Gas Turbine Component Market Size - By Component Type, By Technology, By Product, By Application, By Service Provider, Analysis, Share, Growth Forecast, 2025 - 2034

Gas Turbine Component Market Size

The global gas turbine component market was valued at USD 8.2 billion in 2024 and is expected to reach USD 13.1 billion by 2034, growing at a CAGR of 4.6% from 2025 to 2034. Increasing push for low carbon emission portfolio in line with growing utilization of these components to support peaker plant and combined cycle will proliferate industry outlook. Ongoing modernization and retrofitting of existing turbine units across utility and industrial facilities will drive the product adoption. The ongoing development of new combustors, nozzles, and blades alongside new emission and efficiency policies will have a favorable effect on industry penetration.
 

Increasing demand for single crystal blades and other high-temperature sensitive components for gas turbines in the aerospace industry will accelerate the business expansion. Rapid growth in decentralized energy systems along with escalating demand for off-grid and backup power solutions will boost the gas turbine component market scenario.
 

Growing investment of R&D in manufacturing and metallurgy including thermal barrier coatings, 3D printing & ceramic matrix composites will drive product deployment. In addition, the key industry OEM players are continuously focusing to meet efficiency thresholds in association with rising demand for gas turbine component in aviation, oil & gas, and power generation will amplify the business dynamics.
 

For illustration, in 2025, Mexico Federal Electricity Commission (CFE) announced a multibillion-dollar investment plan under its 2025–2030 power generation expansion strategy. The combination of measures contains 12 new power plants, adding an eventual capacity of 5,840 MW which include several new combined-cycle gas turbine plants for lowering emissions and improving energy dependability.
 

The installation of smart sensors for real-time monitoring of thermal stress, vibration, and predictive analytics tools at the turbine component level will further advance the industry. Further, the addition of these digitalization features will enable optimization of lifecycle cost and condition-based maintenance, thereby reducing downtime and increasing business potential.
 

Gas Turbine Component Market Trends

The gas turbine industry is observing significant expansion propelled by surging demand for sustainability, reliability, and energy efficiency. Burgeoning technological innovation and integration of digital technologies together with increasing focus on supply chain facilities will encourage the industry scenario. Furthermore, the growth in regional partnerships and expanding manufacturing hubs in key emerging markets will sway the business landscape.
 

Increasing emphasis on minimizing cooling requirements, improving blade aerodynamics, and reducing leakage losses, enabling better fuel economy and higher turbine output, thereby augmenting business potential. Growing demand for materials that can support combustion dynamics and higher flame temperatures will drive the demand for product expansion.
 

For citation, in September 2024, the U.S. allocated approximately USD 7 billion to bolster clean energy projects in 16 rural electric cooperatives. This investment showcases the government’s intention to upgrade the power infrastructure in rural areas to include renewable energy sources such as wind, solar, hydro power and nuclear power. The goal of this initiative is to reduce greenhouse gas emissions while improving the reliability and sustainability of energy in these underserved areas.
 

The growing demand for thermal barrier coatings, which improves turbine blade efficiency and lifespan under the high temperature conditions, thereby fostering industry dynamics. Continuous incorporation of digital twins to enable predict component failures, optimize maintenance, and stimulate the turbine performance, which in turn will foster the gas turbine component market outlook.
 

Ongoing innovation in material including ceramic matrix composites and superalloys in gas turbines in association with surging demand for high performance GT components comprising of vanes & heat-resistant blades will proliferate the product portfolio. Moreover, these turbines are commonly employed in midstream and upstream business activities, thereby increasing the demand for aftermarket parts.
 

For citation, in 2024, Canada pledged an investment of about USD 360 million towards its Smart Renewables and Electrification Pathways program, bringing the total value of the initiative to around USD 3 billion. This funding will enable the development of clean energy frameworks as infrastructure, harnessing stronger private sector interest which aids in Canada’s overall goal of achieving net-zero emissions.
 

