Combined Cycle Gas Turbine Market Size & Share 2026-2035

Combined Cycle Gas Turbine Market Size

The combined cycle gas turbine market was estimated at USD 17.6 billion in 2025. The market is expected to grow from USD 19.8 billion in 2026 to USD 50.8 billion by 2035, at a CAGR of 11%, according to a recent study by Global Market Insights Inc.

The rising consumer demand for sustainable energy solutions, along with rising awareness of environmental concerns such as carbon emissions, air pollution, and climate change, will be driving industry growth. Government and industry are investing in low-emission technologies, renewable energy integration and energy efficient systems. This shift to a cleaner energy infrastructure and its associated technologies will present a positive opportunity for manufacturers, technology vendors, and service providers globally.

For instance, the European Union pledged more than USD 630 billion to speed up the development of renewable energy and low-emission infrastructure under the REPowerEU plan. In addition, the U.S. Inflation Reduction Act provided almost USD 370 billion for clean energy technologies and carbon reduction measures. As a result of these investments, the demand for energy efficiency, advanced gas turbines and sustainable industrial technologies are growing rapidly.

A combined cycle gas turbine is a highly efficient electricity generation system in which electricity generation is achieved by using both gas and steam turbine. This plant uses natural gas to heat a turbine to produce power, the hot turbine exhaust gases are used in a heat recovery steam generator to produce steam.

This steam is used to power a steam turbine to produce more electricity. The overall efficiency of the plant is significantly improved compared to the efficiency of a simple cycle gas turbine plant which is approximately 35 – 40%, with high efficiencies of up to 60% achieved by using the waste heat from the gas turbine.

Combined Cycle Gas Turbine Market Trends

Governments and industries are rapidly investing in sustainable power generation technologies to lower the greenhouse gas emission and meet tough environmental regulations. The increasing focus on cleaner and efficient energy systems is driving the adoption of advanced gas turbine technologies because they are flexible in operation, highly efficient and have a lower emission profile.

For reference, the UAE has set the ambitious target of 40% renewable energy share of electricity generation by 2030, which aligns with the worldwide push to develop cleaner energy systems. The industry is expected to experience significant growth due to rising electricity demand, heavy investments in power generation facilities that are reliable and efficient, and a fast-growing industrial sector.

Combined Cycle Gas Turbine Market Analysis

The > 70 MW to 200 MW combined cycle gas turbine market is set to exceed USD 9.5 billion by 2035. They are known for their quick start-up times and their ability to quickly reach full operational load, making them well suited to meeting electricity demand peaks and ensuring grid reliability. Furthermore, this market is projected to see significant growth as the implementation of such units in large quantities in various power generation plants, offshore oil & gas facilities, marine applications, and aviation is set to drive.

For illustration, in 2025, investments in gas-fired power generation and flexible energy infrastructure around the world exceeded USD 120 billion, due to increasing peak electricity demand and grid stability needs. Furthermore, the fast-response turbine systems continued to be deployed in the aviation and offshore oil & gas industry for improved operational reliability and energy efficiency. The advanced high performance turbine technologies are increasingly gaining importance on the market.

The power plants combined cycle gas turbine market size hold a share of 40.3% in 2025. The industry market is experiencing significant growth as a result of the increasing consumption of electricity, a greater focus on low-carbon power generation, and the retirement of aging coal fired facilities. Compared to the conventional thermal power plants, the combined cycle gas turbine plants have the following advantages: High operating efficiency, low emission, quick start-up capability and greater fuel flexibility. In addition, demand for flexible gas-fired power plants to support peak load and provide grid stabilization is rapidly increasing, driven by the integration of renewable energy sources.

For citation, according to the IEA, global energy investment will hit USD 3.3 trillion in 2025 – of which nearly USD 2.2 trillion will go into clean energy technologies such as flexible power systems, battery storage, grids and electrification for citation. Global grid investments also exceeded USD 400 billion per year for increased deployment of efficient and quickly deployed energy technologies, driving industry growth.

The process plants combined cycle gas turbine industry will improve significantly with the introduction of highly flexible and mobile technologies that will enhance operational efficiency and deployment options. Such products offer multiple advantages such as light weight, less environmental impact, high rotation capacity, operational flexibility, non-consumption of water and have the potential of being used more broadly by industries. Additionally, the changing preferences of consumers, the increasing availability of technology and positive regulatory policies and measures encouraging sustainable energy solutions are expected to have a positive impact on the overall business environment.

