Market Research Industry Today

Gas Turbine Market Size, Share, Trends, & Report 2023-2028

The growing employment of gas turbine combined cycle (GTCC) and integrated gasification combined cycle (IGCC) technologies, increasing adoption due to low initial cost, and rising utilization of alternative fuels represent some of the key factors driving the market.
Published 22 August 2023

According to the latest report by IMARC Group, titled “Gas Turbine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global gas turbine market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global gas turbine market size reached US$ 24.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.

A gas turbine is a type of internal combustion engine that converts the energy stored in fuel into mechanical energy through the combustion of the fuel in a continuous cycle. It is commonly used in power generation, aircraft propulsion, and industrial applications. It comprises a compressor, a combustor, and a turbine. Gas turbines are known for their high power-to-weight ratio, compact size, and rapid startup capabilities. They offer flexibility in fuel options, including natural gas, diesel, or liquid fuels. They are valued for their efficiency, reliability, and low emissions, making them a popular choice in energy production and transportation sectors where clean and efficient power is required.

Request Free Sample Report:

Global Gas Turbine Market Trends:

The increasing demand for electricity is driving the global market. Moreover, the growing focus on clean energy and reducing carbon emissions has also led to the adoption of gas turbines as they offer lower emissions compared to traditional coal-fired power plants. Besides, the wide utilization of gas turbines in various industries such as oil and gas, chemical, and manufacturing as gas turbines offer a reliable and efficient source of onsite power generation, enabling industries to reduce their dependence on the grid and improve energy security, is impelling the market. Furthermore, the integration of digitalization and smart technologies into gas turbines allows for enhanced monitoring, diagnostics, and predictive maintenance, improving overall reliability and reducing downtime.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Market are Given Below:                                                              

  • Kawasaki Heavy Industries
  • Siemens
  • GE
  • MHPS
  • Ansaldo
  • Harbin Electric
  • OPRA
  • MAN Diesel
  • Solar Turbines
  • Vericor Power
  • BHEL
  • Centrax
  • Zorya
  • Caterpillar
  • General Electric
  • Mitsubishi Heavy Industries

Explore the Full Report with Charts, Table of Contents, and List of Figures:

Key Market Segmentation:                     

Breakup by Rated Capacity:

  • Above 300 MW
  • 120-300 MW
  • 40-120 MW
  • Less Than 40 MW

Breakup by Technology:

  • Combined Cycle Gas Turbine
  • Open Cycle Gas Turbine

Breakup by Design Type:

  • Heavy Duty (Frame) Type
  • Aeroderivative Type

Breakup by End-User:

  • Power Generation
  • Mobility
  • Oil and Gas
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current, and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group          

134 N 4th St. Brooklyn, NY 11249, USA


Tel No:(D) +91 120 433 0800

Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800

Other Industry News

Ready to start publishing

Sign Up today!