The imposition of tariffs on steel and aluminum products by the Trump administration will have severe consequences for the gas turbine component industry. The rising cost of raw materials disrupted supply chains, and uncertainty in the market will impact the business landscape. These barriers also affected margins for manufacturing and postponed project schedules, stifling industry growth, affecting procurement policies, and heavily impacting the industry.
 

Gas Turbine Component Market Analysis

• The gas turbine component industry was valued at USD 7.2, 7.9 & 8.2 billion in 2022, 2023 and 2024 respectively. Based on component type, the market is segmented into air inlet, compressor, combustor, turbine, fuel nozzle, exhaust, auxiliary systems and others. The modern grid networks incorporating renewable energy in line with demand-response technologies will improve the entire business ecosystem.
   
• The air inlet gas turbine component market will grow at a CAGR of 4.5% through 2034. These factors are important for shielding turbines from foreign elements which enhances functionality and increases their lifespan. The incorporation of gas turbines air filtration systems will increase tremendously due to the natural gas energy source and the expanding network of natural gas infrastructure.
   
• The market for compressor gas turbine components was valued at over USD 2 billion in 2024. Continuous industrialization and rising electricity consumption will improve the outlook of the industry. Furthermore, incorporation of digital technologies for active monitoring and predictive maintenance will support business expansion.
   
• For citation, the U.S. Environmental Protection Agency (EPA) placed new rules for emission control on gas-fired combustion turbines in 2024, which includes new emission standards for gas-fired combustion turbines. These regulations allow power plant operators to more effectively design and employ sophisticated carbon dioxide control technologies.
   
• The combustor gas turbine component market is expected to exceed USD 1.5 billion by 2034. The use of cleaner fuels including natural gas, hydrogen, and ammonia will require the creation and development of flexible combustor systems which can handle various types of fuels.
   
• The turbine gas turbine component market will grow at a CAGR of 4% through 2034. The implementation of class nickel super alloys and ceramic matrix composites in material science has improved the performance of these components and their sustainability by turbines enduring higher temperature and efficiency levels.
   
• In 2024, Canadian government shows its dedication to fighting climate change by releasing new regulations which set limits on carbon emissions for oil and gas companies. The Plan also seeks to achieve a 35% reduction in GHG emissions by 2019 benchmarks, thus offering a clearer opportunity for the sector to transition to eco-friendliness.
   
• The increase in the demand for the gas turbine fuel nozzle will grow partly due to the use of additional gas turbine fuel nozzles. These techniques improve the construction of complex fuel nozzles which helps in the better atomization and mixing of fuel which increases the combustion efficiency.
   
• For citation, Biden-Harris administration highlighted showable advancements in restoring U.S. manufacturing by providing challenge grants, and spending around USD 20 million on clean energy manufacturing to industrial innovation and economic growth of the country.
   
• The market for exhaust gas turbine components was estimated at about USD 700 million in 2024. The rising deployment of combined cycle power plants coupled with growing emphasis on environmental compliance will accelerate the deployment of these systems. These solutions will enhance durability and operational efficiency of turbines across industrial applications.
   
• Auxiliary systems gas turbine component market will grow at a CAGR of 5% till 2034. The use of IoT technologies enables real-time tracking and predictive maintenance which will improve the company's outlook by enhancing operational efficiency and minimizing downtime.
   
• For illustration, in 2024, Mexico has started a strategy which aims at modernizing its electric sector with a cost of USD 23 billion USD. The strategy focuses on expanding the CFE as well as the preexisting infrastructure held by private entities, improving the energy access, maintaining and improving the reliability of the grid, while also investing in private institutions.

• Based on technology, the market is segmented into open cycle and combined cycle. The combined cycle gas turbine component market holds a share of 79.4% in 2024. The pace of adopting decarbonization alongside the planned coal power plant cessation will accelerate the adoption of gas turbine combined cycle components.
   
