Gas Turbine Market Size – By Capacity, By Product, By Technology, By Application, Analysis, Share, Growth Forecast, 2025 – 2034

Gas Turbine Market Size

The global gas turbine market was valued at USD 14.7 billion in 2024 and is expected to grow at a CAGR of 5.4% from 2025 to 2034, driven by the rising concerns over carbon emissions and increased natural gas trade. Stringent environmental regulations to support the global transition toward low-carbon energy sources will promote the adoption of these turbines. Increasing industrial activities and urbanization growth along with the rising electricity demands will fuel the investments in these technologies. These systems are considered to be one of the most reliable components of modern energy infrastructure as they can easily accommodate baseload, peak-load and backup power requirement.
 

Growing expansion of industries including oil & gas, aviation and process plants will favor the adoption of these turbine for their high efficiency and ability to operate in challenging environments. The U.S. announced a USD 7.3 billion investment last year to boost clean energy through the Empowering Rural America program. Rising energy costs along with growing concern toward energy efficiency and reduction in operational costs will propel the gas turbine market scenario. Growing awareness over environmental concerns along with implementation of stringent emission standards will further propel the industry outlook.
 

Furthermore, supportive policies, subsidies and tax incentives are making it easier for cleaner energy projects to adopt these turbines. In 2024, China introduced the administrative measures on natural gas utilization to regulate the use of domestically produced and imported natural gas.
 

Gas Turbine Market Trends

Strong emphasis on decentralized power generation along with the rapid innovation in engine, component, and design will augment the product penetration. Their modular design and the ability to function autonomously from large power grids will propel the industry scenario. These turbines are prominently used in regions where a reliable supply of energy is necessary.
 

Ongoing shift toward cleaner fuels and introduction of stringent emission norms will fuel the product deployment. For instance, in 2024, India and the UAE signed a 15-year LNG supply agreement, ensuring 1 MMTPA of LNG from ADNOC’s Ruwais gas project. This deal will enhance India’s energy security, support industrial expansion, and strengthen bilateral economic ties.
 

Growing emphasis on decarbonization coupled with rising emphasis on reliable back up power generation systems will foster the progress of these turbines. The increasing demand for gas along with growing focus toward cleaner and carbon neutral energy alternatives will boost gas turbine market expansion.
 

The industry will witness significant growth owing to the integration of digital solutions. Furthermore, digital capabilities including enhanced monitoring systems, predictive maintenance and AI-assisted analytics will enable operators to accomplish greater efficiency and reduce downtime. These turbines are often used in hybrid systems to complement renewable energy and provide reliable backup with grid stability.
 

In November 2024, In collaboration with Oak Ridge National Laboratory, GE Vernova is going to employ machine learning and advanced simulated computing. The prospective benefit of this technology includes emissions reduction of CO2 as well as a shift to the adoption of low-carbon power generation with a focus increase to 5 million tons.
 

These turbines are becoming a popular choice over coal-fired power plants for their fewer emission and compatibility alongside renewable energy sources. The increased consumption of biofuels and synthetic fuels within these turbines will lower the carbon footprint in power generation system.
 

Gas Turbine Market Analysis

• The gas turbine industry was valued at USD 15.3, 13.7 and 15.7 billion in 2022, 2023 and 2024 respectively. Based on products, the market is segmented into aero-derivative gas turbine and heavy duty gas turbine. The development of modernized grids that integrate renewable energy and demand-response capabilities will augment the business landscape.
   
• The aeroderivative gas turbine market will grow at a CAGR of 5.7% through 2034, owing to the lightweight characteristics along with the modular design of these gas turbines make them an ideal choice for distributed power systems. Their ability for rapid startup ability along with operation in on-demand competitive markets, including microgrid facilities will augment the business scenario.
   
• The market for heavy duty gas turbines was valued at USD 11.3 billion in 2024, these turbines play a crucial role in satisfying the rising requirement for dependable baseload power applications. Their large output capacity makes them indispensable in large scale power generating plants and industries, especially in developing countries with rapid urbanization and industrialization.
   
• In April 2024, the EPA set final rules relating to engine emissions and issued emission standards for new gas-fired combustion turbines. These rules provide power plant operators to formulate and implement a suitable strategy for setting up carbon dioxide emissions control systems.
   
