The global gas turbine market size is projected to reach USD 13.98 billion by 2030, registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. The industry is predicted to expand rapidly over the forecast period owing to government backing for power production technologies that minimize Carbon Dioxide (CO2) emissions around the world.
Key Industry Insights & Findings from the report:
- In 2022, power & utility emerged as the largest application segment and accounted for a 90.0% share of the overall revenue. The increasing investments and new installations are resulting in a high share of distributed power in the global energy mix hence propelling the market.
- The >200 MW capacity segment is expected to register a CAGR of 4.0% over the forecast period owing to the growing electricity generation activities across the world.
- In 2022, the combined cycle application segment accounted for more than 87.85% share of the overall revenue due to the high demand for open cycle gas turbine technology.
- Saudi Arabia is the major end-user of gas turbines in the MEA region. This has led to a rise in the number of gas turbine providers in the country, which are working toward enhancing their market share in the country.
- Major OEMs, such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd., provide gas turbines. For instance, in April 2023, Mitsubishi Power completed the construction of the fifth M701JAC Gas Turbine in Thailand GTCC Power Plant Project.
- North America is projected to grow at a significant CAGR over the forecast period. The region has witnessed large-scale commissioning of gas-based power.
Read 132 page market research report, “Gas Turbine Market Size, Share & Trends Analysis Report By Capacity (?200 MW, >200 MW), By End-use (Industrial, Power & Utility), By Technology (Combined Cycle, Open Cycle), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Gas Turbine Market Growth & Trends
>200 MW emerged as a significant capacity segment with a revenue share of more than 73.0% in 2022. It is also estimated to be the fastest-growing segment over the forecast period. The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world’s major countries, are driving demand in this category. The combined cycle turbines segment accounted for the largest revenue share of approximately 72.0% in 2022 and is anticipated to continue its dominance throughout the forecast period. This technology category is expected to increase at a faster rate in the coming years. These turbines use less fuel to produce the same amount of energy and eliminate transmission and distribution losses.
The power & utility segment accounted for the largest revenue share of approximately 87.0% in 2022. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors. Led by China, Japan, Indonesia, Thailand, and India, Asia Pacific emerged as the largest regional market in 2022 with a share of more than 37.0% of the overall revenue. The region is also estimated to register the fastest CAGR over the forecast period. The region’s need for electricity is being driven by rapid urbanization and the emergence of a middle-class population. The rising demand for LNG is primarily driven by the shale gas reserve and technological development in extraction and mining technology, which are consistently lowering the operational cost of gas extraction in the region.
Gas Turbine Market Segmentation
Grand View Research has segmented the global gas turbine market on the basis of technology, capacity, end-use, and region:
Gas Turbine Market – Technology Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- Open Cycle
- Combined Cycle
Gas Turbine Market – Capacity Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- ≤200 MW
- >200 MW
Gas Turbine Market – End-use Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- Power & Utility
Gas Turbine Market – Regional Outlook (Volume, MW; Revenue, USD Million, 2019 – 2030)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players in the Gas Turbine Market
- Ansaldo Energia
- Bharat Heavy Electricals Ltd.
- Centrax Gas Turbines
- General Electric
- Kawasaki Heavy Industries, Ltd.
- MAN Energy Solutions
- Mitsubishi Power, Ltd.
- OPRA Turbines
- Siemens Energy
- Solar Turbines Inc.
Check out more related studies published by Grand View Research:
- Gas Turbine Services Market – The global gas turbine services market size is expected to reach USD 67.3 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 8.7% over the forecast period. The increasing adoption of gas turbines on account of their ability to produce low exhaust gas pollution is expected to drive market growth. These systems are increasingly being used owing to their tremendous energy-producing capacity and multiple fuel capability. They also have the capacity to operate continuously at baseload for numerous hours. Furthermore, low operational cost and high efficiency and durability offered by these systems is expected to drive gas turbine service market growth.
- Natural Gas Fired Electricity Generation Market – The global natural gas fired electricity generation market demand is expected to reach 70,500.0 MW by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.71% from 2020 to 2027. Rising government support, growing energy demand across the world, and a rise in natural gas production are various factors boosting industry growth.
- Liquefied Petroleum Gas Market – The global liquefied petroleum gas market size is expected to reach USD 154.49 billion by 2030, registering a CAGR of 3.7% according to a new report by Grand View Research, Inc. Growing demand for liquefied petroleum gas (LPG) from emerging countries is projected to drive the global market during the estimated period.