Power Generation Gas Turbine Market Research Report By Fuel Type (Natural Gas, Liquid Fuels, Hydrogen, Biogas), By Power Output Capacity (100 MW, 100-200 MW, 200-400 MW, >400 MW), By Technology (Simple Cycle, Combined Cycle, Aeroderivative, Industrial), By End-Use Industry (Power Generation, Industrial, Cogeneration, Marine Propulsion) and By Regional (North America, Europe, South America, Asia-Pacific, Middle East and Africa) - Forecast to 2032

Global Power Generation Gas Turbine Market Overview

As per MRFR analysis, the Power Generation Gas Turbine Market Size was estimated at 27.96 (USD Billion) in 2022. The Power Generation Gas Turbine Market Industry is expected to grow from 29.22(USD Billion) in 2023 to 43.4 (USD Billion) by 2032. The Power Generation Gas Turbine Market CAGR (growth rate) is expected to be around 4.5% during the forecast period (2024 - 2032).

Key Power Generation Gas Turbine Market Trends Highlighted

The Power Generation Gas Turbine Market has been propelled by the increasing need for effective and trustable means of generating electric power. Particularly, the gradual incorporation of innovations has increased the use of gas turbines to assist the growing renewable energy sources, such as electricity generated from the exploration of wind and solar energy. There is also market growth for low-emission gas turbines due to an increasing concern for the environment.

Some of the opportunities declined in the compound gas turbine generator market include the ability to develop additional equipment and uses such as new coatings and advanced materials that will further increase efficiency. There is additionally a growing demand for small gas turbines that can be installed almost anywhere and which allow distributed generation of power to meet the daily requirements where power has to be burned.

Text reasons include the rise in popularity of combined cycle gas turbine power plants where both a gas and steam turbine are used to generate power. Another trend is covered modular gas turbines that can be transported and installed with ease to offer entry to foreign markets.

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

Power Generation Gas Turbine Market Drivers

Increasing Demand for Electricity

The growing global population and economic development are leading to an increase in demand for electricity. This is particularly evident in developing countries, where urbanization and industrialization are driving up energy consumption. As a result, there is a need for more efficient and reliable power generation technologies, such as gas turbines. Gas turbines are well-suited to meet this demand because they are relatively efficient, have low emissions, and can be used to generate a variety of fuels. In addition, the increasing adoption of renewable energy sources, such as solar and wind power, is also driving the demand for gas turbines.This is because gas turbines can be used to provide backup power when renewable energy sources are not available. Gas turbines can also be used to balance the grid, which is necessary to ensure that the electricity supply is reliable and stable. The increasing demand for electricity is expected to continue in the coming years. This is due to a number of factors, including population growth, economic development, and the increasing adoption of electric vehicles.As a result, the market for gas turbines is expected to grow significantly in the coming years.

Need for Energy Efficiency

The need for energy efficiency is another major driver of the Power Generation Gas Turbine Market Industry. Gas turbines are one of the most efficient power generation technologies available, and they can help to reduce greenhouse gas emissions. This is important because greenhouse gas emissions are a major contributor to climate change. In addition, gas turbines can be used to cogenerate heat and power. This means that they can produce both electricity and heat from a single fuel source.Cogeneration is a more efficient way to use energy than generating electricity and heat separately. The need for energy efficiency is expected to continue to grow in the coming years. This is due to a number of factors, including the rising cost of energy and the increasing awareness of the environmental impact of greenhouse gas emissions.

Government Regulations

Government regulations are also a major driver of the Power Generation Gas Turbine Market Industry. Governments around the world are increasingly adopting regulations to reduce greenhouse gas emissions and improve air quality. This is driving the demand for gas turbines, which are a cleaner and more efficient power generation technology than traditional coal-fired power plants. In addition, governments are also providing incentives for the adoption of renewable energy sources.This is making gas turbines more attractive, as they can be used to provide backup power when renewable energy sources are not available.

