Gas Turbine Market Size – By Capacity, By Technology, By Product, By Application, Analysis, Share, Growth Forecast, 2024 – 2032

Gas Turbine Market Size

The global gas turbine market was valued at USD 13.7 billion in 2023 and is estimated to grow at a CAGR of 5.7% from 2024 to 2032. Positive inclination toward energy optimization coupled with surging focus on clean energy power generation technologies will stimulate the industry growth. Rising global energy demand along with large scale investments in the extraction and trade of natural gas have instituted a favorable business scenario.
 

A gas turbine is a combustion engine that convert natural gas or liquid fuels into the mechanical energy, which then drive generators to produce electricity. Continuous upgradation and retrofitting existing gas turbine facilities in association with rising need for efficient & scalable power generation solutions will proliferate the business scenario. Furthermore, growing expansion of power generation capacities to meet energy demand across emerging economies will sway the deployment of these turbines.
 

Gas Turbine Market Trends

The gas turbine industry is poised for robust growth owing to the growing focus on sustainability in line with government initiatives to reduce carbon emissions. Rising investment to modernize existing combined cycle power plants along with increasing demand for flexible power generation will further fuel the adoption of these turbines. Ongoing advancements in digitalization and remote monitoring capabilities to enhance operational efficiency and lifespan of these turbines, thereby augmenting the business potential.
 

Gas Turbine Market Analysis

The heavy duty gas turbine industry is set to surpass USD 15 billion by 2032. The increasing demand for flexible and efficient power generation solutions in tandem with growing utilization across large scale plants will fuel the industry penetration. These turbines are known for their quick start-up times, high efficiency, and ability to rapidly adjust output to meet fluctuating power demands, further shape the industry landscape. In addition, rising electricity demand across key emerging economies in association with robust infrastructure development across oil & gas, power plants, process plants will shape the business growth.
 

The combined cycle gas turbine market is projected to grow at a CAGR of over 5.5% through 2032. The industry is set to grow on account of global swift toward cleaner energy and increasing natural gas availability. The increasing emphasis on high-efficiency power generation in conjunction with the rising concerns toward sustainability will boost the favorable business scenario. Ongoing concern on enhancing energy security coupled with replacement of aging power plants will create positive business environment.
 

U.S. gas turbine market will exceed USD 1.5 billion by 2032. The ongoing upgradation of traditional power plants with advanced technological systems comprising of materials, blade designs and cooling techniques will encourage the industry outlook. Stringent government regulation pertaining to reduce carbon emissions in line with federal and state incentives for the adoption of clean energy and efficient technologies will stimulate the industry dynamics. The abundance availability of natural gas reserves and the push for more environmentally friendly energy solutions will shape the business dynamics.
 

The Asia Pacific gas turbine market is experiencing robust growth propelled by rapid economic growth and need for cleaner & more efficient energy solutions. Ongoing efforts to reduce emissions and modernize power grids in tandem with government support to expand its natural gas-based infrastructure will escalate the business prospects. Moreover, rapid industrialization growth across key geographies coupled with integration of advanced materials and digital technologies will foster the industry outlook.

Gas Turbine Market Share

Siemens Energy specializes in the development and production of advanced gas turbine systems. The company is one of the key manufacturers of gas turbines for power generation, industrial applications, and energy infrastructure. The company offers a broad portfolio of gas turbine solutions designed for efficiency, flexibility, and sustainability, serving industries such as power utilities, oil & gas and industrial processing.
 

Gas Turbine Market Companies

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.
   

This 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 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 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