Gas Turbine Market Size Valued at USD 20.28 Billion in 2023

Gas Turbines Market: Shaping the Future of Power Generation and Aviation

The global Gas Turbines Market was valued at USD 20.28 billion in 2023 and is expected to grow at a CAGR of 3.6% from 2024 to 2030, reaching approximately USD 25.98 billion by the end of the forecast period. Gas turbines are becoming increasingly essential in power generation, aviation, and industrial processes due to their high efficiency, low operating costs, and ability to run on clean, renewable energy sources. Their versatile applications, including in Combined Heat and Power (CHP) systems, continue to drive market expansion globally.

Country-Specific Developments:

Vietnam: Gas Turbines Growth in Vietnam

Vietnam is seeing a rise in energy demand driven by industrialization and urbanization. GE Power Vietnam is working to expand gas turbine installations for both power generation and industrial applications. The government’s push towards cleaner energy solutions is fueling the demand for gas turbines in the country.

Thailand: Gas Turbines Opportunities in Thailand

Thailand's energy sector is undergoing a significant transformation, with a greater emphasis on renewable energy and efficient power generation. Siemens is one of the key players in the Thai market, helping to modernize the country's power plants by introducing advanced gas turbine solutions that improve efficiency and reduce emissions.

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Japan: Gas Turbines Trends in Japan

Japan’s commitment to reducing greenhouse gas emissions is pushing the demand for gas turbines. Mitsubishi Heavy Industries has been at the forefront of the Japanese market, offering cutting-edge gas turbine technologies designed to reduce carbon footprints while providing efficient power generation solutions for both industrial and domestic sectors.

South Korea: Gas Turbines Updation in South Korea

South Korea is focusing on sustainable energy practices, leading to a higher demand for gas turbines. Doosan Heavy Industries & Construction is expanding its gas turbine manufacturing capabilities to support the government’s energy transition strategy, particularly in the industrial and power generation sectors.

Singapore: Gas Turbines Opportunities in Singapore

Singapore’s push for cleaner, more efficient power generation is driving the demand for advanced gas turbines. Keppel Corporation is involved in the adoption of next-generation turbines for its power plants to align with the nation’s commitment to reducing carbon emissions.

United States: Gas Turbines Growth in the USA

The U.S. is witnessing growing demand for gas turbines, particularly in the power generation and aviation sectors. General Electric is expanding its gas turbine business with advanced technologies that provide higher efficiency and lower emissions. The shift from coal to gas for power generation is driving much of this growth.

China: Gas Turbines Consolidation in China

China continues to be a major consumer of gas turbines, driven by its transition to cleaner energy sources. Dongfang Electric Corporation is expanding its presence in the gas turbine market, focusing on power plants and industrial applications that demand high-efficiency turbines to meet the country's growing energy needs.

Austria: Gas Turbines Trends in Austria

Austria is focusing on high-efficiency energy production, which is boosting demand for advanced gas turbines. Andritz AG is one of the key players in the Austrian market, providing turbines for both industrial and energy applications while adhering to stricter environmental regulations.

Belgium: Gas Turbines Opportunities in Belgium

In Belgium, the need for efficient power generation is pushing the adoption of gas turbines. Cockerill Maintenance & Ingenierie is working with local and international clients to provide cutting-edge gas turbines, particularly for industrial applications and renewable energy integration.

Germany: Gas Turbines Growth in Germany

Germany is leading the way in adopting high-efficiency gas turbines in power plants as part of its energy transition to more sustainable sources. Siemens Energy is spearheading the development of advanced turbines that offer better efficiency and flexibility to accommodate the growing renewable energy market.

France: Gas Turbines Updation in France

France’s demand for energy-efficient turbines is increasing due to its renewable energy push and growing energy consumption. Alstom Power is making significant strides in the market by providing gas turbines that can integrate seamlessly with renewable energy systems while ensuring high reliability and reduced emissions.

Italy: Gas Turbines Trends in Italy

Italy is focusing on improving energy efficiency in both residential and industrial sectors, which has resulted in increased demand for gas turbines. Ansaldo Energia is one of the leading players in Italy, offering high-efficiency turbines for power generation and industrial applications.

Spain: Gas Turbines Growth in Spain

Spain is embracing gas turbines as part of its efforts to reduce reliance on coal and nuclear energy. Sacyr Industrial is working on multiple projects involving the installation of advanced gas turbines in power generation and industrial facilities across the country.

United Kingdom: Gas Turbines Updation in the UK

The UK’s growing demand for cleaner and more efficient energy sources has led to a rise in gas turbine adoption. Rolls-Royce is expanding its efforts in the UK market, focusing on providing turbines for the aviation and power generation sectors to support the country’s energy transition goals.

