Gas Turbine Market Size, Share, Growth Analysis, By Technology(Open cycle and combined cycle), By Capacity(≤200 MW and >200 MW), By End-User(Power & utility and industrial), By Region - Industry Forecast 2024-2031

Gas Turbine Market size was valued at USD 22.17 billion in 2019 and is poised to grow from USD 23.98 billion in 2023 to USD 38.8 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

The global gas turbine market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Kawasaki Heavy Industries, Ltd.', 'Siemens Energy', 'Capstone Green Energy Corporation', ' General Electric ', ' Mitsubishi Heavy Industries ', ' Ansaldo Energia ', ' Bharat Heavy Electricals Limited ', ' Doosan Heavy Industries & Construction ', ' Toshiba Energy Systems & Solutions Corporation ', ' MAN Energy Solutions ', ' Wärtsilä Corporation ', ' Caterpillar Inc. ', ' Rolls-Royce Holdings plc ', ' Alstom SA ', ' ABB Group ', ' Solar Turbines Inc. ', ' Honeywell International Inc. ', ' Kawasaki Gas Turbine Asia Sdn Bhd ', ' Vericor Power Systems ', ' Elliott Group. '

The enhanced efficiency of gas turbines, the introduction of tough carbon emission rules, and the reduction in the cost of power generation utilizing these turbines are all predicted to drive up demand for them. Several major manufacturers, including General Electric and Siemens, are making significant investments in the development of high-efficiency gas turbines. The General Electric Power and Water division's 9HA/7HA CCGT series and Siemens' SGT5-8000H are two examples of gas turbines with excellent efficiency levels in a combined-cycle arrangement.

Growing aviation industry and rising electricity consumption is a key trend that drives market growth. Global electricity consumption is increasing, and governments are focusing their efforts on limiting the use of fossil fuels, which are contributing to increased global emissions. Several countries are using such turbines to replace coal-fired steam facilities and combined-cycle power plants. Natural gas is the primary fuel for these turbines. Electricity generated by gas generates fewer greenhouse gases. The aviation industry is rapidly expanding around the world, creating an excellent opportunity for this sector. Emerging markets are focusing their efforts on improving the aviation industry. Rising aviation investment is expected to create an opportunity for this market. Furthermore, as a result of rising urbanization and infrastructure development, worldwide electricity demand is increasing. Industrialization is spreading throughout the developing world. Many countries have launched smart building and smart city initiatives, which have raised power demand. To satisfy increased energy demand, both the public and private sectors are increasing power plant capacity, either by constructing new plants or expanding existing ones. Because they are both efficient and environmentally beneficial, these turbines are frequently employed in such projects. Governments have also set stringent pollution rules, encouraging large-scale conversions to gas-powered turbines. As a result, this factor is projected to propel market growth in the next years.

As of 2021, Asia Pacific has the greatest Gas Turbine Market share of more than 31.0% in the gas turbine market in terms of revenue. The region led by China, Japan, Indonesia, Thailand, and India is expected to grow at the fastest rate during the forecast period. Rapid urbanization and the growth of the middle class are driving the Asia Pacific region's regional need for power. The presence of developing economies like India and China, as well as low-cost raw materials and labor, are enticing international corporations to extend their operations in this region.