• Based on capacity, the > 200 MW gas turbine was accounted for over USD 4 billion in 2024, owing to the growing government focus to meet the increasing energy demand and sustainability goals.
   
• ≤ 50 kW gas turbine market will grow at a CAGR of over 6% through 2034, owing to growing interest in decentralized and power generation applications. These turbines are increasingly being adopted in industrial facilities, remote areas and specialized applications including microgrids, where reliability, efficiency, and flexibility are prioritized.
   
• > 50 kW to 500 kW gas turbine market was valued at USD 1.2 billion in 2024, owing to the increasing demand for distributed energy solutions and the rising need for efficient along with reliable power generation in mid-sized commercial and industrial application.
   
• In 2024, The Biden-Harris Administration demonstrated tangible results in U.S. Manufacturing owing to CHIPS and Science Act, the Bipartisan Infrastructure Law and the Inflation Reduction Act. Challenge Grant initiatives have earmarked about USD 20 million toward clean energy manufacturing processes in expanding economic development across the nation.
   
• > 50 kW to 500 kW gas turbine market is expected to reach USD 2.2 billion by 2034, the increasing demand for reliable and efficient power solutions will shape the trend toward decentralization of power generation, reduction in dependency on the central grid by investing in on-site generation capabilities will shape the industry outlook.
   
• The > 1 MW to 30 MW gas turbine market will grow at a CAGR of 5% up to 2034. The sectors anticipated growth owing to the flexile and effective power generation requirements across industries. Such turbines appeal to oil & gas and chemical industries as well as big industrial plants that depend on reliable power.
   
• The government of Canada last year proposed draft regulations to cut oil &gas sector emissions by 35% levels by 2030, aiming to accelerate decarbonization in the country’s highest-polluting industry. Formal consultations on the regulations will run until January 2025.
   
• ≤ 30 MW to 70 MW rated capacity accounted for over 10% share of the gas turbine market in 2024 owing to their high efficiency power, deliver quick and cost-effective solutions. These capacities are widely used in combined cycle installation and integrated gasification combined cycle plants. Growing adoption of analytical and digitized capabilities in association with continuous innovation in airfoil and coating material to enhance torque transmissibility will fuel the industry penetration.
   
• For illustration, EarthEn has announced a partnership with Oak Ridge National Laboratory which will employ high-performance computing simulations onto a super critical CO2 compressor as an energy storage turbine would tremendously impact energy management systems in November 2024. The assessment is estimated to save 3,110 GJ of energy and reduce CO2 emissions for every 8 MW system by 566 tons per year.
   
• 70 MW to 200 MW rated capacity will exceed USD 6 billion by 2034. Continuous innovation of by the key industry manufacturers toward gas turbine engines along with focusing on operating reliability and maintainability, which will foster the gas turbine market landscape. This range of gas turbines play crucial role in power generation especially in cogeneration plants, industrial application, and medium-to-large scale utilities.
   
• For instance, in November 2024, Partnering with Oak Ridge National Laboratory, GE Vernova Advanced Research is utilizing augmented simulation-based Machine Learning and high-performance computing to enhance the resistance of gas turbine parts to hydrogen embrittlement.
   
• The > 200 MW rated gas turbine are poised to grow at a CAGR of over 4.8% in 2034 driven by rising demand for electricity and need for efficient power generation. Surging utilization of hydrogen as a fuel source coupled with it offers economic power generation, quick load for peak, fast start-up, and base load will further escalate the industry penetration.
   
• Moreover, these regions’ industrial plants are integrating these turbines for cogeneration as well as for waste heat utilization for heating & cooling. In 2024, RTX Technology is utilizing the supercomputer at the Argonne National Laboratory to develop agile film cooling concepts for high-efficiency turbines with advanced modeling approaches.
   

• Based on technology, the gas turbine market is segmented into open cycle and combined cycle. The combined cycle gas turbine is expected to drive the business growth and expand at a CAGR of 5.4%, reaching over USD 20 billion by 2034.
   
• The market for open cycle gas turbine is expected to grow at a CAGR of 5.3% through 2034, owing to the increased attention to grid security along with the rising demand for distributed power generation within industrial facilities will contribute to the growth for open cycle gas turbine, Furthermore, the ongoing improvements in the turbine designs to increase the fuel efficiency and meet stringent emission norms will augment the product landscape.
   
