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Gas Turbine Market

Published Date : Jun 2024 | Forecast Year : 2019

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Gas Turbine Market Size, Analysis, By Capacity (<=200 MW, >200 MW), By End-use (Industrial, Power & Utility), By Technology (Combined Cycle, Open Cycle) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG876

Published : Jun 2024

Pages : 126

Category : Energy & Power

Format : Gas Turbine Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 13.95 Billion
MARKET SIZE (2024)USD 11.05 Billion
CAGR (2023-2029) 4.3 %
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPE<200 MW
>200 MW
BY APPLICATIONPower & Utility
Industrial
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSAnsaldo 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. .

The Global Gas Turbine Market size was estimated to be valued at USD 11.05 Billion in 2023 and is expected to reach at USD 13.95 Billion by 2032, exhibiting at a CAGR of 4.3 % during the forecast period. This report provides a deep insight into the Gas Turbine Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Gas Turbine Market

Size, by Product, - (USD Billion)

<200 MW

>200 MW

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

4.3 %

The Forecast Market

Size for in USD:

$13.95 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Gas Turbine Market Segments

By Capacity: <200 MW, >200 MW

By Technology: Open Cycle, Combined Cycle

By End-Use: Power & Utility, Industrial 

Key Profiles:

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. 

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Market Dynamics:

  • The global gas turbine market has seen dynamic growth in recent years due to several key factors. Gas turbines are widely used in power generation, propulsion systems in the aerospace and marine industries, and industrial applications due to their efficiency, reliability, and lower emissions compared to traditional internal combustion engines.
  • One of the main drivers of the gas turbine market is the increasing global demand for electricity due to urbanization, industrialization and population growth. Gas turbines play a vital role in power generation in both base-load and peak-load power plants, providing flexibility and quick start-up to meet changing electricity demand.
  • In addition, technological advances have led to more efficient gas turbines with higher output and lower fuel consumption, increasing their appeal to utilities and independent power producers (IPPs) seeking to optimize operating costs and reduce environmental impact. Combined cycle gas turbine (CCGT) power plants, where gas turbines and steam turbines are integrated to maximize energy efficiency, have become particularly popular for large power generation projects. 

    Gas Turbine Market

    Share, by end user, (USD Billion)

    Analytica Global 11.05 Billion %

    Power & Utility

    Industrial

    Other End-Users

    b0d51e3055fd6f23ff6a384a6e091406.svg

    13.95 Billion

    Total Market Size

    USD (Billion),

    4.3 %

    CAGR

    -

Market Drivers:

  • Global demand for electricity due to industrialization, urbanization and population growth increases the demand for gas turbines in power generation.
  • Gas turbines offer improved efficiency and reliability over traditional combustion engines, making them attractive for power plant, aviation, and marine applications.
  • Strict environmental regulations aimed at reducing emissions from the power generation and transport sectors favor gas turbines because they have a smaller carbon footprint than coal plants and diesel engines.
  • Continuous innovations in turbine design, materials and combustion technology improve efficiency, reduce maintenance costs and extend life, improving market competitiveness.
  • Combined cycle gas turbine (CCGT) plants, which combine gas turbines with steam turbines to improve efficiency, are increasingly preferred in new power generation projects.
  • Gas turbines power military aircraft, commercial aircraft and naval vessels, which benefit from their high power-to-weight ratio and reliability. 

Opportunities Abound in the Power & Utility Sector:

  • The main driver is the growing global demand for electricity, fueled by population growth, urbanization and industrialization. Gas turbines provide reliable and efficient power generation solutions that can quickly respond to fluctuations in power demand, making them essential for grid stability.
  • As countries strive to reduce carbon emissions and meet environmental regulations, gas turbines play a critical role because they emit less than coal-fired power plants. They act as a bridging technology in the transition to a more sustainable energy mix and sometimes complement renewable energy sources such as wind and solar.
  • Continued advances in gas turbine technology, such as improved efficiency, greater fuel flexibility and digitization, are extending turbine performance and lifetime. Digital solutions enable predictive maintenance, remote monitoring and performance optimization that reduce operational costs and downtime.
  • Gas turbines offer operational flexibility, including fast start-up times and ramp speeds needed to balance grid fluctuations and support renewable energy integration. They provide reliable backup power during times of low renewable energy generation or grid instability.
  • Gas turbines are increasingly used in cogeneration and cogeneration applications, where they simultaneously produce electricity and heat for industrial and district heating purposes. This dual use improves energy efficiency and lowers energy costs for end users.

