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Gas Turbine Market Size - By Product (Aero-Derivative, Heavy Duty), Capacity, Technology (Open Cycle, Combined Cycle), Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine) & Forecast, 2023 – 2032

  • Report ID: GMI1181
  • Published Date: May 2023
  • Report Format: PDF

Gas Turbine Market Size

Gas Turbine Market size surpassed USD 11.3 billion in 2022 and is anticipated to expand at 5.7% CAGR from 2023 to 2032, owing to implementation of strict government regulations aimed at reducing carbon emissions and the widespread adoption of renewable energy systems.

Gas Turbine Market

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Rising deployment of combined heat and power plants in line with an increase in heat demand in countries affected by severe weather conditions will energize the industry growth. Stringent government norms to limit carbon emissions coupled with significant investments in the exploration and trade of natural gas will foster the business potential. Additionally, the implementation of more stringent design and testing regulations, along with the integration of advanced control systems will fuel the market demand.


COVID– 19 Impact

The COVID- 19 has slightly influenced the global industry due to a significant delay in oil & gas operations. Limited industrial operations along with investments across the power sector faced a decline in the gas turbine market. However, the several geographies have witnessed installation of large-scale power projects which is aligned with the ongoing pandemic situation, which has driven the business growth. Moreover, robust development of healthcare centers along with high electricity demand and ongoing vaccination drives will drive the business growth.


Gas Turbine Market Analysis

Based on product, the market is segmented as aero-derivative and heavy duty. The aero derivative gas turbine industry will witness growth rate of 6% by 2032. Increasing applicability of these units in marine propulsion, district heating and power utilities will positively sway the industry outlook. The technology offers key benefits including lightness, environmental proximity, higher rotation speed and operational versatility, accelerating the business potential.


Gas Turbine Market Size, By Application, 2021 - 2032 (USD Billion)

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The increasing demand for power generation systems is attributed to the rapid industrialization and the robust demand for energy-efficient solutions. Implementation of governments energy efficiency regulations have driven the adoption of effective power generating systems. The expansion of manufacturing and processing plants is also expected to fuel the demand for self-regulated power generating plants. Government initiatives aimed at promoting sustainable energy sources will positively impact the gas turbine market landscape.


The > 70 MW to 200 MW gas turbines holds a market share of over 15% in 2022. Wide scale utilization of product across process industries and small-scale generating plants will favor the business scenario. The increasing espousal of co-generating units to meet the energy & heat requirements across small & medium scale industrial facilities and isolated grid networks will drive the product penetration. Furthermore, the ongoing advancements in the development of efficient re-generative gas turbines for low heat requirements will further escalate the business overview.


The 1 MW to 30 MW gas turbine market is anticipated to gain momentum due to their broad range of applications in power generating stations, mechanical drives, and the oil and gas industry. The manufacturers are concentrating on producing cost-effective and efficient turbines to enable installers to generate significant returns and long-term savings. Moreover, the increasing focus of consumers and the industry, along with favorable regulatory reforms, will further enhance the industry outlook.


Gas Turbine Market Revenue Share, By Technology, 2022

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The open cycle gas turbine industry is expected to cross a valuation of USD 7 billion by 2032. The power generation market is anticipated significant growth driven by the versatile and key features of power generating systems, which can be applied in both direct and mechanical drive applications. The systems are quick to start and require less cooling water, making them highly adaptable to a wide tandem of applications. The market will also benefit from the expansion of power generation applications to offshore platforms and aircraft.


Asia Pacific Gas Turbine Market Size, 2020 - 2032 (USD Billion)

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The Asia Pacific gas turbine market is estimated to amass 3 billion in 2022. The industry is set to witness an upsurge owing to rise in power plant capacity additions, driven by government targets to increase the electrification rate. Government policies leading to the substitution of inefficient coal-fired power plants with gas-fired power plants that generate cleaner power will further augment the business landscape. Large scale integration of renewable power generation technologies will further drive the industry potential.


Middle East & Africa gas turbine sector is set to grow on account of abundant availability of natural gas reserves, and favorable regulatory norms. The increasing demand for energy, coupled with a growing focus on renewable energy generation will stimulate the business outlook. Furthermore, the modernization of infrastructure through investment in gas-fired distributed energy and surging industrialization will support gas power generation, thereby boosting the industry landscape.


Gas Turbine Market Share

The key gas turbine market players include:

  • Siemens
  • General Electric
  • Wärtsilä
  • Mitsubishi Heavy Industries Ltd
  • Opra Turbines
  • Kawasaki Heavy Industries, Ltd.
  • Solar Turbines Incorporated
  • Bharat Heavy Electricals Limited (BHEL)
  • Harbin Electric Corporation Co., Ltd.
  • MAN Energy Solutions
  • UEC Saturn
  • Zorya-Mashproekt
  • Baker Hughes Company
  • Capstone Green Energy Corporation
  • Ansaldo Energia 
  • Nanjing Turbine & Electric Machinery


Gas Turbine Industry News

  • In March 2022, General Electric was awarded a contract to deliver 2 GW of electricity in Guangdong, China. Harbin Electric and GE Gas Power, a subsidiary of General Electric, announced to deliver 3 GE 9HA.01 heavy-duty gas turbines to the Shenzhen Energy Group for its power generation units at the Guangming combined cycle power plant.


  • In January 2022, Siemens won a contract from a subsidiary of Korea Electric Power, Korea East-West Power, to supply the company’s HL-class technology for the Eumseong unit of one combined cycle power plant. According to the contract, the company will supply SGT6-9000HL gas turbine, SGen-3000W genset, the SPPA-T3000 control system, and the SST-5000 steam turbine.

This gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2019 to 2032, 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 Product

  • Aero-Derivative
  • Heavy Duty

Market, By Technology

  • Open Cycle
  • Combined Cycle

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
    • Iraq
    • South Africa
    • Nigeria
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Chile


Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of gas turbine surpassed USD 11 billion in 2022 and will witness 19.5% CAGR from 2023 to 2032, due to implementation of strict government regulations aimed at reducing carbon emissions and the widespread adoption of sustainable energy systems.

The > 70 MW to 200 MW gas turbine segment held a industry share of 15% in 2022 as a result of wide scale utilization of the equipment across process industries and small-scale generating plants.

The industry size from the open cycle technology segment is anticipated to exceed USD 7 billion by 2032, with versatile key features of power generating systems, applicable in both direct and mechanical drive applications.

Asia Pacific gas turbine industry is estimated to amass 3 billion in 2022 on account of government targets to increase the electrification rate in the region.

Major participants operating the gas turbines business landscape are Siemens, General Electric, Wärtsilä, Mitsubishi Heavy Industries, Opra Turbines, Kawasaki Heavy Industries, Solar Turbines, Bharat Heavy Electricals Limited, Harbin Electric Corporation, MAN Energy Solutions, VERICOR, UEC Saturn

Gas Turbine Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 1500
  • Countries covered: 32
  • Pages: 700
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