Combined Cycle Gas Turbine Market Size - By Capacity (≤ 50 kW, > 50 kW to 500 kW, > 500 kW to 1 MW, > 1 MW to 30 MW, > 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), By Application, By Regional Outlook & Forecast, 2024 – 2032

Combined Cycle Gas Turbine Market Size

Combined Cycle Gas Turbine Market was valued at USD 13.9 billion in 2023 and is estimated to grow at a CAGR of 5.8% from 2024 to 2032. Growing awareness of environmental issues combined with a rising consumer emphasis on transitioning to cleaner energy sources will drive the business outlook.
 

A combined cycle gas turbine is a highly efficient electricity generation system that combines both gas and steam turbines to produce electricity. In this plant, natural gas is burned in a gas turbine to generate power and the hot exhaust gases from the gas turbine are then used to produce steam in a heat recovery steam generator. This steam drives a steam turbine, which generates additional electricity. By utilizing the waste heat from the gas turbine, the overall efficiency of the plant is significantly increased, often reaching efficiency levels of 60% or higher, compared to about 35-40% for traditional simple cycle gas turbine plants.
 

Combined Cycle Gas Turbine Market Trends

The governments and industries around the globe are committing resources to sustainable power generation technologies to lower carbon emissions and adhere to environmental regulations, which in turn will fuel the gas turbine market. For instance, the UAE has set an ambitious target to generate 40% of its energy from renewable sources by 2032. The industry is set for significant growth owing to the rising power generation demands and accelerating global industrialization.
 

Combined Cycle Gas Turbine Market Analysis

The > 30 MW to 70 MW combined cycle gas turbine will exceed over USD 2.5 billion by 2032. These systems are renowned for their rapid start-up capabilities and ability to quickly reach full load, making them ideal for meeting peak power demands and ensuring grid stability. Additionally, the industry is set to gain significant growth on account of wide scale deployment of these units across power generation applications, offshore platforms and the aircraft sector.
 

The process plants combined cycle gas turbine market size will witness a CAGR of over 5% through 2032. The industry dynamics are poised for a significant boost owing to the advent of highly flexible and mobile technologies. The product offers substantial advantages comprising of lightweight design, environmental friendliness, higher rotation speeds, operational versatility, and low water consumption, thereby accelerating the industry's potential. Moreover, the growing focus on consumer priorities and industry accessibility along with supportive regulatory changes is set to enhance the business landscape.
 

Asia Pacific combined cycle gas turbine market is set to surpass USD 8 billion by 2032, owing to the growing demand for energy and a shift towards renewable energy generation. The industry landscape is poised for enhancement as increased industrialization and infrastructure modernization, driven by investments in gas-fired distributed energy, take place.
 

Increasing demand for efficient and reliable power generation along with availability of abundant & affordable natural gas will fuel the U.S. market. The flexibility and efficiency of CCGT systems make them a preferred choice for balancing the variability of renewable energy sources including wind and solar. Shifting focus toward energy security and environmental sustainability in line with stringent government regulations to limit emissions will energize the industry dynamic.
 

Combined Cycle Gas Turbine Market Share

VERICOR specializes in gas turbine propulsion systems for naval and industrial applications. With a focus on innovation and reliability, the company has established itself as a leading provider of compact, lightweight, and high-performance gas turbines. Their turbines are utilized in a variety of applications, including marine propulsion, power generation, and mechanical drive systems. It's dedication to engineering excellence and customer satisfaction has earned them a reputation for delivering robust and efficient solutions tailored to meet the unique demands of each project. Through continuous research and development, the company remains at the forefront of gas turbine technology, driving advancements in efficiency, durability, and environmental sustainability.
 

Combined Cycle Gas Turbine Market Companies

Eminent players operating in the combined cycle gas turbine industry include:

• Ansaldo Energia
• Bharat Heavy Electricals Limited (BHEL)
• Capstone Green Energy Corporation
• Doosan
• Flex Energy Solutions
• General Electric
• Harbin Electric Corporation Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Heavy Industries Ltd.
• Opra Turbines
• Rolls Royce PLC
• Siemens
• Solar Turbines Incorporated
• UEC-Saturn
• VERICOR
• Wartsila
• Zorya-Mashproekt
   

Combined Cycle Gas Turbine Industry News

• In October 2023, Siemens has successfully operated a gas turbine solely on renewable hydrogen as part of the HYFLEXPOWER project. This French initiative marks a significant step forward in decarbonizing energy-intensive industries by producing, storing, and utilizing renewable hydrogen to power a Siemens Energy gas turbine. Funded by the European Commission, the project aims to explore commercialization opportunities and expand its scope to include the production of industrial heat and other applications.
   
• In October 2021, Mitsubishi Power, a division of Mitsubishi Heavy Industries, received a contract from Snowy Hydro Limited for 2 units of M701F gas turbines and other related equipment for the Hunter Power Project in Australia. The total capacity of this power plant was 660 MW and is estimated to start in the year of 2023 with a potential of 15% hydrogen co-firing.
   

This combined cycle gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Capacity

• ≤ 50 kW
• > 50 kW to 500 kW
• > 500 kW to 1 MW
• > 1 MW to 30 MW
• > 30 MW to 70 MW
• > 70 MW to 200 MW
• > 200 MW

Market, By Application

• Power Plants
• Oil & Gas
• Process Plants
• Aviation
• Marine
• Others

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
  • Netherlands
  • Denmark
  • Sweden
• Asia Pacific
  • China
  • Australia
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Egypt
  • Turkey
  • South Africa
  • Nigeria
  • Algeria
• Latin America
  • Brazil
  • Argentina
  • Chile