    Gas Turbine Market

    Size, by Product, - (USD Billion)

    APAC $ 24

    The Market will Grow

    At the CAGR of:

    4.3 %

    The Forecast Market

    Size for in USD:

    $13.95 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

Key Development for Gas Turbine Market:

  • Advances in Turbine Design: Manufacturers are constantly improving gas turbine designs to improve efficiency and reliability. This includes innovations in aerodynamics, combustion systems and cooling technologies to maximize power and reduce fuel consumption and emissions.
  • Integrating digital solutions: The adoption of digitization and Industrial Internet of Things (IIoT) technologies is changing the operation of gas turbines. Proactive maintenance, remote monitoring and real-time performance optimization are becoming standard practices that improve operational efficiency and minimize downtime.
  • Hybridization and flexibility: Gas turbines are increasingly being integrated into hybrid power generation systems with renewable energy sources such as solar and wind. This hybridization improves grid stability, energy tolerance and supports the transition to a more sustainable energy mix.
  • Emission Reduction Technologies: Innovations in emission control technologies such as Selective Catalytic Reduction (SCR) and Dry Low NOx (DLN) combustion systems help gas turbines meet stringent environmental requirements. These technologies reduce emissions of nitrogen oxides (NOx), sulphur dioxide (SO2) and particulate matter.
  • Fuel flexibility: Gas turbine manufacturers are developing engines that can run on a wider range of fuels, including natural gas, biofuels, hydrogen blends and synthetic fuels. This increases energy security, reduces dependence on certain fuel sources and reduces carbon dioxide emissions. 

Analysis of Impact of COVID-19:

  • Due to the shutdown of major cities and economies, most industries around the world have stopped their production. This further led to lower demand for oil and gas globally. 
  • For example, according to the 2021 World Energy Statistical Review, the world's natural gas consumption was 3,822.8 billion cubic meters in 2020, down 81.1 billion cubic meters from 2019.
  •  In addition, the electricity demand in 2020 is industrial and the number of business users has recently decreased significantly due to the global pandemic. Consequently, the demand for gas turbines decreases during the pandemic outbreak. 
  • This trend is likely to continue for the next two years until all industrial activities around the world return to normal, halted by government lockdown measures. 

    Gas Turbine Market TO (USD BN)

    Gas Turbine Market

    CAGR OF

    4.3 %

    Gas Turbine Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 13.95 Billion %

Restraints Factors:

  • Gas turbines require significant initial investment in acquisition, installation and infrastructure development, which limits adoption especially in developing regions.
  • Fluctuations in natural gas and oil prices affect operating costs and project economics, which affects investment decisions in gas turbine-based power generation.
  • The increasing competitiveness and decreasing costs of renewable energy sources such as wind and solar power challenge gas turbines, especially in areas where policies and incentives support renewable energy sources.
  • Although gas turbines emit less pollution than coal plants, there are still concerns about greenhouse gases and local air quality that influence regulatory policy and public perception.
  • Regulatory complexity and permitting processes for gas turbine projects vary around the world, adding uncertainty and delays to project development timelines.

Frequently Asked Questions (FAQs)

How big is the Gas Turbine Market?

Ans: The Gas Turbine Market size valued at USD 13.95 billion in and grow at a CAGR of 4.3 % 

What is the current Gas Turbine Market size?

ANS: The Gas Turbine Market size is expected to be USD 11.05 billion.

Who are the key players in Gas Turbine Market?

Ans: 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. 

Which is the fastest growing region in Gas Turbine Market?

Ans: Asia pacific is estimated to grow at the highest CAGR over the forecast.

Gas Turbine Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

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