Canada: Gas Turbines Opportunities in Canada Canada’s push for sustainable energy practices is fueling the demand for high-efficiency gas turbines. TransAlta is enhancing its gas turbine capacity to meet the country’s growing electricity needs while ensuring minimal environmental impact.

Key Takeaways:

The Gas Turbines Market is projected to grow from USD 20.28 billion in 2023 to USD 25.98 billion by 2030, at a CAGR of 3.6%.

The shift towards cleaner and more efficient energy solutions, as well as rising demand in aviation and industrial sectors, is driving the growth of the market.

Leading companies like General Electric, Siemens, and Mitsubishi Heavy Industries are spearheading innovation and growth in the gas turbines sector.

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Analyze the growth opportunities within various product segments in the Gas Turbine industry : 

by Type

Heavy Duty

Aeroderivative

The gas turbine market is divided into two segments based on type: heavy duty and aeroderivative. Because of its low cost structure, high capacity operations, and low pressure, which produces maximum power, the heavy-duty category leads the market. Delivering optimal cycle efficiency helps to meet the growing demand for heavy-duty gas turbines due to their modest turbine dimensions and low investment cost. The business environment is anticipated to be driven by the steady improvements in efficiency, adaptability, and reliability of technology. During the forecast period, the aero-derivative segment is expected to increase at an 8.1% CAGR. It is built around aircraft engines, often known as aviation Gas Turbines. It is easier to install, starts up faster, and weighs less than a large-duty engine.

by Technology

Open cycle

Combined cycle

The gas turbine market is divided into two segments based on technology: open cycle and mixed cycle. With the highest revenue (78%), the combined cycle technology is predicted to continue to dominate. They reduce transmission and distribution losses while using less fuel to produce the required amount of electricity. Combined cycle turbines have efficiencies between 60 and 80% due to their high efficiency and user-friendliness. The technology is bolstered by stringent coal plant regulations, low gas prices, and the integration of renewable energy power in addition to this increasing demand. The combined cycle power plant offers a range of renewable energy output and is a good complement to solar and wind power due to its quick start and stop times. The increase is mostly the result of effective waste management.

by Power Rating

Below 40

40-120

120-300

Above 300

by Application

Power generation

Oil & gas

Aerospace

Process plants

The market for gas turbine services is divided into several segments based on their applications, including process plants, power generation, oil and gas, marine, and aerospace. The power utility industry is anticipated to dominate the global market throughout the forecast period. In many power plants, replacing conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that rely mostly on natural gas as fuel as gas exploration becomes more active. About 25% of the nation's electricity comes from natural gas, whereas over 40% comes from coal, according to the Energy Information Administration (EIA). Over 49 GW of coal-fired power units were shut down by

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Identify the key players dominating the Global Gas Turbine Market.

1) General Electric Company

2) Siemens AG

3) Mitsubishi Hitachi Power Systems, Ltd.

4) Rolls-Royce Holdings plc

5) Ansaldo Energia S.p.A.

6) Solar Turbines Incorporated

7) Bharat Heavy Electricals Limited (BHEL)

8) Kawasaki Heavy Industries, Ltd.

9) Man Energy Solutions SE

10) Caterpillar Inc.

11) Harbin Electric Company Limited

12) Sulzer Ltd.

13) MTU Aero Engines AG

14) EthosEnergy Group

15) PW Power Systems, Inc.

16) NPO Saturn

Examine the role of pricing strategies in shaping Gas Turbine product sales and consumer choices.

♦ What are the key challenges facing the Gas Turbine Market in the coming years

♦ How are technological advancements shaping the growth of the Gas Turbine Market?

♦ What is the market share distribution across different segments in the Gas Turbine Market?

♦ Which customer demographics are driving demand in the Gas Turbine Market?

♦ How are sustainability practices influencing the Gas Turbine Market?

♦ What role do social media and influencer marketing play in promoting products in the Gas Turbine Market?

♦ What are the regulatory factors affecting the Gas Turbine Market?

♦ What are the major innovations in product development within the Gas Turbine Market?

♦ How are the economic conditions impacting consumer spending on Gas Turbine products?

♦ What partnerships or collaborations are being formed within the Gas Turbine industry

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Take a closer look at the breakthrough technologies shaping the industry.

Past Size and Competitive Landscape

• Past Pricing and price curve by region

• Size, Share, Size Forecast by different segment

• Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region

• Segmentation A detailed analysis by segment with their sub-segments and Region

• Competitive Landscape Profiles of selected key players by region from a strategic perspective

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