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

Gas Turbine Market Drivers

Increased efficiency and durability of gas turbines

• 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.

High durability of gas turbines

• Since gas turbine failure results in significant financial losses, particularly for capital-intensive operations, durability is another area of concern for the producers. Modern gas turbines are extremely durable and considerably extend the time between planned maintenance services. Thus, increased efficiency and durability will lower running costs and provide operational benefits, which will enable increased adoption of these turbines, particularly in power production, during the forecast period.

Gas Turbine Market Restraints

Inherent difficulties in managing natural gas

• While gas-fired power plants are more efficient than coal-fired power plants, there is a risk of gas leaking into the atmosphere. Natural gas is composed of methane, which is odorless and 82 times more potent in terms of global warming potential than carbon dioxide. Typically, methane leaks go undetected. Natural gas leakage occurrences are a key source of concern for environmentalists who monitor global warming. This could have an adverse effect on natural gas-fired power plants. As a result, governments in various countries are projected to enact rigorous gas storage requirements for natural gas-powered gas turbine power plants, hampering market growth over the forecast period.