Heavy Duty Gas Turbine Market

Heavy Duty Gas Turbine Market Size

The global heavy duty gas turbine market was valued at USD 11.5 billion in 2024 and is expected to reach USD 19.4 billion by 2034, growing at a CAGR of 5.2% from 2025 to 2034. Rising environmental consciousness, coupled with increasing consumer demand for cleaner energy solutions will accelerate the business expansion.

The increasing demand for electricity along with the shift toward cleaner energy solutions and continuous technological advancements in turbine efficiency will drive industry expansion. Governments and utilities are bringing forward the shift towards gas-fired power generation because of the strategic bridge role played by conventional fossil fuels in transitioning from coal, especially in areas making a switch from coal.

The surge in global energy demand along with increasing spending on exploration and trade of natural gas will increase growth within this industry. The expanding adoption of microgrids, along with efforts to reduce the capital costs associated with large-scale thermal power plants, will further boost demand for gas turbines.

These turbines function by compressing air, blending it with fuel, and igniting the mixture to produce high-temperature, high-pressure gas. The expansion drives turbine engine blades which result in a very high degree of power output along with efficiency and reliability. These turbines are designed to make use of versatile natural gas so they can adapt to changing landscapes across the globe.

In 2024, India and the UAE signed a long-term to deliver the Ruwais gas project over fifteen years. The contract will help UAE strengthen energy security, drive industrial growth, and propels further economic development between the two nations. Furthermore, the contract will augment UAE’s commitment to expanding their portfolio of LNG exports while aiding India to satisfy its growing energy needs.

Heavy Duty Gas Turbine Market Trends

The industry is propelled by continuous investment from private and government sectors on sustainable power generation technology which reduces GHG emission. These GTs are used to generate electricity on a commercial scale, operate industrial units, or natural gas compression services.

Increased environmental concern along with strict regulations aimed at reducing greenhouse gases will encourage industries to adopt new energy efficient technologies. Renewing the use of gas turbines will also be boosted by the increasing shift towards renewable energy and a high emphasis on enhancing power generation efficiency.

Canada allocated USD 358 million to improve the country's natural gas infrastructure due to an increase in natural gas consumption by the Canadian population and industries. This investment is intended to bolster the electricity grid and support the transition from coal power to cleaner alternatives, helping Canada meet its long-term energy goals.

Ongoing adoption of these turbines for peak load and backup power will experience a surge in demand owing to a transition toward cleaner fuels and more rigorous emission control policies. Their proficiency, fuel-based operational adaptability, and rapid start-up capabilities will foster business growth. These turbines are recognized for use in both grid-connected and stand-alone power systems.

Technological innovations like digital technology, AI powered predictive analytics, and seamless coupling with renewable energy sources will augment these turbines’ performance and reliability. Furthermore, increased focus on energy independence, costs, and optimization will augment sustainable development towards the rest of the industry.

In 2024, the Biden-Harris administration allocated about USD 770 million to seal orphaned oil and gas wells throughout the U.S. generating over USD 900 million in economic activity. The program seeks to reduce methane emissions, protect groundwater, improve public health, and lift disadvantaged communities.

Heavy Duty Gas Turbine Market Analysis

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• The global market for heavy duty gas turbine was estimated at USD 12.2, 10.8 and 11.5 billion in 2022, 2023 and 2024, respectively. Based on capacity, the industry is segmented into ≤ 50 kW, > 50 to 500 kW, > 500 kW to 1 MW, > 1 to 30 MW, > 30 to 70 MW and > 70 MW. These capacities provide swift startups and high operational efficiency in a dynamically competitive environment for efficient operation, thereby increasing industry share.
  
• The ≤ 50 kW heavy duty gas turbine market is expected to grow at a CAGR of over 5.5% till 2034. Increasing adoption of these rated units in industrial, remote, and other decentralized power systems will bolster business dynamics. These units provide reliability and flexibility which make them preferred solutions for consistent and potent energy supply.
  
• The > 50 to 500 kW heavy duty gas turbine market is projected to reach over USD 1.5 billion by 2034. Growing emphasis on distributed energy resources in line with the surging demand for efficient and reliable power generation units will create favorable business opportunity. In addition, enhanced energy security, operational flexibility, and the need for sustainable power are the key parameters are strengthening the business landscape.
  
• For instance, the Government of Canada has recently proposed policies intended to place carbon emission limits on the Upper oil and gas production facilities, which also enacts its pledge on sustainable development. Furthermore, this regulation aimed to minimize GHG emissions by 35% relative to 2019 levels by the year 2030.
  
• The > 500 kW to 1 MW heavy duty gas turbine market is set to register at a CAGR of over 5% through 2034. Continuous investments in centralized grids along with growing focus on energy security and flexibility which will positively influence the industry penetration.
  