The U.S. dominated the combined cycle gas turbine market in North America with around 72% share in 2025 and generated USD 2.5 billion in revenue. Increasing demand for reliable power generation along with availability of abundant & affordable natural gas will fuel the business scenario. CCGT systems are seen as the preferred technology to match the intermittent nature of renewable power, such as wind and solar power, because they are flexible and efficient. The focus will now be on energy security and environmental protection as per the strict government regulations that restrict emissions, which will give a boost to the industry dynamics.

The transition toward cleaner and renewable energy generation systems, along with the growing consumption of energy in Asia Pacific is expected to create significant growth in the combined cycle gas turbine market. Furthermore, intensifying market demand is the expansion of industrial activity, quick urbanization and continued infrastructure modernization efforts. Moreover, increasing investments in distributed energy systems powered by gas will increase the reliability of the grid, its operational efficiency and energy security, which will shape the business dynamics.

For instance, the International Energy Agency reported that Asia Pacific accounted for almost 60% of the global electricity demand growth in 2025, fueled by fast industrialization and urbanization. In addition, China spent more than USD 80 billion on gas infrastructure and flexible power projects, and India aimed to increase its natural gas consumption to 15% of total energy supply by 2030 to promote cleaner power generation and grid reliability.

Combined Cycle Gas Turbine Market Share

The major players are increasingly working on technical innovations that will enhance their efficiency, flexibility to operate, and emission reduction capacities. As environmental regulations evolve, it is increasingly important that market players invest in hydrogen-ready turbines, digital monitoring systems, predictive maintenance solutions, and advanced combustion technologies to comply with the new standards. Furthermore, the expansion of the industry is expected to be bolstered by growing investments in modernization of power infrastructure, distributed energy systems and long-term power service contracts, which will help to intensify the competition in the market.

Combined Cycle Gas Turbine Market Companies

The key industry players include:

• Ansaldo Energia

• Baker Hughes

• Bharat Heavy Electricals Limited (BHEL)

• Capstone Green Energy Holdings

• Doosan Enerbility

• Ethos Energy Group

• Everllence 

• Flex Energy Solutions

• GE Vernova

• Harbin Electric Corporation

• Kawasaki Heavy Industries

• MAPNA Group

• Mitsubishi Heavy Industries

• Rolls Royce

• Shanghai Electric

• Siemens Energy

• Solar Turbines Incorporated

• VERICOR

• Wärtsilä

• Zorya-Mashproekt

Combined Cycle Gas Turbine Industry News

• In June 2025, Bharat Heavy Electricals received an order from Adani Power for the production of six turbines to be installed in their upcoming thermal power project. The capacity of each turbine will be 800 MW, giving a significant boost to BHEL's order book. The development comes as BHEL is still in the process of reviving its performance from a year or so ago when the company suffered from a drop in orders in recent years due to multiple reasons in the market and policy. The company has recently shown an increasing momentum by soaring with a number of big orders from the domestic companies for supply of boilers and other important plant equipment for the construction of thermal power plants.

• In March 2025, GE Vernova successfully completed the first gas turbine outage fully managed and performed by Saudi based engineers and technical specialists in partnership with the Saudi Electricity Company (SEC). The milestone marks continued efforts to further develop localization efforts in the energy sector in Saudi Arabia and to build up technical expertise and the skills of domestic workforce. This step aligns with the goals of Saudi Vision 2030 as part of the economic diversification and national industrial skills development agenda.

The combined cycle gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and volume (MW) from 2022 to 2035, for the following segments:

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Market, By Capacity

• ≤ 50 kW

• > 50 kW to 500 kW

• > 500 kW to 1 MW

• > 1 MW to 30 MW

• > 30 MW to 70 MW

• > 70 MW to 200 MW

• > 200 MW

Market, By Application

• Power plants

• Oil & gas

• Process plants

• Aviation

• Marine

• Others

The above information has been provided for the following regions and countries:

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • France

  • Germany

  • Russia

  • Italy

  • Netherlands

  • Finland

  • Denmark

  • Poland

  • Sweden

• Asia Pacific

  • China

  • Australia

  • Japan

  • South Korea

  • Indonesia

  • Thailand

  • Malaysia

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • Qatar

  • Kuwait

  • Oman

  • Egypt

  • Turkey

  • Bahrain

  • Iraq

  • South Africa

  • Nigeria

  • Algeria

• Latin America

  • Brazil

  • Argentina

  • Chile