by The global gas turbine market size is calculated at USD 28.14 billion in 2024 and is expected to be reach around USD 57.44 billion by 2034 with a CAGR of 7.48%
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Key Takeaways
- In 2023, Asia Pacific accounted for approximately 37% of the total market revenue.
- The >200 MW capacity segment contributed 66% of the total revenue share.
- Combined cycle turbines led the market with a 74% revenue share in 2023.
- The power & utility sector dominated the market, holding over 82% of the revenue share.
- The aero-derivative segment is projected to grow at a CAGR of 9% from 2024 to 2033.
Market Overview
The gas turbine market is experiencing steady growth due to increasing demand for efficient power generation and industrial applications. Gas turbines are widely used in power plants, aviation, and oil & gas industries due to their high efficiency and low emissions. The market is driven by technological advancements, rising electricity demand, and a shift toward cleaner energy sources.
Drivers
Growing demand for electricity and increasing investments in power infrastructure are key drivers of the gas turbine market. The transition from coal-based power generation to natural gas-based power plants is further boosting market growth. Additionally, advancements in turbine technology, such as higher efficiency and lower emissions, are making gas turbines a preferred choice in various industries.
Opportunities
The rising adoption of renewable energy sources presents opportunities for hybrid power systems, where gas turbines complement solar and wind energy. Government initiatives promoting cleaner energy and carbon reduction strategies also create growth potential for advanced gas turbine solutions. Furthermore, the development of hydrogen-powered turbines and digitalization in power plants are expected to drive innovation in the industry.
Challenges
Fluctuating natural gas prices and high initial investment costs pose challenges to market growth. Stringent environmental regulations regarding emissions and carbon footprint reduction also create hurdles for manufacturers. Additionally, competition from alternative energy sources, such as battery storage and fuel cells, may impact market expansion.
Regional Insights
The Asia Pacific region leads the gas turbine market due to rapid industrialization and growing energy demand in countries like China and India. North America follows, driven by shale gas exploration and modernizing power infrastructure. Europe is witnessing steady growth with increasing emphasis on reducing carbon emissions, while the Middle East & Africa region benefits from strong demand in oil & gas applications.
Gas Turbine Market Companies
- Wartsila
- BHEL
- Mitsubishi Hitachi Power Systems
- Harbin Electric International Company
- Siemens AG
- Man Diesel & Turbo
- General Electric
- NPO Saturn
- Kawasaki Heavy Industries
- Solar Turbines
- Capstone Turbine
- Vericor Power Systems
- Cryosta
- AnsaldoEnergia
- Opra Turbines
- Zorya-Mashproekt
Segments Covered in the Report
By Capacity Type
- > 500 kW to 1 MW
- > 1 MW to 30 MW
- < 50 kW
- 50 kW to 500 kW
- > 70 MW to 200 MW
- >30 MW to 70 MW
- > 200 MW
By Product Type
- Heavy Duty
- Aero-Derivative
By Technology Type
- Combined Cycle
- Open Cycle
By Application Type
- Process Plants
- Power Plants
- Oil & Gas
- Aviation
- Marine
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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