• The market for open cycle gas turbine component is expected to grow at a CAGR of 4% through 2034. Improvements in fuel efficiency and compliance with increasingly stringent emission regulations will further enhance the design turbine innovations. The ability of these systems to function with renewable energy sources identifies them as an important component in current headline low emission power infrastructures.
   
• For reference, in 2025, Canada invested USD 147 million for the construction of Cedar LNG, a floating LNG facility located in Kitimat of British Columbia. This facility is a joint venture of Pembina Pipeline and the Haisla Nation, which is now coming into prominence as nation’s largest energy infrastructure.

• U.S. market for gas turbine component was estimated at USD 505.2, 558.1 & 576.9 million in 2022, 2023 and 2024 respectively. The shift from traditional power plants to more modern gas turbine technologies will further deepen product penetration across the energy sector.
   
• North America gas turbine component market will witness at a CAGR of 4% in 2034. The increasing concern for the environment as well as the implementation of more stringent regulations on carbon emissions will drive the market need for these systems with high efficiency and low emission turbines.
   
• For reference, the U.S. has earmarked over USD 230 billion for energy manufacturing by 2025, predicting the initiation or augmentation of more than 900 facilities. The investments seek to strengthen local supply chains while expediting the overall transition to a more sustainable energy system.
   
• The Asia Pacific gas turbine component market is set to reach over USD 4 billion by 2034. The energy infrastructure and the cutting edge technological innovations will work in tandem to bolster government initiatives directed towards addressing the critical need for dependable and high-efficiency power solutions.
   
• For illustration, in 2024, Australia launched the new transformative policy ‘A Future Made in Australia’ which serves to unlock Australia’s rich resource potential for clean energy transformation. It indicates the shift into utilizing Australia’s fossil fuel resource base. This initiative demonstrates the increased government policy activity aimed at fostering industrial development and the current global economic interventionism.
   
• The Europe gas turbine component market is poised to grow at a CAGR of over 3.5% from 2025 to 2034. Introducing policies which strengthen the reduction of carbon together with a pivot to cleaner energy sources will positively impact the business environment. Additional focus on decarbonization coupled with strict emission regulations will drive the adoption of high-efficiency turbine systems.
   
• For citation, in 2024, the UK issued industrial policy in the last seven years incorporates advanced manufacturing, clean energy, and digital technology among other advanced industries as some of the pivotal key areas. This policy aims to enhance the competitiveness of businesses, attract new investments, and achieve growth that is sustainable and balanced across the country.
   
• The Middle East & Africa gas turbine component will witness an appreciable momentum owing to rising economic diversification and accelerating industrialization will significantly amplify the demand for dependable and scalable power infrastructure across the region and augment the product penetration.
   
• For reference, following the endorsement by the Council of Ministers, Saudi Arabia has allocated USD 2.7 billion to implement the Standard Incentives Program for its industrial sector slated for 2024. This initiative is aimed at strengthening the competitiveness of industries and accelerating the growth of industrial sectors through exceptional financial support.
   
• The Latin America gas turbine component market is poised to grow at a CAGR of 5% by 2034. Growing investments in natural gas infrastructure coupled with the expansion of power generation initiatives will accelerate industry growth across the region.
   
• For illustration, in 2024, Brazil formulated the National Policy for the Energy Transition, allocating USD 400 billion for green investments over the next decade. This landmark undertaking consolidates government actions to accelerate the adoption of clean energy in Brazil, strengthen its role in the international renewable energy sector, and promote the growth of low-carbon industries.
   

Gas Turbine Component Market Share

• The top 5 players including GE Vernova, Siemens Energy, Mitsubishi Power, Rolls-Royce, and Ansaldo Energia together holds a share of about 45% in the gas turbine component industry. Ansaldo Energia, well known for their knowledge in the production and maintenance of gas turbines parts, fabrication and servicing has made a mark in the whole equipment of power facilities business worldwide.
   
