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Gas Turbine Market Size

ID: MRFR//2368-HCR | 111 Pages | Author: Priya Nagrale| April 2024

There are a number of factors that determine the dynamics in gas turbine market. Technological development is one of the key factors. With the rate of innovation increasing, gas turbine manufacturers attempt to improve efficiency, minimize emissions, and advance overall performance. Such a drive towards technological innovations, however; not only deals with concerns about the environment but also creates competition in the business sector.
Economic factors have a significant influence on the gas turbine market. Changes in parameters reflecting economic activity of the world such as GDP growth and industrial production directly affect demands for energy. Being a very important means of power generation, gas turbines are also greatly impacted by economic landscapes. When economic growth is realized, the need for energy increases consequently leading to higher demand of gas turbines.
On the contrary, financial contractions could cause a temporary diminution of demand as industries reduce their activities. There is an important impact on the global market of gas turbines from environmental regulations and sustainability projects Since governments worldwide are progressively adopting stringent emission standards to control pollution of the environment.
As a result, gas turbine manufacturers are forced to engage in eco-friendly practices like the use of low emission combustion systems and enhanced fuel efficiency technologies to adhere with these directives. The transition to cleaner forms of energy and the increasing focus on sustainability are redefining supply dynamics in this market, encouraging further progress towards greener gas turbine solutions.
The gas turbine market is affected by a variety of energy policies at national and international level. Government incentives, subsidies and regulations play a crucial role in fostering or impeding gas turbines adoption. Regarding the gas turbine market, policies promoting renewable energy sources can hinder its growth; on the other hand, supportive initiatives for natural-gas fired power production may boost this segment.
The geopolitical condition also matters as it determines the gas availability and price of natural gas that is one important fuel for use in a gas turbine. Significant market factors are global energy demand and demographic changes. The population growth, urbanization and industrialisation lead to the demand in addressing reliable as well as scalable forms of energy.
Therefore, the gas turbines are optimally placed to respond with speed and efficiency when this demand arises. The emerging markets are gradually turning into large demand centres for gas turbines, as they strive to expand and improve their energy infrastructure. The competitiveness of the gas turbine market is influenced by supply chain dynamics and raw material costs.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2022 USD 14.01 Billion
Growth Rate 6.2% (2022-2030)Base Year2021Market Forecast Period2022-2030Historical Data2018 & 2020Market Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and TrendsSegments CoveredCapacity, Technology, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGeneral Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China)Key Market OpportunitiesNew product launches and R&D Amongst major key PlayersKey Market DynamicsRevamp in electricity generation infrastructure to aggressively pursue gas-based power generation

Global Gas Turbine Market Overview

The Gas Turbine market is projected to grow from USD 14.44 Billion in 2022 to USD 26.81 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.42% during the forecast period (2022 - 2030). with revamp in electricity generation infrastructure to aggressively pursue gas-based power generation being the key growth driver.

Gas Turbine Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Gas Turbine Market Trends

  • Growing Aviation Industry and Increasing Consumption of Electricity to boost the market growth

Global power demand is rising, and governments are focusing their efforts on reducing the usage of fossil fuels, which are increasing global emissions. Several governments are replacing coal-fired steam plants and combined-cycle power plants with such turbines. The principal fuel for these turbines is natural gas. Gas-powered electricity emits fewer greenhouse emissions. The aviation business is quickly developing across the world, offering a great opportunity for this market. Emerging economies are concentrating their efforts on upgrading the aviation industry. Rising aviation investment is predicted to generate a potential opportunity for this industry

Additionally, Electricity demand is expanding globally as a result of increased urbanization and infrastructure development. Industrialization is spreading in underdeveloped countries. Many nations have begun smart building and smart city programs, which have increased power demand. To meet the rising energy demand, both the public and private sectors are boosting power plant capacity, either by building new facilities or expanding existing ones. These turbines are often used in such projects since they are both efficient and environmentally friendly. Governments have also imposed tough pollution standards, prompting firms to switch to gas-powered turbines on a significant scale. As a result, this aspect is likely to fuel market expansion in the future years.

Gas Turbine Market Segment Insights:

Gas Turbine Capacity Insights

The Gas Turbine Market segmentation, based on Capacity, includes up to 200 MW and above 200 MW. Among them, above 200 MW accounted for the largest revenue share of 67% due to the growing shift from coal to gas-based power plants. The smaller size of capacity up to 200 MW provides easy maintenance and operation.

Gas Turbine Technology Insights

Based on Technology, the Gas Turbine Market segmentation includes open cycle and combined cycle. Out of these technologies, the open cycle segment is dominating the market with its favorable factors like lower warm-up time, quick start, lightweight, compact size, operational versatility, quick start, and less dependency on cooling water.

Figure 2: Gas Turbine Market, by Capacity, 2021 & 2030 (USD Billion)

Gas Turbine Market, by Capacity, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Gas Turbine Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is holding the largest market share for the growing population coupled with rapid urbanization. The raw materials and labor are available at a low cost which is attractive to the global players to expand their business operations in this region. These factors are expected to drive the gas turbine market in this region.

Figure 3: Gas Turbine Market Share By Region 2021 (%)

Gas Turbine Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North America is predicted to grow at a significant CAGR during the review period which leads by the U.S, Mexico, and Canada. The demand is due to the shale gas reserve and the development of new technologies in extraction and mining technology are reducing the operational costs of gas extraction in this region. Moreover, North America is also witnessed large-scale commissioning of gas-based power. The oil & gas companies produce shale gas on a commercial scale with advanced technologies in completion techniques like multistage hydraulic fracturing, and drilling techniques like horizontal wellbores. Owing to the strong presence of gas turbine providers in the country, Saudi Arabia is predicted to be the major end-user in the Middle East & Africa

Gas Turbine Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Gas Turbine market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Gas Turbine industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Gas turbines. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Gas Turbine industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Gas Turbine industry to benefit customers and expand the market sector. The Gas Turbine market has recently given medicine some of the most important advantages. Major hair care product market players, including General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), and others, are attempting to increase market demand by funding R&D initiatives.

July marks two important milestones that set gas-fired generation on its course to becoming a dominant form of power generation: commercial operation of the world’s first industrial gas turbine in Neuchâtel, Switzerland, in 1939, and commercial operation of the first gas turbine in the U.S. used to generate electric power - a 3.5-MW General Electric (GE) unit at the Belle Isle Station in Oklahoma City in 1949.GE, which today is the largest original equipment manufacturer in the gas turbine space, has since developed and deployed several generations of gas and steam turbines, generators, heat recovery steam generators (HRSGs), condensers, and other balance-of-plant equipment. Here is how GE’s modern gas turbine model portfolio has evolved over the past 80 years.

Also, Kawasaki Heavy Industries, Ltd., began overhauling jet engines in 1954 and has continued to grow since. We have helped Japan to produce its first helicopter engine, developed Kawasaki's proprietary line of industrial gas turbines, and taken part in joint global development of passenger jet engines. We have manufactured upwards of 10,000 engines, more than any other company in Japan. With over fifty years of experience in gas turbines and total system engineering, our company will continue its efforts to protect the global environment and create a bright future for all.

Key Companies in the Gas Turbine market include

  • General Electric (U.S.)

  • Siemens (Germany)

  • Mitsubishi Heavy Industries Ltd. (Japan)

  • Alstom S.A (France)

  • Kawasaki Heavy Industries

  • Ltd. (Japan)

  • Bharat Heavy Electricals Limited. (India)

  • Ansaldo Energia, (Italy)

  • Rolls-Royce Holdings plc. (U.K)

  • Harbin Electric Company Limited. (China)

Gas Turbine Industry Developments

In June 2020, the two popular enterprises of the consortium between Ansaldo Energia and Shangai Electric Group collaborated and signed a contract with the highly populated Bangladesh Power Development Board Company which is also known as North-West Power Generation Company Ltd. By this contract, Bangladesh, the consortium is predicted to manufacture and build a combined cycle power plant of 880MW which enhances the company’s scale of operation.

Gas Turbine Market Segmentation

Combustion Turbine Capacity Outlook

  • Up to 200 MW

  • Above 200 MW

Gas Turbine Technology Outlook

  • Open cycle

  • Combined cycle

Gas Turbine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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