Gas Turbine Market Revenue to Attain USD 61.13 Bn by 2035
Published: 11 Feb 2026
Author: Precedence Research
The gas turbine market size was estimated at USD 30.24 billion in 2025 and is predicted to increase from USD 32.51 billion in 2026 to approximately USD 61.13 billion by 2035, expanding at a CAGR of 7.29% from 2026 to 2035. The market is rapidly growing due to rising global electricity demand, as well as a focus on lower emissions from gas turbines, which produce significantly less pollution compared to coal-burning power plants.
What are the Driving Factors of the Gas Turbine Market?
Gas turbines emit significantly less COâ‚‚ than coal-fired plants, and hydrogen-fueled turbines offer the potential for zero-carbon emissions. The increasing demand for clean and efficient energy is one of the prominent drivers of the industrial gas turbine market. Expanding industrial sectors and infrastructure projects are increasing global electricity requirements, boosting turbine installations.
The ability to run on multiple fuels, including natural gas, oil, and hydrogen, enhances adaptability and resilience. Stricter environmental regulations and decarbonization policies are accelerating gas turbine adoption.
Segment insight
By Capacity: By capacity, the range from >1 MW to >30 MW is considered the dominating market segment and share due to extensive use in large-scale utility power plants. These units are essential for base-load and peak-load operations in large-scale power plants and combined-cycle systems, offering superior efficiency for major power generation.
By Product Type- The heavy-duty segment dominated the market. Heavy-duty turbines are preferred for large-scale, base-load power generation and industrial applications because they offer higher efficiency, greater power output, and longer operational lifespans compared to aero-derivative turbines.
The aero-derivative segment is the fastest-growing product type segment in the market, driven by its lightweight design, high power-to-weight ratio, and rapid start-up capabilities, making it ideal for peaking power, backup generation, and integration with intermittent renewable energy sources.
By Technology – By technology, the combined cycle technology segment dominated the gas turbine market, accounting for the largest share of revenue and installations. Combined cycle gas turbines (CCGTs) are preferred due to their higher thermal efficiency, often exceeding 60%, as they utilize waste heat to generate additional electricity.
The open cycle segment is growing fastest in the market, as they are ideal for peaking power, backup, and integration with intermittent renewable sources because of their rapid start-up and operational flexibility.
By Application – By application, the power plants segment dominated the gas turbine market. Utilities and independent power producers rely on gas turbines, particularly combined cycle systems, for large-scale, reliable, and base-load electricity generation.
By application, the oil & gas segment is the fastest-growing application in the market. This growth is driven by increasing demand for onshore and offshore gas compression, pipeline pumping, and refinery power generation, where gas turbines provide high reliability and continuous operation in remote locations.
Regional Insights
The Asia Pacific region dominates the gas turbine market. This region is majorly dependent on coal for power production, and coal combustion causes a substantial amount of pollution. In this region, emerging economies like India, China, and Indonesia are prioritizing efficient power generation to fuel their economic growth. The market is witnessing a rise in demand for advanced gas turbines with high efficiency and low emissions.
North America is a fast-growing force in the global gas turbine market. The U.S. and Canada lead the North American gas turbine market, driven by heavy investment in power infrastructure, high energy demand, and a push for lower-emission technology. The U.S. has the largest installed base, focusing on replacing coal with cleaner, efficient natural gas plants. Canada supports deployments through emissions-reduction policies in the power and oil sectors.
Recent Development
- In November 2025, Caterpillar Inc. and Vertive announced significant plans to expand the capacity of its solar Turbines. It helps to reach more than double its capacity of gas turbines, which convert fuel into energy to produce electricity, while also doubling its capacity of large engines.
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