Gas Turbine Market By Product Type (Heavy-duty Gas Turbines, Industrial Gas Turbines, Aeroderivative Gas Turbines), By Capacity (Less Than 100 MW, 100-300 MW, 301-500 MW, 501-700 MW, More Than 700 MW), By End-User Industry (Power Generation, Oil & Gas, Industrial Manufacturing, Marine, Other Industries), By Application (Power Generation, Mechanical Drive, Combined Heat and Power (CHP), Marine Propulsion), By Fuel Type (Natural Gas, Diesel, Dual Fuel, Other Fuels), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Gas Turbine Market was valued at USD 19.1 billion in 2023 and will surpass USD 26.7 billion by 2030; growing at a CAGR of 4.9% during 2024 - 2030.

The global gas turbine market plays a pivotal role in the energy and industrial sectors, offering high-efficiency solutions for power generation, mechanical drives, and other critical applications. Gas turbines are a key component in electricity generation, industrial operations, and even marine propulsion, driving demand for more advanced, efficient, and environmentally-friendly turbine technologies. As industries worldwide aim to reduce carbon emissions and enhance energy efficiency, gas turbines continue to evolve with technological advancements, focusing on higher capacity, lower emissions, and greater flexibility in fuel use. This shift is prompting market growth across various subsegments and applications.

Heavy-Duty Gas Turbines Segment Is Largest Owing to Power Generation Demand

The heavy-duty gas turbines segment is the largest within the gas turbine market, driven by the increasing need for efficient and reliable power generation systems. These turbines, typically used in large-scale power plants, are designed for continuous, high-demand operations, making them essential for grid stabilization and base-load power production. Heavy-duty turbines are highly valued for their robust performance, long lifespan, and ability to operate efficiently over extended periods, which is why they remain the go-to choice for utility companies and large industrial plants. Their reliability and capacity to handle high output levels make them a dominant force in the power generation segment.

In addition to their sheer size and capability, heavy-duty gas turbines are also increasingly being optimized to run on natural gas, contributing to cleaner energy generation. The shift toward natural gas, along with the ongoing transition to more sustainable energy solutions, has solidified the position of heavy-duty turbines in the market. Their adaptability in both standalone and combined cycle power plants further strengthens their market position, ensuring that this subsegment will continue to drive the overall gas turbine market growth.

100-300 MW Capacity Segment Is Fastest Growing Due to Industrial Demand

The 100-300 MW capacity segment is the fastest-growing in the gas turbine market, primarily due to rising industrial demand for medium-sized, highly efficient turbines. These turbines are often employed in industrial facilities, combined heat and power (CHP) plants, and smaller power plants, where they provide a balance between power output and operational flexibility. With the increasing need for decentralized energy solutions and more sustainable industrial practices, this segment has gained traction as a more cost-effective alternative to larger turbines. The ability to provide both electricity and heat for industrial processes, while maintaining higher efficiency, is propelling the rapid growth of this capacity range.

Additionally, the 100-300 MW turbines are increasingly used in hybrid power generation systems, combining gas turbines with renewable energy sources like wind or solar. This synergy is in line with the global shift towards cleaner, more sustainable energy production. The rise of microgrids and distributed power generation systems, particularly in emerging markets, further supports the growth of this subsegment, making it a key driver in the gas turbine market.

Power Generation End-User Industry Is Largest Due to Widespread Demand for Energy

The power generation industry remains the largest end-user sector for gas turbines, accounting for a significant portion of the global market. As countries continue to increase their energy production capacities to meet growing electricity demands, the need for efficient and reliable power generation technologies like gas turbines is paramount. Gas turbines, especially those in the heavy-duty and industrial categories, are crucial for both base-load generation and peak-load capacity, making them essential components in the global energy infrastructure. Additionally, the ability of gas turbines to be used in combined cycle plants, which significantly increase efficiency, further solidifies their dominance in power generation applications.

The shift toward cleaner power generation technologies is also contributing to the dominance of the power generation sector, as gas turbines run on natural gas, which produces fewer emissions compared to coal or oil-based plants. This growing emphasis on environmental sustainability, coupled with the need for reliable electricity generation, ensures that the power generation industry will continue to be the leading end-user of gas turbines, driving market growth well into the future.