• GE Vernova proclaimed its high output turbine innovations with the Hydro-Quebec production initiative to showcase its newest gas turbine technology, the 7H gas turbine, which was built to enable the grid stability and ensure efficient peaking for demand.
   
• Mitsubishi Power is one of the reputed companies for implementing new and efficient technology into its turbine solutions. It possesses a variety of turbine components including advanced heavy duty and aeroderivative gas turbines for support in power generation and industrial purposes.
   

Gas Turbine Component Market Companies

• Mitsubishi reported revenue of USD 24.2 billion for the first three quarters of FY 2024, representing a robust 8.8% year-over-year increase. The company also posted a 10.5% rise in order intake over the same period, reflecting strong market demand and sustained growth across its core business segments.
   
• GE Vernova reported an annual revenue of USD 34.9 billion in 2024, reflecting a 5% growth compared to previous year. This growth is driven by strong operational execution and strategic expansion. Net income rose significantly to USD 1.6 billion, and profit margin witnessed a 4.5% increase. The company delivered an adjusted EBITDA of USD 2.0 billion.
   
• Siemens Energy recorded a strong order intake of USD 54.1 billion in fiscal year 2024, underscoring solid global demand and a favorable shift in its margin mix. The company achieved revenues of USD 37.2 billion, reflecting a 12.8% year-over-year increase that surpassed expectations. This performance highlights Siemens Energy’s accelerating growth momentum and expanding presence across international markets.
   

Major players operating in the gas turbine component market are:

• Ansaldo Energia
• Baker Hughes
• Bharat Heavy Electricals Limited
• Chromalloy Gas Turbine
• Doncasters Group
• Doosan
• GE Vernova
• IHI Corporation
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Power
• MTU Aero Engines
• Parker Hannifin
• Precision Castparts
• Rolls-Royce
• Siemens Energy
• Solar Turbines
• Suzler
• Wartsila
• Woodward
   

Gas Turbine Component Industry News

• In March 2025, GE Vernova wrapped up the purchase of Woodward, Inc.'s gas turbine combustion parts division located in Greenville, South Carolina. This acquisition improves the domestic supply chain and the manufacturing capacity of GE Vernova. The former employees are now part of GE Vernova’s Gas Power business where they will help meet increasing energy demand.
   
• In February 2025, Siemens Energy disclosed a collaboration with Rolls-Royce SMR for the provision of turbines, generators, and auxiliary power systems for prospective small modular reactors. They are built for faster speed of deployment, enhanced safety features, and lower costs.
   
• In February 2025, Sulzer has declared the expansion of its Service Center located in Vadodara, India, so as to strengthen support for turbomachinery within the Indian energy sector. This comes after the recent optimization of its Chennai Service Centre, further emphasizing Sulzer’s efforts towards India’s energy security and sustainability objectives. Both centers provide state of the art diagnostic, retrofitting, repairing and servicing for pumps, turbomachinery and electromechanical systems.
   
• In February 2025, Baker Hughes has signed a cooperation contract with Hanwha Power Systems and Hanwha Ocean for the development of small-sized turbines that can burn ammonia fully. The association will integrate technology of gas turbines with the combustion system of ammonia. The new turbines will be used for marine, onshore, offshore, and power generation activities.
   

The gas turbine component market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Component Type

• Air inlet
• Compressor
• Combustor
• Turbine
• Fuel nozzle
• Exhaust
• Auxiliary systems
• Others

Market, By Product

• Aero-derivative
• Heavy duty

Market, By Technology

• Open cycle
• Combined cycle

Market, By Application

• Power plant
• Oil & gas
• Process plant
• Aviation
• Marine
• Others

Market, By Service Provider

• OEM
• Non-OEM

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

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
  • Netherlands
  • Greece
  • Poland
• Asia Pacific
  • China
  • Australia
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • Egypt
  • Turkey
  • Bahrain
  • Iraq
  • South Africa
  • Algeria
• Latin America
  • Brazil
  • Argentina
  • Peru