Home > Energy & Power > Electrical Equipment > Turbines > Combined Cycle Gas Turbine Market

Combined Cycle Gas Turbine Market Analysis

Report ID: GMI9782
Published Date: Jun 2024
Report Format: PDF

Download Free Sample

Combined Cycle Gas Turbine Market Analysis

Combined Cycle Gas Turbine Market Size, By Capacity, 2022 - 2032 (USD Billion)

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.

Combined Cycle Gas Turbine Market Revenue Share, By Application, 2023

Learn more about the key segments shaping this market

Download Free Sample

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 Size, 2022 - 2032 (USD Billion)

Looking for region specific data?

Download Free Sample

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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of combined cycle gas turbine was reached USD 13.9 billion in 2023 and is expected to register 5.8% CAGR from 2024 to 2032, owing to the growing awareness of environmental issues combined with a rising consumer emphasis on transitioning to cleaner energy sources worldwide.

Combined cycle gas turbine industry from the > 30 MW to 70 MW segment is expected to exceed USD 2.5 billion by 2032 due to their rapid start-up capabilities and ability to quickly reach full load, making them ideal for meeting peak power demands and ensuring grid stability.

Asia Pacific combined cycle gas turbine industry is expected to cross USD 8 billion by 2032 due to growing demand for energy and a shift towards renewable energy generation in the region.

Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Heavy Industries Ltd., Opra Turbines, Rolls Royce PLC, Siemens, Solar Turbines Incorporated, UEC-Saturn, VERICOR, Wärtsilä, and Zorya-Mashproekt, are some of the major combined cycle gas turbine companies worldwide.