• The combined cycle gas turbine market holds a share of 82.7% in 2024. Ongoing movement toward decarbonization and the replacement of coal fired power plants by more environment friendly alternatives have accelerated the rate of combined cycle gas turbine adoptions. Their ability to be integrated into existing renewable energy systems will foster the product adoption.
   
• Canada introduced the Clean Electricity Regulations in 2024, to accelerate the transition to a net-zero electricity sector by 2035. The regulations set performance standards aimed at reducing emissions from fossil fuel-generated power, ensuring the sector aligns with the country’s 2050 net-zero targets.
   

• U.S. gas turbine market size surpassed USD 1 billion in 2024. The replacement and simultaneous replacement of traditional power plants with advanced gas turbines will escalate the product penetration. Furthermore, the growing concern about carbon emissions together with environmental policies is increasing these turbines demand.
   
• The recently enacted spending legislation in the U.S. aims to enhance investment in the country’s technology sector. This includes provisions contained in Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), and the CHIPS and Science Act. These moves represent the most aggressive set of industrial policies adopted by the country since the conclusion of the Cold War.
   
• North America gas turbine market will witness at a CAGR of 5.2% through 2034. The shift toward modernizing energy systems with advanced, efficient, and low-emission gas turbines along with stringent environmental regulations and a strong focus on sustainability will shape the industry outlook. The rising economic activities across industrial sectors coupled with ongoing technological advancements will drive the demand for gas turbines in the region.
   
• The Asia Pacific gas turbine market is set to reach over USD 8.2 billion by 2034, fueled by rapid economic development and urbanization growth. The governments are investing in energy infrastructure and supporting technological advancements to meet the rising energy demands.
   
• China has lifted all previous barriers to foreign participation in its manufacturing industries, an important step in its difficult process of opening up its economy. The country further specified that it would continue easing restrictions and letting firms broaden their production and R & D activities in 2024.
   
• The Europe gas turbine market is poised to grow at a CAGR of over 4.5% in 2034, owing to the commitment toward reduction in carbon emissions and transitioning to cleaner energy sources. The push for decarbonization and stringent regulations are prompting the adoption of high-efficiency turbines to phase out coal and reduce reliance on other fossil fuels.
   
• For instance, in 2024, the UK launched its first industrial strategy in seven years, focusing on eight key sectors, including advanced manufacturing, clean energy, and digital technologies. The strategy aims to create a pro-business environment and drive sustainable, distributed growth.
   
• The Middle East & Africa gas turbine has a market share of 21%. Economic diversification and increasing industrial activities are further boosting the demand for reliable and scalable power solutions in the region. Surging focus on improving energy efficiency and reducing emissions is driving the adoption of advanced turbines solution with enhanced performance and emissions control technologies.
   
• For instance, in 2024, Saudi Arabia allocated USD 2.7 billion to launch the Standard Incentives Program for the industrial sector, following approval by the Council of Ministers. This initiative aims to enhance the sector's competitiveness and stimulate growth by providing comprehensive financial support.
   
• The Latin America gas turbine market is poised to grow at a CAGR of 6% till 2034. Rising investments in natural gas infrastructure and expansion of power generation projects along with supportive government policies aimed to reduce reliance on imported fuels, the abundance in natural gas reserves will boost the industry growth in the region.
   
• For instance, in 2024, Brazil introduced 393 blocks and five oil and gas fields into its Permanent Concession Offer system, allowing companies to bid for exploration and extraction rights. The initiative is expected to generate USD 600 million in concession contracts, covering offshore basins in Santos and Campos and onshore areas in Recôncavo, Tucano, Parnaíba, and Tacutu.
   

Gas Turbine Market Share

• The top 5 players including General Electric, Siemens Energy, Wartsila, Mitsubishi Heavy Industries and IHI Corporation together holds share of about 45% in the gas turbine industry. General Electric holds the largest share owing to its strong corporate partnerships and joint ventures across major economies.
   