Power Generation Gas Turbine Market Segment Insights

Power Generation Gas Turbine Market Fuel Type Insights  

The Power Generation Gas Turbine Market is segmented based on fuel type into natural gas, liquid fuels, hydrogen, and biogas. Among these, the natural gas segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The high availability and cost-effectiveness of natural gas, coupled with its lower carbon emissions compared to other fossil fuels, are the key factors driving the growth of this segment. The liquid fuels segment is expected to witness a significant growth rate during the forecast period.The increasing demand for power generation in remote areas and the growing adoption of gas turbines in combined cycle power plants are contributing to the growth of this segment. Liquid fuels, such as diesel and kerosene, offer higher energy density and can be easily transported and stored, making them suitable for use in off-grid and emergency power generation applications. Hydrogen is gaining attention as a promising fuel source for gas turbines due to its zero-carbon emissions and high efficiency. The increasing focus on sustainable power generation and the development of hydrogen-fueled gas turbines are expected to drive the growth of the hydrogen segment in the coming years.Biogas, produced from organic waste and renewable feedstocks, is another sustainable fuel option for gas turbines. The growing emphasis on reducing greenhouse gas emissions and the availability of biogas from various sources, such as landfills and wastewater treatment plants, are expected to contribute to the growth of the biogas segment during the forecast period. Overall, the Power Generation Gas Turbine Market is expected to witness steady growth in the coming years, driven by the increasing demand for electricity, the need for efficient and reliable power generation, and the growing adoption of sustainable fuel sources.

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

Power Generation Gas Turbine Market Power Output Capacity Insights  

The Power Generation Gas Turbine Market is segmented by Power Output Capacity into '100 MW', '100-200 MW', '200-400 MW', and '>400 MW'. Among these segments, the '>400 MW' segment is expected to account for the largest revenue share of the global market in 2024. This is due to the increasing demand for high-power generation capacity from industries and utilities. The '200-400 MW' segment is also expected to witness significant growth over the forecast period, driven by the increasing adoption of gas turbines for power generation in developing countries.The '100 MW' and '100-200 MW' segments are expected to have a relatively smaller market share, but they are still expected to contribute to the overall growth of the Power Generation Gas Turbine Market.

Power Generation Gas Turbine Market Technology Insights    

The Power Generation Gas Turbine Market is segmented into Simple Cycle, Combined Cycle, Aeroderivative, and Industrial Technologies. Each technology holds a specific market share and exhibits unique characteristics and applications. Simple Cycle technology accounts for a significant portion of the market, characterized by its simplicity and cost-effectiveness. Simple Cycle gas turbines are often deployed in remote areas or as backup power sources, contributing to their widespread adoption. Combined Cycle technology is gaining traction due to its higher efficiency and lower emissions compared to Simple Cycle technology.By combining a gas turbine with a steam turbine, Combined Cycle systems utilize the exhaust heat from the gas turbine to generate additional power, resulting in improved fuel efficiency and reduced environmental impact. Aeroderivative technology, derived from aircraft engine designs, offers high power density and reliability. Aeroderivative gas turbines are commonly used in applications requiring compact size and rapid response, such as auxiliary power units in aircraft and mobile power generation systems. Industrial gas turbines cater to the specific needs of industrial sectors, such as oil and gas, mining, and manufacturing.These turbines are designed for continuous operation and can handle various fuel types, including natural gas, liquid fuels, and waste gases. Their ability to provide reliable and efficient power in harsh industrial environments contributes to their popularity in these sectors.

Power Generation Gas Turbine Market End-Use Industry Insights  

The Power Generation Gas Turbine Market segmentation by End-Use Industry comprises Power Generation, Industrial, Cogeneration, and Marine Propulsion. Power Generation is expected to dominate the market in the coming years owing to the increasing demand for electricity. In 2023, the Power Generation Gas Turbine Market revenue for the Power Generation segment was approximately USD 24.5 billion and is projected to reach USD 35.4 billion by 2032, growing at a CAGR of 4.8%. Cogeneration is also anticipated to witness significant growth due to its ability to generate both heat and power, leading to improved energy efficiency.Industrial applications of gas turbines are expected to drive demand for smaller-sized turbines with a power output ranging from 1 to 50 MW. Marine Propulsion is another growing segment, particularly for large vessels such as cruise ships and tankers, where gas turbines offer higher power density and lower emissions.

Power Generation Gas Turbine Market Regional Insights  

The regional segmentation of the Power Generation Gas Turbine Market offers valuable insights into the market dynamics and growth potential across different geographical regions. North America holds a significant market share, driven by the presence of major power generation companies and increasing investments in renewable energy sources. Europe follows closely, with a focus on reducing carbon emissions and transitioning to cleaner energy sources. The APAC region is expected to witness substantial growth due to rapid industrialization and infrastructure development in countries like China and India.South America and MEA regions are also expected to contribute to market growth, driven by increasing power demand and government initiatives to expand electricity generation capacity.

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

Power Generation Gas Turbine Market Key Players And Competitive Insights

Major players in the Power Generation Gas Turbine Market industry are constantly striving for technological advancements to maintain their competitive edge. These leading Power Generation Gas Turbine Market players are involved in strategic initiatives such as mergers, acquisitions, and partnerships to expand their market reach and strengthen their product offerings. The Power Generation Gas Turbine Market landscape is characterized by intense competition, with key players adopting various strategies to gain market share. Leading players are focusing on research and development to introduce innovative solutions that cater to evolving customer needs.One of the leading players in the Power Generation Gas Turbine Market is General Electric (GE). GE's gas turbines are widely recognized for their efficiency, reliability, and flexibility. The company has a strong global presence and boasts a diverse portfolio of gas turbines for various applications, including power generation, marine propulsion, and industrial uses. GE continuously invests in research and development to enhance the performance and efficiency of its gas turbines. The company's commitment to innovation and customer satisfaction has positioned GE as a formidable player in the Power Generation Gas Turbine Market.A notable competitor in the Power Generation Gas Turbine Market is Siemens Energy. Siemens Energy offers a comprehensive range of gas turbines designed to meet the diverse needs of power generation customers. The company's gas turbines are known for their high efficiency, low emissions, and reliability. Siemens Energy has a strong focus on sustainability and is continuously developing advanced technologies to reduce the environmental impact of its gas turbines. The company's commitment to innovation and customer-centric approach has made Siemens Energy a respected player in the Power Generation Gas Turbine Market.

Key Companies in the Power Generation Gas Turbine Market Include

• General Electric


• Electric Boat Corporation


• Hitachi


• Mitsubishi Heavy Industries


• Baker Hughes


• Hooper Energy


• Clark Energy Management


• DresserRand (currently part of Siemens)


• Ansaldo Energia


• Fuji Electric


• Chengdu GT


• Elliott Group


• Harbin Electric


• Capstone Turbine


• Bharat Heavy Electricals


• MAN Energy Solutions

Power Generation Gas Turbine Market Industry Developments

The Power Generation Gas Turbine Market is projected to grow from USD 29.22 billion in 2023 to USD 43.4 billion by 2032, at a CAGR of 4.5% during the forecast period. The growth of the market is attributed to the increasing demand for electricity, the need for efficient power generation technologies, and the growing adoption of renewable energy sources.Recent news developments in the market include the launch of new gas turbine models by major manufacturers, such as Siemens Energy's SGT5-8000H gas turbine and GE Power's 9HA.02 gas turbine. These new models offer higher efficiency and lower emissions, which is driving their adoption by power plant operators.Another key trend in the market is the growing adoption of combined-cycle power plants. Combined cycle power plants use both gas turbines and steam turbines to generate electricity, which results in higher efficiency and lower emissions compared to traditional power plants. The growing demand for combined cycle power plants is expected to drive the demand for gas turbines in the coming years.

Power Generation Gas Turbine Market Segmentation Insights

• Power Generation Gas Turbine Market Fuel Type Outlook
  
  
  
  • Natural Gas
  
  
  • Liquid Fuels
  
  
  • Hydrogen
  
  
  • Biogas
  
  
  
  

• Power Generation Gas Turbine Market Power Output Capacity Outlook
  
  
  
  • 100 MW
  
  
  • 100-200 MW
  
  
  • 200-400 MW
  
  
  • >400 MW
  
  
  
  

• Power Generation Gas Turbine Market Technology Outlook
  
  
  
  • Simple Cycle
  
  
  • Combined Cycle
  
  
  • Aeroderivative
  
  
  • Industrial
  
  
  
  

• Power Generation Gas Turbine Market End-Use Industry Outlook
  
  
  
  • Power Generation
  
  
  • Industrial
  
  
  • Cogeneration
  
  
  • Marine Propulsion
  
  
  
  

• 
  

  Power Generation Gas Turbine Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia-Pacific
  
  
  • Middle East and Africa