Global Gas Turbine Market Poised for Transformative Growth Through 2031

According to The Insight Partners, Global Gas Turbine Market size is projected to reach US$ 32,005.19 million by 2031 from US$ 23,190.29 million in 2024. The market is expected to register a CAGR of 4.84% during 2025–2031.

The global gas turbine market is crucial in the overall energy and industrial landscape. Growing demands for energy, rising stringent environmental regulations, and increasing advancements in turbine technology drive the gas turbine market growth. Gas turbines are pivotal in power generation, industrial applications, and the transition toward cleaner energy sources. Stringent environmental regulations are pushing utilities and industries to adopt cleaner energy solutions.

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Gas turbines, which release less carbon dioxide than coal-fired power plants, are becoming a preferred alternative for power generation. This aligns with the global drive toward decarbonization and the adoption of low-carbon energy technologies.

The global gas turbine market is experiencing a period of dynamic change and robust expansion, driven by surging electricity demand, the worldwide energy transition, and advances in turbine technology. As industries and utilities seek reliable, flexible, and cleaner power solutions, gas turbines are increasingly recognized as a vital bridge between traditional fossil-fuel generation and ambitious decarbonization goals. This press release—informed by industry analysis and recent market news—provides an expert overview of the market size, share, trends, analysis, and regional outlook through 2031, reflecting the latest industry developments as of October 2025.

Market Snapshot: Size, Share, and Growth

• Market Size: The global gas turbine industry continues to expand rapidly, with major forecasts projecting substantial revenue gains through 2031. While specific figures vary by source due to differing methodologies and segmentation, most authoritative analyses converge on robust year-over-year growth, underpinned by the replacement of aging coal plants, new build-outs in emerging markets, and rising requirements for grid stability amid increasing renewable integration.
• Market Share: Leadership in the gas turbine sector remains concentrated among a handful of global giants—Mitsubishi Heavy Industries, Siemens Energy, and GE Vernova—who together dominate both technological innovation and order volumes. However, regional players and specialists, such as Kawasaki Heavy Industries and Capstone Green Energy, are also carving out significant niches, especially in distributed generation and hybrid energy systems.
• Growth Drivers: Accelerating electrification, data center boom, AI-driven power demand, and government mandates for cleaner energy are propelling the market forward. The shift from coal to gas in Asia-Pacific, coupled with the rise of hydrogen-ready and carbon capture-equipped turbines, is creating a new wave of investment and retrofitting activity across developed and developing economies alike.

Key Market Trends & Industry Developments (2025–2031)

• Supply Chain Constraints: The industry is grappling with unprecedented demand, leading to extended lead times for new turbine orders—now stretching three to four years for major OEMs. This bottleneck is prompting utilities to secure slots years in advance, with some even paying premiums to jump the queue.
• Technological Innovation: Digitalization, AI-driven predictive maintenance, and the integration of IoT for real-time monitoring are becoming standard, enhancing operational efficiency and lifecycle management. Hydrogen blending and 100% hydrogen combustion trials are progressing, positioning gas turbines as a flexible platform for the low-carbon energy transition.
• Emission Reduction: Stricter environmental regulations worldwide are compelling power producers to retire coal assets and adopt high-efficiency gas turbines, which offer lower CO₂ emissions and faster ramp rates to balance variable renewables.
• Geopolitical & Energy Security: The global energy crisis, exacerbated by geopolitical tensions, has reinforced the role of gas turbines in ensuring energy security. Countries are accelerating domestic gas infrastructure and prioritizing dispatchable generation to hedge against supply disruptions.
• Sectoral Shifts: The rapid growth of data centers—especially those supporting AI and cloud computing—is creating a surge in “behind-the-meter” gas turbine deployments for reliability and resilience. Meanwhile, the marine and industrial sectors are adopting aeroderivative turbines for combined heat and power (CHP) and mechanical drive applications.

Global & Regional Analysis: Market Dynamics by 2031

• North America: Remains the largest and most mature gas turbine market, with the U.S. leading in combined-cycle deployments, grid modernization, and pilot projects for hydrogen and carbon capture. The retirement of coal-fired capacity and the need for flexible peaking plants are sustaining strong demand.
• Europe: The region is balancing decarbonization targets with energy security concerns, driving investment in hydrogen-ready turbines, energy storage hybrids, and grid-support services. Germany and the UK are at the forefront of innovation, with significant new-build and retrofit programs.
• Asia-Pacific: Poised to be the fastest-growing region through 2031, Asia-Pacific is undergoing a massive coal-to-gas transition, led by China, India, and Southeast Asia. Ambitious infrastructure plans, urbanization, and industrialization are fueling turbine orders, while local manufacturing is expanding rapidly.
• Middle East & Africa: Rich in natural gas resources, these regions are investing heavily in gas-fired power to meet booming electricity demand

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