Product Code: PM2455
The global gas turbine market size is expected to reach USD 37.90 Billion by 2030 according to a new study by Polaris Market Research. The report "Gas Turbine Market Share, Size, Trends, Industry Analysis Report, By Capacity (?200 MW, >200 MW); By Technology (Open Cycle, Combined Cycle); By End-Use (Power & Utility, Industrial); By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising emphasis of the government on the development and the integration of the digital technology along with the increased spending on research & development is expected to drive the growth of the industry over the forecast period. There are several initiatives that are being taken by the government and the industry players to accelerate the advancements in the area of product technology.
Moreover, increasing adoption of the industry to provide innovative solutions through the integration of the advanced technology along with the other systems is further creating lucrative prospects for industry growth during the forecast years. Based on the technology, the combined cycle gas turbine industry segment is expected to account for the largest market share over the forecast period owing to the several benefits associated with it including higher efficiency, low operating cost, and low emission.
Asia Pacific is likely to witness the largest revenue share in the global gas turbine industry. The high demand is attributed to the increased investment in research & development, technological advancements, along with the rising demand for this technology from several industries present across the region, is contributing to the potential growth of the industry.
Market participants such as Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Gas Turbine, General Electric, IHI Corporation, Ansaldo Energia, Kawasaki Heavy Industries, Ltd., Mapna Group, Mtu Aero Engines AG, Opra Turbines, Rolls-Royce Plc, Solar Turbines Incorporated, Siemens Energy, and United Engine Corporation are some of the key players operating in the global market.
For instance, in June 2021, GE and IHI signed an agreement to develop an ammonia fuels roadmap across Asia. this ammonia roadmap is likely to facilitate the use of ammonia as a carbon-free fuel to lower carbon emissions in both existing and new products.
Polaris market research has segmented the gas turbine market report on the basis of capacity, technology, end-use, and region:
Gas Turbine, Capacity Outlook (Revenue - USD Billion, 2018 - 2030)
Gas Turbine, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
- Open Cycle
- Combined Cycle
Gas Turbine, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
- Power & Utility
- Industrial
Gas Turbine, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Source
- 3.2.1. Primary Source
- 3.2.2. Secondary Source
4. Global Gas Turbine Market Insights
- 4.1. Gas Turbine Market - Market Snapshot
- 4.2. Gas Turbine Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising Global Energy Demand
- 4.2.1.2. Shift Towards Natural Gas
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Dependency on fossil fuels
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Gas Turbine Market Application Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Gas Turbine Market, by Capacity
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 5.3. <=200 MW
- 5.3.1. Global Gas Turbine Market, by <=200 MW, by Region, 2020-2034 (USD Billion)
- 5.4. >200 MW
- 5.4.1. Global Gas Turbine Market, by >200 MW, by Region, 2020-2034 (USD Billion)
6. Global Gas Turbine Market, by Technology
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 6.3. Open Cycle
- 6.3.1. Global Gas Turbine Market, by Open Cycle, by Region, 2020-2034 (USD Billion)
- 6.4. Combined Cycle
- 6.4.1. Global Gas Turbine Market, by Combined Cycle, by Region, 2020-2034 (USD Billion)
7. Global Gas Turbine Market, by End Use
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 7.3. Power & Utility
- 7.3.1. Global Gas Turbine Market, by Power & Utility, by Region, 2020-2034 (USD Billion)
- 7.4. Industrial
- 7.4.1. Global Gas Turbine Market, by Industrial, by Region, 2020-2034 (USD Billion)
8. Global Gas Turbine Market, by Geography
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Gas Turbine Market Assessment, By Geography, 2020-2034 (USD Billion)
- 8.3. Gas Turbine Market - North America
- 8.3.1. North America: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.3.2. North America: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.3.3. North America: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.3.4. Gas Turbine Market - U.S.
- 8.3.4.1. U.S.: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.3.4.2. U.S.: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.3.4.3. U.S.: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.3.5. Gas Turbine Market - Canada
- 8.3.5.1. Canada: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.3.5.2. Canada: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.3.5.3. Canada: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4. Gas Turbine Market - Europe
- 8.4.1. Europe: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.2. Europe: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.3. Europe: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.4. Gas Turbine Market - UK
- 8.4.4.1. UK: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.4.2. UK: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.4.3. UK: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.5. Gas Turbine Market - France
- 8.4.5.1. France: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.5.2. France: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.5.3. France: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.6. Gas Turbine Market - Germany
- 8.4.6.1. Germany: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.6.2. Germany: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.6.3. Germany: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.7. Gas Turbine Market - Italy
- 8.4.7.1. Italy: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.7.2. Italy: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.7.3. Italy: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.8. Gas Turbine Market - Spain
- 8.4.8.1. Spain: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.8.2. Spain: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.8.3. Spain: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.9. Gas Turbine Market - Netherlands
- 8.4.9.1. Netherlands: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.9.2. Netherlands: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.9.3. Netherlands: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.10. Gas Turbine Market - Russia
- 8.4.10.1. Russia: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.10.2. Russia: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.10.3. Russia: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.4.11. Gas Turbine Market - Rest of Europe
- 8.4.11.1. Rest of Europe: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.11.2. Rest of Europe: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.4.11.3. Rest of Europe: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5. Gas Turbine Market - Asia Pacific
- 8.5.1. Asia Pacific: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.2. Asia Pacific: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.3. Asia Pacific: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.4. Gas Turbine Market - China
- 8.5.4.1. China: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.4.2. China: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.4.3. China: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.5. Gas Turbine Market - India
- 8.5.5.1. India: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.5.2. India: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.5.3. India: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.6. Gas Turbine Market - Malaysia
- 8.5.6.1. Malaysia: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.6.2. Malaysia: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.6.3. Malaysia: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.7. Gas Turbine Market - Japan
- 8.5.7.1. Japan: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.7.2. Japan: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.7.3. Japan: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.8. Gas Turbine Market - Indonesia
- 8.5.8.1. Indonesia: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.8.2. Indonesia: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.8.3. Indonesia: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.9. Gas Turbine Market - South Korea
- 8.5.9.1. South Korea: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.9.2. South Korea: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.9.3. South Korea: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.10. Gas Turbine Market - Australia
- 8.5.10.1. Australia: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.10.2. Australia: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.10.3. Australia: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.5.11. Gas Turbine Market - Rest of Asia Pacific
- 8.5.11.1. Rest of Asia Pacific: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.11.2. Rest of Asia Pacific: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.5.11.3. Rest of Asia Pacific: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.6. Gas Turbine Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.2. Middle East & Africa: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.6.3. Middle East & Africa: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.6.4. Gas Turbine Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.4.2. Saudi Arabia: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.6.4.3. Saudi Arabia: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.6.5. Gas Turbine Market - UAE
- 8.6.5.1. UAE: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.5.2. UAE: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.6.5.3. UAE: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.6.6. Gas Turbine Market - Israel
- 8.6.6.1. Israel: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.6.2. Israel: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.6.6.3. Israel: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.6.7. Gas Turbine Market - South Africa
- 8.6.7.1. South Africa: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.7.2. South Africa: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.6.7.3. South Africa: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.6.8. Gas Turbine Market - Rest of Middle East & Africa
- 8.6.8.1. Rest of Middle East & Africa: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.8.2. Rest of Middle East & Africa: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.6.8.3. Rest of Middle East & Africa: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.7. Gas Turbine Market - Latin America
- 8.7.1. Latin America: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.2. Latin America: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.7.3. Latin America: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.7.4. Gas Turbine Market - Mexico
- 8.7.4.1. Mexico: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.4.2. Mexico: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.7.4.3. Mexico: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.7.5. Gas Turbine Market - Brazil
- 8.7.5.1. Brazil: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.5.2. Brazil: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.7.5.3. Brazil: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.7.6. Gas Turbine Market - Argentina
- 8.7.6.1. Argentina: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.6.2. Argentina: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.7.6.3. Argentina: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
- 8.7.7. Gas Turbine Market - Rest of Latin America
- 8.7.7.1. Rest of Latin America: Gas Turbine Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.7.2. Rest of Latin America: Gas Turbine Market, by Technology, 2020-2034 (USD Billion)
- 8.7.7.3. Rest of Latin America: Gas Turbine Market, by End Use, 2020-2034 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Ansaldo Energia S.p.A.
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Bharat Heavy Electricals Limited
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. General Electric Company (GE Vernova)
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Harbin Electric Corporation
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Kawasaki Heavy Industries, Ltd.
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. MAN Energy Solutions SE
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Mitsubishi Heavy Industries, Ltd. (Mitsubishi Power, Ltd.)
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Siemens Energy AG
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Solar Turbines Incorporated (Caterpillar Inc.)
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development