Gas Turbine Market Size, Share, Growth Analysis, By Technology (Open Cycle, Combined Cycle), By Capacity (≤200 MW, >200 MW), By End-use (Power & Utility, Industrial), By Application (Oil and Gas, Power Generation), By Region - Industry Forecast 2024-2031

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.

North America, led by the United States, Mexico, and Canada, is expected to grow at a rapid pace during the forecast period. The shale gas reserve and technological advancements in extraction and mining technology, which are continually lowering the operational cost of gas extraction in the region, are driving demand. Also, large-scale gas-based power plant commissioning has occurred in the North American region.

Because of technological advances in completion methods like as multistage hydraulic fracturing and drilling techniques such as horizontal wellbores, oil and gas firms have been able to create shale gas on a commercial scale. According to trends, the above technological developments, as well as commercial shale gas production, are expected to drive the regional market in the near future. Saudi Arabia is a major end-user of gas turbines in the Middle East and Africa region. As a result, the country now has a huge number of providers, all of whom are vying for a larger market share. Major OEMs such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd. supply gas turbines throughout the country.