• The > 1 to 30 MW capacity aeroderivative gas turbine holds a market share of over 10% in 2024. These turbines are precisely intended for oil and gas, chemical processing, and large-scale production industries where continuous and high-capacity power is required to support uninterrupted operations and stimulate productivity.
  
• For instance, in 2024, the Biden-Harris Administration announced U.S. manufacturing record achievements due to The Bipartisan Infrastructure Law, Inflation Reduction Act, and CHIPS and Science Act. Individual grants, including USD 23 million for clean energy construction, are improving industrial development, building supply chains, and promoting global economic and technological leadership of the country.
  

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• Based on technology, the industry is segmented into an open cycle and combined cycle. The combined cycle heavy duty gas turbine holds a market share of 86.6% in 2024. This technology is gaining significant traction fueled by the increased rate of decarbonization coupled with the switch from coal to cleaner sources of power generation.
  
• The open cycle heavy duty gas turbine market will exceed USD 2.5 billion by 2034. The relentless development of turbine technology to improve fuel efficiency and meet stringent ecological standards will further enhance the growth of the industry. These turbines provide unmatched efficiency, lower emissions, and fuel flexibility in operation with a multitude of fuels, thereby proliferating overall business scenario.
  
• For instance, the Canadian government set forth guidelines seeking a 35% decrease in emissions from the oil and gas sector and set the year 2030 as the deadline for achieving this goal. This will expedite efforts toward decarbonization in the most carbon-rich sector in the country.
  

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• U.S. heavy duty gas turbine market was valued at USD 2.9, 2.5, 2.7 billion in 2022, 2023 and 2024, respectively. Advancing decarbonization initiatives strengthened by strict environmental policies are spurring innovation, particularly in the development of gas turbines, enhancing growth in the segment.
  
• North America heavy duty gas turbine market will witness at a CAGR of over 4.5% up to 2034. The gas turbine market is expected to benefit from the rapid pace of industrialization and urbanization, alongside increasing expenditures on power generation infrastructure to meet the growing demand for electricity.
  
• For reference, in 2025, the U.S. government announced that they plan to allocate over USD 230 billion toward energy manufacturing investments which is projected to create more than 920 new or expanded production facilities. These investments are intended to fortify the domestic supply chains, improve industrial capacity and ease the transition to a sustainable, resilient energy framework.
  
• The Europe heavy duty gas turbine market reached over USD 2 billion in 2024. Government policies including adoption of clean energy initiatives and large-scale expansion of infrastructure will aid in fostering the industry growth. Economic growth along with the commitment to adopting these new turbine solutions will expedite the implementation of advanced technologies.
  
• For reference, UK announced their first new industrial strategy in seven years focusing on advanced manufacturing, clean energy, and digital technologies as part of the first announced subsectors to be prioritized. This strategy seeks to enhance the ease of doing business, unlock innovation, and foster sustainable economic growth that is well-balanced across different regions of the country.
  
• The Asia Pacific heavy duty gas turbine has a market share of over 30% in 2024. Ongoing investments towards the growth and upgrading of industrial infrastructure, supported by favorable incentive schemes and subsidies for energy-saving technologies will lead to product demand. Moreover, the increasing R&D spending by the region will further fuel growth in industry including tech innovation.
  
• For instance, in 2025, the Australian Government allocated USD 750 million of the USD 1.7 billion Future Made in Australia Innovation Fund on the green metal projects. The program aims to drive innovation, commercialization, and pilot projects in the green iron, steel, alumina, and aluminum sectors. The strategy envisions the establishment of a self-sufficient, sustainable industrial base, an ecosystem that is anchored on secure, highly skilled employment.
  
• The Middle East & Africa heavy duty gas turbine market is set to reach over USD 4 billion by 2034. The growing emphasis on energy efficiency and emission reduction is accelerating the adoption of advanced turbine solutions equipped with cutting-edge performance enhancements and superior emissions control technologies.
  
• For instance, in 2024, Saudi Arabia initiated an industrial expansion scheme with an initial worth of USD 2.7 billion under the Standard Incentives Program to improve the international competitiveness of the industries. The program was approved by the Council of Ministers, and it provides eligible projects with up to 35% cost of investment refund for first-time costs, up to a limit of USD 13.3 million per project. It encompasses both the construction and production stages, thus promoting innovation and investment in the industrial sector.
  
• The Latin America heavy duty gas turbine market is poised to grow at a CAGR of over 5.5% till 2034. Increasing investments in natural gas infrastructure and the expansion of power generation projects, combined with favorable government policies aimed at reducing dependence on imported fuels, will drive industry growth.
  
• For instance, Brazil adopted the National Energy Transition Policy, committing to USD 400 billion worth of green investments in the upcoming decade. This initiative is in line with the government’s goals of Brazil’s ready leadership in renewables, clean energy adoptions, and sustainable industrial growth. This particular policy focuses on low-carbon technology and infrastructure development, aiming to enable Brazil to lead the world in the energy transition while strengthening the economy.
  

Heavy Duty Gas Turbine Market Share

• The top 5 players, including Ansaldo Energia, GE Vernova, Mitsubishi Heavy Industries, Solar Turbines, and Siemens Energy together hold a share of about 45% in the heavy duty gas turbine industry. The market expansion for GE Vernova is driven by their commitment to innovation with advanced power quality solutions to industry standards.
  
• Ansaldo Energia developed ADHAM, a new mechatronic system for turbine disc production that sharpens precision and quality control. This digital shift improves control time by 80% through automating what was traditionally an analogue process. ADHAM guarantees improvement, precision, and dependability in the production of turbines.
  
• Mitsubishi Power announced plans to develop a gas turbine system that runs on ammonia (NH3) exclusively. This project aids in the creation of ammonia-powered energy plants, as the burning of ammonia does not produce CO2 greenhouse gas. To deal with the nitrogen oxide (NOx) emissions, the system uses SCR (Selective Catalytic Reduction) integrated moderates with an advanced combustor. This addition increases the range of carbon-free energy technologies offered by Mitsubishi Power.
  

Heavy Duty Gas Turbine Market Companies

Major players operating in the heavy duty gas turbine industry are:

• Ansaldo Energia
• Baker Hughes
• Bharat Heavy Electricals
• Capstone Green Energy
• Doosan
• Flex Energy Solutions
• GE Vernova
• Harbin Electric
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• Nanjing Turbine and Electric Machinery
• Destinus Energy
• Rolls Royce
• Siemens Energy
• Solar Turbines
• Vericor
• Wartsila
  

In 2024, GE Vernova recorded USD 34.9 billion in revenue, growing at an annual rate of 5% YoY. Their net income also soared to USD 1.6 billion, representing a 2.0 billion USD surge with a 4.5% margin. Moreover, an adjusted EBITDA of USD 2.0 billion was reported, displaying a 5.8% margin and reaffirming the company's operational effectiveness alongside its strategic growth within the energy industry.

Siemens Energy reveals a record order intake of USD 54.1 billion during the fiscal year in 2024 which shows an increase in the market and margin quality. The company achieved USD 37.2 billion in revenue which is an increase of 12.8% YoY surpassing projected outlook.

Baker Hughes reported USD 28.2 billion in orders for 2024, the revenue reached USD 27.8 billion, reflecting a 9% year-over-year growth. The company achieved an adjusted EBITDA of USD 4.6 billion, marking a 22% increase from the previous year. Furthermore, the cash flow from operating activities amounted to USD 3.3 billion, with free cash flow reaching USD 2.3 billion.

Heavy Duty Gas Turbine Industry News

• In March 2025, Mitsubishi secured an order to provide six M501JAC gas turbines for Saudi Arabia’s Rumah-1 and Al-Nairyah-1 power projects. The 3.6 GW capacity will assist in Saudi Vision 2030 by enhancing renewables integration and grid stability. The plants, developed with SEC and ACWA Power, and KEPCO, will reliably support the region. This initiative advances economic infrastructure in Saudi Arabia, strengthening energy infrastructure while supporting the decarbonization strategy of the country.
  
• In February 2025, Rolls-Royce SMR signed Siemens Energy to supply turbines, generators, and auxiliary systems for their Generation 3+ Small Modular Reactors. The partnership is set to improve the efficiency and economics of nuclear power to be more competitive. SMR’s reactors will have an output of 470 MW.
  
• In July 2024, GE Vernova introduced its first H-class gas turbine unit which is assembled at the Advanced Turbines Facility in Dammam, Saudi Arabia. In addition, the company has entered a MOU with the Saudi Exim Bank on enabling the export of goods and services under the name GE Vernova from Saudi Arabia. This is another step to strengthen GE Vernova’s market presence in the MEA region.
  
• In August 2023, Kawasaki Heavy Industries with PTT Global Chemical Public Company initiated a Memorandum of Understanding to explore the design, construction, and operation of a hydrogen gas turbine facility that uses a Kawasaki hydrogen gas turbine. PTT Global Chemical aims for near zero greenhouse gas emissions by 2050. Under this agreement, both companies collaborated on multiple studies aimed toward mitigating global warming.
  

The heavy duty gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (MW) & revenue (USD Million) 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 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
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Australia
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Egypt
  • Turkey
  • Bahrain
  • Iraq
  • Jordan
  • South Africa
  • Nigeria
  • Algeria
• Latin America
  • Brazil
  • Argentina
  • Peru
  • Chile