Power Generation Gas Turbine Market Size - By Capacity (≤ 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Regional Outlook & Forecast, 2024 – 2032

Power Generation Gas Turbine Market Size

Power Generation Gas Turbine Market was valued at USD 6.1 billion in 2023 and is estimated to grow at a CAGR of 14.8% from 2024 to 2032. Growing environmental awareness and increasing consumer emphasis on transitioning to cleaner energy sources will drive the expansion of the industry.
 

A power generation gas turbine is a large-scale device used extensively in electricity generation plants worldwide. These turbines operate by combusting natural gas to produce high-pressure, high-temperature gas. This gas drives a turbine connected to a generator, converting thermal energy into electrical power efficiently. These units are known for their reliability, rapid startup capabilities, and ability to quickly adjust output to meet varying electricity demands. They play a crucial role in providing stable and flexible power supply, particularly during peak demand periods or as a complement to renewable energy sources.
 

Power Generation Gas Turbine Market Trends

Increasing environmental concerns and stringent government regulations aimed at reducing greenhouse gas emissions have encouraged industries to adopt rigorous energy conservation measures, thereby enhancing the growth prospects. The expanding use of renewable energy sources, coupled with a dedicated focus on improving energy efficiency, will accelerate the adoption of related products. Governments and industries are investing in sustainable power generation technologies to mitigate carbon emissions and adhere to environmental regulations, which in turn will escalate the technological adoption.
 

Power Generation Gas Turbine Market Analysis

The combined cycle power generation segment will exceed over USD 7 billion by 2032. These turbines are extensively utilized in large-scale power generation facilities, providing reliable electricity to meet growing demand, accelerating the industry potential. Its robust capacity makes them well-suited for applications requiring significant power output including utility-scale Power Generations and industrial operations. Additionally, increasing electricity demand, especially in developing regions coupled with surging demand for efficient and flexible power generation solutions will drive the business scenario.
 

The heavy duty power generation gas turbine market size will witness a growth rate of over 13.5% through 2032. These turbines are crucial components of large-scale energy infrastructure, catering to the needs of utilities, independent power producers (IPPs) and industrial facilities worldwide. They are favored for their ability to operate reliably in diverse environmental conditions and their capacity to integrate with various fuel types, including natural gas and liquid fuels.
 

Asia Pacific power generation gas turbine market is set to surpass USD 3.5 billion by 2032. These turbines are essential for meeting the increasing electricity demand, driven by urbanization, industrialization and a rising population. Government initiatives aimed at improving energy efficiency and reducing emissions will positively impact the business landscape. Paradigm shift toward cleaner energy sources supported by ongoing infrastructure investments and regulatory measures will energize the industry dynamic.
 

Abundant availability of natural gas resources coupled with surging advancements in turbine technology will propel the U.S. power generation gas turbine market. They are utilized in a wide range of applications, from large-scale Power Generations to industrial facilities and cogeneration plants. Moreover, innovations in turbine design and operations aimed at improving efficiency and reducing emission, continue to shape the industry evolution.
 

Power Generation Gas Turbine Market Share

MAN Energy Solutions is one of the prominent players in the utility-scale gas turbine market, renowned for its innovative solutions and extensive expertise in power generation. The company offers a range of gas turbines designed to meet the diverse needs of utility providers and industrial customers worldwide. Its turbines are known for their high efficiency, reliability, and operational flexibility, making them ideal for base load, peak shaving, and grid support applications. The company's portfolio includes both aeroderivative and heavy-duty gas turbines, catering to a wide range of power output requirements. It emphasizes sustainability, with a focus on enhancing fuel efficiency and reducing emissions in line with global environmental regulations. Their comprehensive service offerings, including maintenance, upgrades, and digital solutions, ensure that customers receive reliable support throughout the lifecycle of their turbines.
 

Power Generation Gas Turbine Market Companies

The key industry players include:

• Ansaldo Energia
• Bharat Heavy Electricals Limited (BHEL)
• Flex Energy Solutions
• General Electric
• Harbin Electric Corporation Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Heavy Industries Ltd.
• Opra Turbines
• Rolls Royce PLC
• Siemens
• Solar Turbines Incorporated
• TotalEnergies
• UEC-Saturn
• Wärtsilä
• Zorya-Mashproekt
   

Power Generation Gas Turbine Industry News

• In September 2023, General Electric has reported a milestone achievement for its advanced H-Class fleet of gas turbine, involving 88 units across the world, surpassing two million operating hours. This fleet is recognized as one of the fastest-rising heavy-duty gas turbine fleets globally, boasts an installed capacity over 45 gigawatts GW, capable of powering more than 35 million homes in the U.S. As part of the company's commitment to decarbonization, these turbines incorporate technologies such as carbon capture and sequestration systems and the capability to burn hydrogen in combination with natural gas.
   
• In March 2023, Solar Turbines has announced to collaborate with Chevron to create a turbine engine with low emissions that runs on hydrogen. The collaboration seeks to lower greenhouse gas emissions from the engine's operation by combining hydrogen with traditional fuels. The partnership between Solar Turbines and Chevron is anticipated to produce insightful information that could influence the operations of future turbines with reduced carbon intensity, providing a possible route for the production of cleaner and more ecologically friendly electricity.
   

This power generation gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Capacity

• ≤ 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

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

• 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