterized by intense competition, driven by technological advancements, stringent environmental regulations, and the increasing demand for cleaner energy solutions. Key players in the market include General Electric (GE), Siemens, Mitsubishi Power, Ansaldo Energia, and Solar Turbines Incorporated, each striving to gain a competitive edge through innovation, strategic partnerships, and comprehensive service offerings. General Electric (GE) remains a dominant force in the gas turbines market, leveraging its extensive portfolio of high-efficiency turbines and robust service networks. GE’s focus on digital solutions, such as the Industrial Internet of Things (IIoT), enhances operational efficiency and predictive maintenance, providing a significant value proposition to customers. Siemens, another market leader, emphasizes sustainability and efficiency in its gas turbine offerings. Siemens' technological advancements, such as the HL-class gas turbines, aim to achieve higher efficiency and lower emissions, aligning with global environmental goals.
Mitsubishi Hitachi Power Systems (MHPS) has carved out a substantial market share by delivering reliable and efficient gas turbines. MHPS’s strategic focus on integrating renewable energy sources with gas turbine technology positions it favorably in the evolving energy landscape. The company’s J-Series gas turbines are known for their high efficiency and ability to operate on hydrogen, addressing the industry's shift towards greener solutions. Ansaldo Energia, with a robust presence in Europe and expanding footprints globally, emphasizes innovation and flexibility in its gas turbine products. Ansaldo’s turbines are designed to meet diverse market requirements, from industrial Rating Capacity to large-scale power generation. The company's investment in research and development (R&D) and collaborations with research institutions underscore its commitment to advancing gas turbine technology.
Solar Turbines Incorporated, a subsidiary of Caterpillar Inc., focuses on providing gas turbines for industrial and commercial Rating Capacity. Solar Turbines' strategy includes offering tailored solutions that meet specific customer needs, from oil and gas to power generation and marine Rating Capacity. The company’s emphasis on sustainability and compliance with environmental regulations strengthens its market position. Emerging players and regional manufacturers are also making significant inroads by offering cost-effective, region-specific solutions. The competitive landscape is further shaped by strategic mergers, acquisitions, joint ventures, and partnerships, enabling companies to expand their technological capabilities and market reach. Additionally, the increasing integration of digital technologies and the ongoing transition towards renewable energy sources are redefining competitive dynamics. Companies that can swiftly adapt to these changes and innovate effectively are poised to lead the market.
January 2024: GE Vernova Inc. has announced the successful start of operations at the Shinsejong Combined Cycle Power Plant, developed by Korea Southern Power Co., Ltd. (KOSPO), located in Nuri-ri, Yeongi-myon, within Sejong Multifunctional Administrative City, the administrative capital of South Korea. This significant achievement marks the commissioning of GE Vernova's 100th HA unit globally and introduces the first 7HA.03 gas turbine in South Korea. The plant is expected to enhance the country's energy capacity and efficiency, contributing to a more sustainable and reliable power supply while supporting the growth of renewable energy initiatives in the region.
March 2024: GE and Aksa Energy (AKSEN:TI), the largest publicly listed global power producer headquartered in Türkiye, have announced the signing of a contract for the supply of two highly efficient GE 6F.03 gas turbines to power Aksa Energy's new combined heat and power (CHP) plant in the Kyzylorda region of Kazakhstan. This project represents a significant step in the modernization of Kazakhstan's power infrastructure and its energy transition journey. The new 240-megawatt (MW) CHP plant, expected to be commissioned in 2025, will provide flexible, reliable, efficient, and sustainable heat and power for the Kyzylorda region. As the first CHP plant in Kazakhstan, this project aligns with the country's goals of reducing coal-based generation, supporting renewable energy balancing, and eventually reaching net-zero carbon emissions by 2060.
April 2024: Ansaldo Energia is pleased to announce the successful startup of a new 800 MW combined cycle unit at the EP Produzione thermoelectric power plant located in Tavazzano and Montanaso, Lodi. The first parallel operation of the gas turbine for this state-of-the-art facility was successfully completed in recent days. This new combined cycle unit represents a significant advancement in the plant's capacity and efficiency, contributing to the overall energy production capabilities of the region. The integration of advanced technology ensures that the unit operates with enhanced performance while adhering to stringent environmental standards.
Analyst Viewpoint:
The global turbine market is poised for growth, driven by increasing investments in renewable energy and the need for efficient power generation. There is anticipated a surge in demand for wind and gas turbines, bolstered by decarbonization efforts and technological advancements. However, challenges such as high upfront costs and fluctuating raw material prices may impact profitability. The market is expected to remain competitive. With key players focusing on innovation and strategic partnerships.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 30,375 million |
| Market Size 2024 | USD 32,741 million |
| Market Size 2032 | USD 44,106 million |
| Compound Annual Growth Rate (CAGR) | 3.8 % (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Rating Capacity, End user, Technology and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Countries Covered | U.S, Canada, Mexico, Germany, France, UK, Italy, China, Japan, India, Brazil, Saudi Arabia, UAE, Argentina and others |
| Key Companies Profiled | Siemens Energy, General Electric, Anslado Energeia , IHI Corporation, MAPNA Group , Mitsubishi Heavy Industries, Ltd. , Rolls-Royce ,Bharat Heavy Electricals Limited , Solar Turbines Incorporated , Baker Hughes |
| Key Market Opportunities | · Rise in adoption of combined heat and power (CHP) System |
| Key Market Drivers | · Increasing demand for reliable and efficient power generation solutions · Growing emphasis on cleaner energy sources |
Gas Turbine Market Highlights:
Frequently Asked Questions (FAQ) :
Gas Turbine Market was US$ 30,375Mn in 2023
The growth rate of the Gas Turbine Market was 3.8% in 2024- 2032.
Asia Pacific held the largest market share in the Gas Turbine Market
Key players in Gas Turbine Market included Siemens Energy, General Electric, Anslado Energeia , IHI Corporation, MAPNA Group , Mitsubishi Heavy Industries, Ltd. , Rolls-Royce ,Bharat Heavy Electricals Limited , Solar Turbines Incorporated , Baker Hughes
Heavy Duty led the Gas Turbine Market
40 to 120 MW had the largest market share in the Gas Turbine Market
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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