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Gas Turbine Market was valued at USD 16.7 billion in 2023 and is projected to grow at over 5.5% CAGR between 2024 and 2034. The industry is poised for an upward trajectory driven by increasing power generation needs and surging industrialization worldwide.
Increasing awareness of environmental concerns along with surging consumer focus toward transition to cleaner energy sources will foster the gas turbine industry. Governments and industries worldwide are investing in sustainable power generation technologies as part of efforts to reduce carbon emissions and comply with environmental regulations.
Report Attribute | Details |
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Base Year: | 2023 |
Gas Turbine Market Size in 2023: | USD 16.7 Billion |
Forecast Period: | 2024 to 2034 |
Forecast Period 2024 to 2034 CAGR: | 5.5% |
2034 Value Projection: | USD 30.4 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 725 |
Tables, Charts & Figures: | 1,513 |
Segments covered: | Capacity, Product, Technology, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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The gas turbine market experienced a mild impact from the COVID-19 pandemic as there was a notable delay in oil and gas operations. The demand for these units saw a decline owing to the suspension of industrial activities and reduced investments. Nevertheless, as restrictions are gradually lifted, and advanced units are developed, the industry has witnessed a growth. Additionally, the implementation of stringent design and testing requirements, along with the incorporation of advanced control systems, has enhanced the business outlook.
The rising environmental apprehensions and strict governmental directives to curb greenhouse gas emissions have prompted industries to embrace robust energy conservation measures, thereby boosting the sector's potential. The growing share of renewable energy sources, combined with a focused commitment to energy efficiency, will drive the adoption of related products. Additionally, the escalating demand for electricity, paralleled by substantial investments in the extraction and trading of natural gas, will positively impact the overall business landscape.
The open cycle gas turbine industry size will witness growth rate of 4.5% through 2034. These systems are known for their ability to start quickly and achieve full load rapidly. This makes them suitable for meeting peak power demand and providing grid stability. Moreover, the business landscape is projected to benefit from the expansion of power generation applications to offshore platforms, as well as the increasing application across aircraft.
The aero-derivative gas turbine market holds a share of over 20% in 2023. The industry dynamics are set to receive a boost from the availability of highly flexible and mobile technologies. The growing applicability in various sectors such as marine propulsion, power utilities, and district heating is expected to enhance the overall business landscape. The product comes with significant advantages, including lightweight design, environmental friendliness, higher rotation speed, operational versatility, and low water consumption, thereby accelerating the industry's potential.
The ≤ > 1 MW to 30 MW gas turbine industry is set to surpass USD 2.5 billion by 2034. The key manufacturers are directing their attention towards producing turbines that are both cost-effective and efficient, catering to a broad range of applications in power generation, mechanical drive, and the oil & gas sector. The goal is to empower installers to yield substantial returns and build long-term savings. Additionally, the increasing consumer emphasis and industry proximity, coupled with favorable regulatory reforms, will favor the business scenario.
Based on application, the market is segmented as power plants, oil & gas, process plants, aviation marine and others. The rapid industrialization coupled with strict energy efficiency requirements has driven industries to implement efficient power generation systems. Government regulations aimed at curbing emissions, coupled with stable gas prices, are expected to boost technological advancements in this sector. The continuous growth of manufacturing and processing plants will contribute to the expansion of self-regulated power generation facilities, driving the industrial gas turbine market. Furthermore, governmental efforts to incorporate a sustainable energy mix are anticipated to have a positive impact on the industry.
Key players in the gas turbine industry are strategically focusing on marketing initiatives, technological advancements, brand recognition, and achieving operational efficiencies to navigate the competitive market effectively. Their primary focus is on creating intelligent turbine designs by incorporating advanced technological features and ergonomic capabilities into gas turbines.
General Electric, a global conglomerate with operations spanning aviation, healthcare, renewable energy, and power, is recognized for its innovations that have significantly influenced modern technology. The company's dedication to sustainable solutions reflects its mission to tackle global challenges. With a storied history of groundbreaking advancements, General Electric remains a key player in shaping the trajectory of various industries, underscoring its commitment to shaping the future.
The key players operating across the industry include:
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The above information has been provided for the following regions and country: