Gas Turbines in Thermal Power Market to Reach USD 25 Billion by 2033 at a 5.2% CAGR - SRI

London, UK - October 2026 | Strategic Revenue Insights Inc. - The global push to cut carbon emissions and shift to cleaner power sources is supporting demand for gas turbines in thermal power, with combined cycle and cogeneration systems gaining ground. According to Strategic Revenue Insights, the global gas turbines in thermal power market is projected to reach USD 25 billion by 2033, registering a CAGR of 5.2% from 2025 to 2033. The report was prepared by lead analyst Kamrul Hasan. The source report does not disclose detailed methodology, including the number of primary interviews or the specific secondary datasets used.

Key Takeaways

• Market value is projected to reach USD 25 billion by 2033, at a CAGR of 5.2% from 2025 to 2033.
• Natural gas accounts for over 70% of the market by fuel, and utilities are the largest end users.
• Turbine design and material advances and cogeneration adoption are improving efficiency and lowering costs.
• Asia Pacific is expected to be the fastest-growing region.
• Named market participants include General Electric, Siemens AG, and Mitsubishi Hitachi Power Systems.

Report URL: https://www.strategicrevenueinsights.com/industry/gas-turbines-in-thermal-power-market

Cleaner Power Transition Drives Gas Turbine Demand

Growth is significantly influenced by the global emphasis on reducing carbon emissions and transitioning to cleaner energy. Natural-gas turbines are considered a more environmentally friendly alternative to traditional fossil-fuel generation.

Advances in turbine design and materials are improving performance and lowering operating costs, and cogeneration systems are gaining popularity for energy efficiency. Asia Pacific is growing fastest on rapid industrialization and urbanization.

Market Segmentation

By Technology: Open Cycle, Combined Cycle, and Cogeneration.

By Capacity: Less than 40 MW, 40-120 MW, and Above 120 MW.

By Application: Power Generation, Oil & Gas, and Industrial.

By Fuel Type: Natural Gas, Diesel, and Others. Natural gas accounts for over 70%.

By End-User: Utilities, Independent Power Producers, and Industrial. Utilities are the largest.

Regional Outlook

The report covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to be the fastest-growing region; the source does not name a single largest region. The source provides no further region-specific market values or growth rates.

Competitive Landscape

The report names General Electric, Siemens AG, Mitsubishi Hitachi Power Systems, Ansaldo Energia, Kawasaki Heavy Industries, Solar Turbines Incorporated, MAN Energy Solutions, Rolls-Royce Holdings, Alstom Power, Capstone Turbine Corporation, Harbin Electric Company, and Doosan Heavy Industries & Construction as market participants.

Market Restraints

Volatile natural gas prices can undermine cost-effectiveness, and growing competition from wind and solar power is a further threat.

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Frequently Asked Questions

What will be the market size by 2033?

The market is projected to reach USD 25 billion by 2033.

What is the expected CAGR of the gas turbines in thermal power market?

The market is projected to expand at a CAGR of 5.2% from 2025 to 2033.

Which segment is largest in the gas turbines in thermal power market?

Natural gas is the dominant fuel type, accounting for over 70% of the market, and utilities are the largest end users.

Which region leads the gas turbines in thermal power market?

Asia Pacific is expected to be the fastest-growing region; the source does not name a single largest region.

About Strategic Revenue Insights Inc.

Strategic Revenue Insights Inc., part of SRI Consulting Group Ltd, is a London-headquartered market intelligence firm that helps organizations across industries and geographies make evidence-based revenue and strategy decisions. The firm produces syndicated research reports and customized consulting engagements built on rigorous market sizing, forecasting, and competitive benchmarking, drawing on a globally connected team of analysts and consultants.

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