Gas Turbine Market Size, Share and Growth Analysis By Capacity (> 500 KW to 1 MW, > 1 MW to 30 MW, < 50 KW, 50 KW to 500 KW, > 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), By Technology (Combined Cycle, Open Cycle), By Application (Process plants, Power Plants, Oil & Gas, Aviation, Marine), By Product (Heavy Duty, Aero-Derivative) - Global Industry Analysis, Trends, Regional Outlook and Forecasts 2020 - 2027

The global gas turbine market size is expected to hit around US$ 12.03 billion by 2027 from US$ 5.89 billion in 2019, growing at a CAGR of 7.4% over forecast period 2020 to 2027.

Gas Turbine Market Size 2020-2027

Growing concerns for GHG emission in accordance with severe government regulations for implementation of gas fired turbines over conventional power generating units is expected to propel the growth of gas turbine market. Growing energy demand in emerging countries as well as constant acceptance of renewables than traditional fuels is predicted to further reinforce the product integration. Technology enhancement has lead upsurge in production of shale gas and plans of numerous nations to phase out coal-based power generation and substitute them with the gas-fired power plant, is expected to flourish the market growth during years to come. Nevertheless, growing renewable deployment on account of superior competence of renewable-based power generation may hamper growth of gas turbine market in the coming years.

It is anticipated that in the coming years, electricity demand may grow by closely one-third of the current demand. Main gas producing regions including the U.S., Middle East, and Russia are observing a foremost revamp in their electricity generation groundwork to rapidly follow gas-based power generation. Noteworthy installations are also observed in Latin America, Southeast Asia, and Africa. As a result of these advancements, demand for gas turbine may increase in these regions during forecast period.

Capacity Insights

Among different capacity segment of gas turbine market, 50 kW - 500 kW capacity is expected to observe an annual deployment of over 2 GW by 2027. Continuing progressions due to budding combustor technology, durability and operating range in line with extension of effective re-generative systems to endure high heat necessities may further accelerate the product penetration. Furthermore, rising preference toward combined cycle power generation plants due to high operational performance, reliability and high efficiency would further spur industry prospects.

Application Insights

Using locally available fuels to produce power is a crucial constraint in upstream oil operations, as services are regularly located in remote places. Gas turbines demonstrate economical and efficient solution of power distribution in plants. Demand in the power generation sector is anticipated to progress at significant rate over the estimate period.

Technology Insights

In 2019, combined cycle turbines technology segment accounted for more than to over 50% share of total revenue of the market. This technology segment is probable to observe the almost growth during years to come. These extremely effectual turbines need marginal consumption of fuel to yield the anticipated output and suggestively diminish transmission and distribution losses.

Regional Insights

Gas turbine industry in North America is predicted to surpass 10 GW annual installations by 2027. Easy approach ability of raw material and constant incorporation of technological advanced turbines are major factors rushing the product saturation. Escalating focus toward CCGT power technology plus upward applicability of gas-powered systems through drilling and extraction methods will promote product demand further. Middle East and Africa is projected to appear as another significant market in terms of capacity additions and orders. Cumulative demand can be credited to expanding inclination to gas-fired combined cycle plants in the local oil and gas sector.

The EU policymakers deliberate gas turbines more than a connecting technology to attain the 2030 targets till other technologies developed. It is expected to propel the demand for gas turbines throughout the estimate period. Though, the release of methane and other harmful gases can pose a challenge to this growth in near future.

Asia Pacific is still a budding market nonetheless forceful infrastructure expansion commenced by governments is anticipated to offer the market a momentous boost. India is also growing its focus on utilization of cleaner resources. Further, China’s reliance on coal is foreseen to decline over the upcoming years, alongside its energy mix principally preferring clean energy resources.

Global Gas Turbine Market 2020-2027

Key Companies & Market Share Insights

Marubeni and Siemens declared plans to construct a 1,200 MW combined cycle power plant in Thailand in January 2017. In 2015, the company traded about 18 models of SGT-800 industrial gas turbines to Thailand. 6 of these turbines had a capability of 53 MW respectively, whereas the capacity of the outstanding 12 units was 50.5 MW respectively. These units were planned to be connected in 9 combined cycle cogeneration power plants with an entire installed electrical capacity of 1100 MW.Some of the noteworthy players in the Gas Turbine market include:

  • Wartsila
  • BHEL
  • Mitsubishi Hitachi Power Systems
  • Harbin Electric International Company
  • Siemens AG
  • Man Diesel & Turbo
  • General Electric
  • NPO Saturn
  • Kawasaki Heavy Industries
  • Solar Turbines
  • Capstone Turbine
  • Vericor Power Systems
  • Cryosta
  • AnsaldoEnergia
  • Opra Turbines
  • Zorya-Mashproekt

Segments Covered in the Report

This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further this research study calculates market revenue and its growth trend at global regional and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of end-use and region as follows:

By Capacity Type

  • > 500 kW to 1 MW
  • > 1 MW to 30 MW
  • < 50 kW
  • 50 kW to 500 kW
  • > 70 MW to 200 MW
  • >30 MW to 70 MW
  • > 200 MW

By Product Type

  • Heavy Duty
  • Aero-Derivative

By Technology Type

  • Combined Cycle
  • Open Cycle

By Application Type

  • Process Plants
  • Power Plants
  • Oil & Gas
  • Aviation
  • Marine
  • Others 

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East & Africa
  • Latin America
Request for Customize Report
Precedence offers custom market research services that help clients to get information on their business scenario required.

Frequently Asked Questions

How much is the gas turbine market size?
The global gas turbine market size is expected to reach around US$ 12.03 billion by 2027, according to new report by Precedence Research.
Growing concerns for GHG emission in accordance with severe government regulations for implementation of gas fired turbines over conventional power generating units is expected to propel the growth of gas turbine market.
The global gas turbine market was valued at US$ 5.89 billion in 2019.
The global gas turbine market is expected to record compound annual growth rate (CAGR) of around 7.4% during period 2020 to 2027.
In 2019, combined cycle turbines technology segment accounted for more than to over 50% share of total revenue of the market.
The companies including in the gas turbine market are Wartsila, BHEL, Mitsubishi Hitachi Power Systems, Harbin Electric International Company, Siemens AG, Man Diesel & Turbo, General Electric and more
Gas turbine is a mechanical device which couples energy from gas or working fluid by using its potential energy or kinetic energy. Gas turbines are chiefly employed for direct mechanical drive for production units, feed pumps and power generation.


   USD 4500
   USD 7000
   USD 9000


No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client

Get a Sample