Power Generation Application Is Largest Due to Versatility and Efficiency

The power generation application segment leads the market in terms of demand, owing to the versatile and high-efficiency capabilities of gas turbines in electricity production. Gas turbines are widely used in both combined cycle and open cycle power plants, where they can produce significant amounts of electricity at relatively low operational costs. The flexibility of gas turbines, which can be used in a variety of plant configurations and fuel types, makes them ideal for addressing the growing global need for reliable and sustainable energy. Furthermore, advancements in turbine technology have significantly improved efficiency, making gas turbines a more attractive option for power plants worldwide.

In combined cycle plants, gas turbines are paired with steam turbines, resulting in a more efficient generation of electricity. This increased efficiency, coupled with the lower environmental impact of natural gas-powered turbines, has made gas turbines the preferred choice for power generation in many regions. As countries look to reduce their reliance on coal and other fossil fuels, gas turbines will continue to play a key role in the transition to cleaner energy sources.

Natural Gas Fuel Type Is Largest Due to Cost Efficiency and Environmental Benefits

Natural gas is the largest and most widely used fuel type in the gas turbine market, driven by its abundance, cost-effectiveness, and environmental advantages over other fossil fuels. Natural gas produces fewer greenhouse gases and pollutants when burned, making it a more sustainable choice compared to oil or coal. As governments around the world impose stricter emissions regulations, natural gas has become the preferred fuel for new gas turbine installations, particularly in power generation and industrial applications. The efficiency and lower operational costs associated with natural gas turbines further fuel their dominance in the market.

The global push for cleaner energy solutions has also contributed to the growing preference for natural gas in gas turbines. With its lower carbon footprint and higher efficiency, natural gas continues to be a critical enabler of the transition toward a more sustainable energy mix, supporting its position as the dominant fuel type in the gas turbine market.

North America Is Largest Region Due to Strong Industrial Base and Energy Demand

North America is the largest region in the gas turbine market, largely due to its robust industrial base, growing demand for energy, and significant investments in power generation infrastructure. The United States, in particular, has a high demand for gas turbines across various sectors, including power generation, oil & gas, and industrial manufacturing. The increasing adoption of natural gas for power generation and the country’s emphasis on energy independence further bolster the demand for gas turbines in the region. Furthermore, North America’s advanced technological capabilities in turbine design and manufacturing give it a competitive edge in the global market.

The region’s strong focus on sustainable energy solutions also plays a critical role in the growth of the gas turbine market, as many companies look to reduce their carbon footprints by transitioning to cleaner energy sources like natural gas. This combination of energy demand, industrial growth, and technological innovation makes North America the leading region in the gas turbine market.

Leading Companies and Competitive Landscape

The gas turbine market is highly competitive, with several global players dominating the landscape. Leading companies such as General Electric (GE), Siemens Energy, Mitsubishi Power, Rolls-Royce, and MAN Energy Solutions continue to innovate, offering cutting-edge turbine technologies for power generation, industrial applications, and other sectors. These companies focus on improving turbine efficiency, reducing emissions, and expanding their product portfolios to meet the diverse needs of customers.

The competitive landscape is characterized by continuous technological advancements, strategic partnerships, and mergers and acquisitions aimed at expanding capabilities and market reach. As the demand for cleaner, more efficient energy production grows, these companies are increasingly investing in R&D to develop next-generation gas turbines that can operate more efficiently and with fewer emissions. Additionally, regional players are also entering the market, offering competitive pricing and localized solutions, further intensifying competition in the global gas turbine market.

Recent Developments:

• Siemens Energy has signed a deal with a leading utility provider to supply its high-efficiency gas turbines for a new power plant in the Middle East, boosting regional capacity.
• GE unveiled its latest gas turbine model designed for industrial manufacturing, offering improved efficiency and reduced operational costs for users.
• Mitsubishi Power has acquired a leading gas turbine technology firm to strengthen its position in the global power generation market, aiming to expand its product portfolio.
• Rolls-Royce received regulatory approval for its new gas turbine engine, which will be used in both marine and power generation applications, enhancing performance and fuel efficiency.
• MAN Energy Solutions launched a next-generation gas turbine specifically designed for the marine industry, offering increased fuel efficiency and reliability for ship operators.

List of Leading Companies:

• Alstom Power
• Ansaldo Energia
• Bharat Heavy Electricals Limited (BHEL)
• Doosan Heavy Industries & Construction
• Emerson Electric Co.
• General Electric (GE)
• Harbin Electric International Company
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• Mitsubishi Power
• Rolls-Royce
• Siemens Energy
• Solar Turbines (Caterpillar Inc.)
• Sulzer Ltd.

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