Product Code: GVR-1-68038-225-9
Gas Turbine Market Growth & Trends:
The global gas turbine market size is expected to reach USD 14.20 billion by 2033, registering a CAGR of 2.7% from 2025 to 2033, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. The industry is predicted to expand rapidly over the forecast period owing to government backing for power production technologies that minimize Carbon Dioxide (CO2) emissions around the world.
>200 MW emerged as a significant capacity segment with a revenue share of more than 73.0% in 2022. It is also estimated to be the fastest-growing segment over the forecast period. The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world's major countries, are driving demand in this category. The combined cycle turbines segment accounted for the largest revenue share of approximately 72.0% in 2022 and is anticipated to continue its dominance throughout the forecast period. This technology category is expected to increase at a faster rate in the coming years. These turbines use less fuel to produce the same amount of energy and eliminate transmission and distribution losses.
The power & utility segment accounted for the largest revenue share of approximately 87.0% in 2022. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors. Led by China, Japan, Indonesia, Thailand, and India, Asia Pacific emerged as the largest regional market in 2022 with a share of more than 37.0% of the overall revenue. The region is also estimated to register the fastest CAGR over the forecast period. The region's need for electricity is being driven by rapid urbanization and the emergence of a middle-class population. The rising demand for LNG is primarily driven by the shale gas reserve and technological development in extraction and mining technology, which are consistently lowering the operational cost of gas extraction in the region.
Gas Turbine Market Report Highlights:
- In 2023, power & utility emerged as the largest application segment and accounted for a 90.0% share of the overall revenue. The increasing investments and new installations are resulting in a high share of distributed power in the global energy mix hence propelling the market
- The >200 MW segment emerged as a significant capacity segment in this market with a revenue share of more than 75.23% in 2024 owing to the growing electricity generation activities across the world
- The combined cycle turbines segment accounted for the largest revenue share of more than 87.78% in 2024 due to the high demand for open cycle gas turbine technology
- Saudi Arabia is the major end-user of gas turbines in the MEA region. This has led to a rise in the number of gas turbine providers in the country, which are working toward enhancing their market share in the country
- Major OEMs, such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd., provide gas turbines. For instance, in April 2023, Mitsubishi Power completed the construction of the fifth M701JAC Gas Turbine in Thailand GTCC Power Plant Project
- North America is projected to grow at a significant CAGR over the forecast period. The region has witnessed large-scale commissioning of gas-based power
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Market Formulation & Data Visualization
- 1.3.3. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Penetration & Growth Prospect Mapping
- 3.3. Value Chain Analysis
- 3.4. Regulatory Framework
- 3.4.1. Standards & Compliance
- 3.4.2. Regulatory Impact Analysis
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Opportunities
- 3.5.4. Market Challenges
- 3.6. Porter's Five Forces Analysis
- 3.6.1. Bargaining Power of Suppliers
- 3.6.2. Bargaining Power of Buyers
- 3.6.3. Threat of Substitution
- 3.6.4. Threat of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTLE Analysis
- 3.7.1. Political
- 3.7.2. Economic
- 3.7.3. Social Landscape
- 3.7.4. Technology
- 3.7.5. Environmental
- 3.7.6. Legal
Chapter 4. Gas Turbine Market: Capacity Estimates & Trend Analysis
- 4.1. Gas Turbine Market: Capacity Movement Analysis, 2024 & 2033
- 4.2. <=200 MW
- 4.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 4.3. >200 MW
- 4.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
Chapter 5. Gas Turbine Market: End-use Estimates & Trend Analysis
- 5.1. Gas Turbine Market: End-use Movement Analysis, 2024 & 2033
- 5.2. Industrial
- 5.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 5.3. Power & Utility
- 5.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
Chapter 6. Gas Turbine Market: Technology Estimates & Trend Analysis
- 6.1. Gas Turbine Market: End-use Movement Analysis, 2024 & 2033
- 6.2. Combined Cycle
- 6.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 6.3. Open Cycle
- 6.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
Chapter 7. Gas Turbine Market: Regional Estimates & Trend Analysis
- 7.1. Regional Analysis, 2024 & 2033
- 7.2. North America
- 7.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.2.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.2.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.2.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.2.5. U.S.
- 7.2.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.2.5.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.2.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.2.5.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.2.6. Canada
- 7.2.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.2.6.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.2.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.2.6.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.2.7. Mexico
- 7.2.7.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.2.7.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.2.7.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.2.7.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.3. Europe
- 7.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.3.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.3.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.3.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.3.5. Germany
- 7.3.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.3.5.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.3.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.3.5.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.3.6. UK
- 7.3.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.3.6.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.3.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.3.6.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.3.7. France
- 7.3.7.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.3.7.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.3.7.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.3.7.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.4.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.4.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.4.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.4.5. China
- 7.4.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.4.5.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.4.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.4.5.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.4.6. India
- 7.4.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.4.6.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.4.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.4.6.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.4.7. Japan
- 7.4.7.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.4.7.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.4.7.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.4.7.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.4.8. South Korea
- 7.4.7.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.4.7.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.4.7.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.4.7.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.5. Latin America
- 7.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.5.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.5.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.5.5. Brazil
- 7.5.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.5.5.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.5.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.5.5.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.6.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.6.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.6.5. Saudi Arabia
- 7.6.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.6.5.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.6.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.6.5.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
- 7.6.6. UAE
- 7.6.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
- 7.6.6.2. Market estimates and forecasts, by capacity, 2021 - 2033 (USD Million)
- 7.6.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million)
- 7.6.6.4. Market estimates and forecasts, by technology, 2021 - 2033 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments By Key Market Participants
- 8.2. Company Categorization
- 8.3. List of Key Component Suppliers & Channel Partners
- 8.4. Company Market Share & Positioning Analysis, 2024
- 8.5. Heat Map Analysis
- 8.6. Vendor Landscape
- 8.6.1. List of Raw Material Suppliers
- 8.6.2. List of Distributors/Traders
- 8.6.3. List of Other Prominent Manufacturers
- 8.7. List of Prospective End Users
- 8.8. Strategy Mapping
- 8.9. Company Profiles/Listing
- 8.9.1. Ansaldo Energia
- 8.9.1.1. Company Overview
- 8.9.1.2. Financial Performance
- 8.9.1.3. Product Benchmarking
- 8.9.2. Bharat Heavy Electricals Ltd. (BHEL)
- 8.9.2.1. Company Overview
- 8.9.2.2. Financial Performance
- 8.9.2.3. Product Benchmarking
- 8.9.3. Centrax Gas Turbines
- 8.9.3.1. Company Overview
- 8.9.3.2. Financial Performance
- 8.9.3.3. Product Benchmarking
- 8.9.4. General Electric (GE)
- 8.9.4.1. Company Overview
- 8.9.4.2. Financial Performance
- 8.9.4.3. Product Benchmarking
- 8.9.5. Kawasaki Heavy Industries, Ltd.
- 8.9.5.1. Company Overview
- 8.9.5.2. Financial Performance
- 8.9.5.3. Product Benchmarking
- 8.9.6. MAN Energy Solutions
- 8.9.6.1. Company Overview
- 8.9.6.2. Financial Performance
- 8.9.6.3. Product Benchmarking
- 8.9.7. Mitsubishi Power, Ltd.
- 8.9.7.1. Company Overview
- 8.9.7.2. Financial Performance
- 8.9.7.3. Product Benchmarking
- 8.9.8. OPRA Turbines
- 8.9.8.1. Company Overview
- 8.9.8.2. Financial Performance
- 8.9.8.3. Product Benchmarking
- 8.9.9. Siemens Energy
- 8.9.9.1. Company Overview
- 8.9.9.2. Financial Performance
- 8.9.9.3. Product Benchmarking
- 8.9.10. Solar Turbines Inc.
- 8.9.10.1. Company Overview
- 8.9.10.2. Financial Performance
- 8.9.10.3. Product Benchmarking