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).

Growing worries about GHG emissions as a result of stringent government rules requiring the use of gas-fired turbines over traditional power generating units are likely to drive the expansion of the gas turbine market. Rising energy demand in developing countries, as well as increasing adoption of renewables over traditional fuels, are expected to increase product integration. Technology advancement has resulted in an increase in shale gas production, and various nations' plans to phase out coal-based power generation and replace it with gas-fired power plants are projected to fuel market expansion in the coming years. 

It is expected that electricity demand will increase by over one-third in the future years. The main gas-producing regions, including the United States, the Middle East, and Russia, are undergoing a major overhaul of their electricity generation infrastructure in order to quickly adapt gas-based power generation. There are additional notable installations in Latin America, Southeast Asia, and Africa. As a result of these improvements, demand for gas turbines in these regions may expand during the projection period. However, rising renewable deployment due to renewable-based power generation's higher competency may hamper the growth of the Gas Turbine Market in the approaching years.

US Gas Turbine Market is poised to grow at a sustainable CAGR for the next forecast year.