• General Electric is known as one of the industry leaders due to its proprietary high-efficiency, advanced turbine technology that is widely used in power generation and industrial activities. Backed by decades of experience, it has a wide range of gas turbines in the form of flexible and fast-starting power generating aeroderivative types to heavy duty turbines suited for wide scale energy production.
   
• Mitsubishi Heavy Industries is reputed for implementing new and efficient technology into its turbine solutions. The company possesses a variety of gas turbines such as advanced heavy duty and aeroderivative ones for support in power generation and industrial purposes.
   

Gas Turbine Market Companies

• GE Vernova, reported USD 34.9 billion in revenue in 2024. The orders of the company’s grew by 7% and reached USD 44.1 billion driven by solid equipment growth in Electrification and Power along with the services growth in both segments surpassing double digits.
   
• In August 2024, Mitsubishi Power has received a purchase order from Samsung C&T Corporation for its state-of-the-art M501JAC combined-cycle hydrogen gas turbine. This turbine is expected to serve a new industrial steam and electricity cogeneration plant being constructed in Saudi Arabia by a joint venture that includes Abu Dhabi National Energy Company.
   
• Siemens reported revenues of USD 79.2 billion in 2024. In December 2024, Siemens Energy, the German Technology company entered a joint venture with SSE a UK utility company for the development of hydrogen ready 600MW turbine which is expected to be completed by 2030.
   

Major players operating in the gas turbine industry are:

• Ansaldo Energia
• Baker Hughes Company
• Bharat Heavy Electricals Limited
• Capstone Green Energy Corporation
• Doosan
• Flex Energy Solutions
• General Electric
• Harbin Electric Corporation
• IHI Corporation
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• Nanjing Turbine & Electric Machinery
• Opra Turbines
• Rolls Royce PLC
• Shanghai Electric Gas Turbine
• Siemens Energy
• Solar Turbines
• Vericor
• Wartsila
   

Gas Turbine Industry News

• In June 2024, GE Vernova secured a major order for gas turbines for power plants in Saudi Arabia, along with a 21-year service agreement with ACWA Power’s subsidiary, NOMAC. This long-term service agreement will ensure the efficient operation of the gas turbines, which are capable of delivering up to 3.8 GW of power and integrating carbon capture systems to minimize emissions. The turbines are also designed to burn up to 50% hydrogen, reflecting its commitment to supporting Saudi Arabia’s energy transition through advanced gas turbine technology and ongoing service support.
   
• In June 2024, Siemens Energy received a USD 1.5 billion contract to deliver advanced technology for two major combined-cycle power plants in Saudi Arabia. These high-efficiency gas-fired plants will produce nearly 4 gigawatts of power, contributing to the Kingdom’s goal of achieving net-zero emissions by 2060. Siemens Energy will supply HL-class gas turbines, steam turbines, and generators for both facilities, as well as a 25-year maintenance agreement.
   
• In April 2023, Harbin Electric successfully filled the gas turbine foundation for the Manzanillo Project in Mexico, fulfilling all of the contract’s performance requirements. The project team has subbed civil works out since March of 2023 and has effectively utilized local resources coupled with calibrated the construction plan. With the strict adherence to safety and quality requirements, the team was able to achieve the project goals on time.
   
• In January 2024, Baker Hughes set up a new Hydrogen Testing Facility at the site in Florence, Italy, with the goal of determining the functionality of NovaLT industrial turbines with blends of hydrogen at or around 100%. The facility is equipped with a high-pressure test bench which allows for all-out load exercises. Further, Baker Hughes has also manufactured and tested NovaLT 16 turbines for Air Products’ Net-Zero Hydrogen Energy Complex in Canada. This work illustrates the competence of broader industrial applications of combustion turbines powered with hydrogen.
   

The gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (MW) from 2021 to 2034, 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 Product

• Aero-Derivative
• Heavy Duty

Market, By Technology

• Open Cycle
• Combined Cycle

Market, By Application

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

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
  • Finland
  • Greece
  • Denmark
  • Romania
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Australia
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
  • Bangladesh
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Egypt
  • Turkey
  • Bahrain
  • Iraq
  • Jordan
  • Lebanon
  • South Africa
  • Nigeria
  • Algeria
  • Kenya
  • Ghana
• Latin America
  • Brazil
  • Argentina
  • Peru
  • Chile