Gas Turbine Market Share

Global Gas Turbine Market Overview

Gas Turbine Market Size was valued at USD 34,710 million in 2022. The Gas Turbine Market industry is projected to grow from USD 30,375 million in 2023 to USD 44,106 million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.8% during the forecast period (2024 - 2032).  A gas turbine is a combustion engine at the center of a power plant that can convert natural gas or other liquid fuels to mechanical energy. This energy then drives a generator that produces the electrical energy that moves along power lines to various end users.

The gas turbine operates on the principle of the Brayton cycle, which involves the compression, combustion, and expansion of a working fluid, typically air or a mixture of air and fuel. At its core, a gas turbine consists of three main components: the compressor, the combustor, and the turbine. The compressor plays a vital role in the process by pressurizing the incoming air, increasing its density, and preparing it for combustion. The compressed air is then mixed with a carefully measured amount of fuel in the combustor, where it undergoes combustion, releasing an incredibly high amount of energy in the form of hot gases.

These hot gases, at an elevated temperature and pressure, are then directed towards the turbine component. As the gas flows through the turbine, it expands, causing the turbine blades to rotate rapidly. This rotation is what generates the mechanical energy needed to drive the compressor and, in turn, any connected equipment or machinery. They have dominated warship propulsion for many years, but their potential remains to be fully realized in the commercial shipping sector.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Gas Turbine Market Trends

Increasing demand for reliable and efficient power generation solutions

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.

Furthermore, the reliability of gas turbines is a critical factor driving their demand. Gas turbines are designed to operate continuously and can provide a stable power supply with minimal downtime. This reliability is essential for industries that require a constant energy supply, such as manufacturing, healthcare, and data centers. In regions where power outages can severely disrupt operations and lead to significant economic losses, the dependability of gas turbines ensures that businesses can maintain productivity and efficiency.

Environmental considerations are another factor driving the demand for gas turbines. Compared to coal-fired power plants, gas turbines produce significantly lower levels of greenhouse gases and pollutants. This makes them a more environmentally friendly option for power generation, aligning with global efforts to reduce carbon emissions and combat climate change. For instance, GE has been granted USD 6.6 million in federal funding from the U.S. Department of Energy's Office of Fossil Energy and Carbon Management to develop groundbreaking technologies for achieving 100% hydrogen combustion in GE's F-Class gas turbines. This funding will enable GE to accelerate the transition towards a future where hydrogen is the primary fuel for its F-Class gas turbines, which currently have over 1600 units installed worldwide. Moreover, governments and regulatory bodies are increasingly implementing stringent emission standards, and gas turbines, with their lower emissions, are well-positioned to meet these requirements. Thus, as the world continues to seek sustainable and dependable energy solutions, the gas turbine market is poised for continued growth.

Gas Turbine Market Segment Insights:

Gas Turbine by Type Insights

The Gas Turbine Market segmentation, based on type has been segmented into Industrial, Heavy-Duty and Aeroderivative. In 2023, the Heavy-Duty segment drove the Gas Turbine Market by holding a substantial market share. 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.

Gas Turbine By Rating Capacity Insights

Based on Rating Capacity, the Gas Turbine Market is segmented into Less Than 40 MW, 40 to 120 MW, 121 to 300 MW, and Above 300 MW. In 2023, the 40 to 120 MW segment drove the Gas Turbine Market by holding a substantial market share during the assessment period. It is projected to register a highest growth rate during the projected timeframe. 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.

Gas Turbine By End-User Insights

Based on End-User, the Gas Turbine Market is segmented into Power Generation, Oil & Gas, Marine, Process Plants, and Others. In 2023, the Power Generation segment drove the Gas Turbine Market by holding a substantial market share during the assessment period. It is projected to register a highest growth rate during the projected timeframe. 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.

Gas Turbine By Technology Insights

Based on Technology, the Gas Turbine Market is segmented into Open Cycle and Combined Cycle. In 2022, the and Combined Cycle segment drove the Gas Turbine Market by holding a substantial market share during the assessment period. It is projected to register a highest growth rate during the projected timeframe. 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.

Gas Turbine Regional Insights

Based on 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 held the maximum market share and is also expected to account for the significant revenue share during the forecast period. The Asia-Pacific region has emerged as a leading player in the Gas Turbine Market due to its role as a global manufacturing hub. 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.

Gas Turbine Key Market Players & Competitive Insights

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 Capacities 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 Capacities. Solar Turbines' strategy includes offering tailored solutions that meet specific customer needs, from oil and gas to power generation and marine Rating Capacities. 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.

Siemens Energy: Siemens Energy is a global leader in the energy sector, dedicated to providing innovative solutions that drive the transition towards a sustainable energy future. As a standalone entity, Siemens Energy was established in 2020, building on over 150 years of experience in the energy industry. The company operates across the entire energy value chain, offering a comprehensive portfolio that includes power generation, transmission, and renewable energy solutions.

General Electric: General Electric (GE), a global conglomerate headquartered in Boston, Massachusetts, is a leader in diverse industries, driving innovation and progress through its robust portfolio of businesses. Founded in 1892 by Thomas Edison and Charles Coffin, GE has evolved into a multifaceted corporation operating in more than 100 countries across sectors such as aviation, healthcare, renewable energy, and power. GE Aviation is a prominent division, renowned for its design and manufacturing of aircraft engines and integrated systems for commercial and military aircraft. With a focus on fuel efficiency and cutting-edge technology, GE Aviation plays a pivotal role in enhancing global air travel.

Key Companies in the Gas Turbine Market includes.

• 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


• Others

Gas Turbine Market Segmentation:

Gas Turbine Type Outlook

• Industrial


• Heavy-Duty


• Aeroderivative

Gas Turbine Rating Capacity Outlook

• Less Than 40 MW


• 40 to 120 MW


• 121 to 300 MW


• Above 300 MW

Gas Turbine End-User Outlook

• Power Generation


• Oil & Gas


• Marine


• Process Plants


• Others

Gas Turbine Technology Outlook

• Open Cycle


• Combined Cycle

Gas Turbine Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Spain
  
  
  • Italy
  
  
  • Poland
  
  
  • Netherlands
  
  
  • Belgium
  
  
  • Austria
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Malaysia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Latin America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Chile
  
  
  • Rest of Latin America
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • Qatar
  
  
  • Oman
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa