The global gas turbine market size accounted for USD 24.47 billion in 2022 and it is expected to increase around USD 46.65 billion by 2032, poised to grow at a CAGR of 6.7% over the forecast period 2023 to 2032.
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.
Report Scope of the Gas Turbine Market
|Market Size||USD 46.65 Billion by 2032|
|Growth Rate||CAGR of 6.7% from 2023 to 2032|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Application, Technology, Capacity, Region|
|Companies Mentioned||Wartsila, BHEL, Mitsubishi Hitachi Power Systems, Harbin Electric International Company, Siemens AG, Man Diesel & Turbo, General Electric|
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 2032. 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.
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.
In 2021, 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.
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.
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:
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 2020 to 2032. 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
By Product Type
By Technology Type
By Application Type
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