Gas Turbine Market Size 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), By Product (Aero-Derivative, Heavy Duty), By Technology (Open Cycle, Combined Cycle), By Application (Power Plants, Oil & Gas, Process Plants, Aviation, Marine), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

Industry Trends

Gas Turbine Market size was over USD 13 billion in 2021 and is estimated to grow at a CAGR of 7.6% between 2022 and 2028. Demand for replacing coal with gas along with effective energy optimization policies will boost the market growth.
 

Get more details on this report - Request Free Sample PDF
 

Growing environmental concerns and stringent government mandates to limit GHG emissions have aligned industrial inclination toward the integration of effective energy conservation measures. The increasing proportion of renewable energy resources coupled with meticulous energy efficiency concord will fuel the product adoption. Increasing electricity demand in line with large-scale investments in the extraction and trade of natural gas will favor the market expansion.
 

The COVID-19 pandemic has slightly influenced the gas turbine market owing to a significant delay in oil & gas operations. The demand for gas turbines was affected due to a halt in industrial operations and limited investments. However, the easing of restrictions and development of advanced units will impel the market demand. Furthermore, the reinforcement of stringent designing and testing mandates coupled with the integration of advanced control systems will complement the market size.
 

Significant technological improvements will boost the demand for aero-derivative gas turbines

Get more details on this report - Request Free Sample PDF
 

The aero-derivative product segment is anticipated to grow at 8.1% CAGR through 2028. The availability of highly flexible & mobile technologies will energize the industry dynamics. Increasing applicability across marine propulsion, power utilities, and district heating will augment the industry landscape. The product offers key advantages including lightness, environmental proximity, higher rotation speed, operational versatility, and low water consumption.
 

Favorable government incentives toward the adoption of sustainable energy resources

The > 70 MW to 200 MW gas turbine market is projected to gain an appreciable escalation during the forecast period, due to their extensive applications across small-scale generating plants and process industries. The surging expansion of co-generating units to sustain energy & heat consumption across small commercial, industrial, and isolated grid networks will enhance the technological adoption. In addition, ongoing advancements with respect to the development of effective re-generative gas turbines to sustain low heat requirements will fuel the product demand.
 

Wide-scale utilization across mechanical drive applications

The open cycle technology segment is estimated to surpass USD 5.5 billion by 2028. Wide applicability across direct and mechanical drive applications on account of its key features including operational versatility, quick start, and less dependency on cooling water will stimulate the industry dynamics. Furthermore, power generation applications extended to offshore platforms along with surging deployment across aircraft will augment the business landscape.
 

Rapid industrialization along with stringent energy efficiency mandates have compelled industries to deploy effective power generating systems. Stringent government reforms to limit emissions along with stalling of gas prices will enhance the technological adoption. The ongoing expansion of manufacturing and processing plants will fuel the expansion of self-regulated power generating plants. In addition, government initiatives to integrate a sustainable energy mix will positively sway the industry landscape.
 

Extensive power plant capacity additions in Asia Pacific region

Get more details on this report - Request Free Sample PDF
 

Asia Pacific gas turbine market held around 35% revenue share in 2021. Extensive power plant capacity additions along with government targets to increase electrification rate will drive the market outlook. Stringent regulations on emissions will enhance focus on clean power generation, thereby substituting the inefficient coal-fired power plants by gas-fired power plants. For instance, the Government of Indonesia assigned the Perusahaan Listrik Negara (PLN) to accelerate capacity additions of power plants using gas & renewable energy as a fuel for a diversified fuel energy mix.
 

The abundant availability of natural gas reserves along with favorable regulatory norms will foster the Middle East & Africa market revenue. Increasing energy demand coupled with shifting focus toward renewable energy generation will propel the market growth. For instance, the King Abdullah City for Atomic and Renewable Energy released a time-bound plan for the introduction of a competitive procurement process of 54 GW renewable energy by 2040. Surging industrialization along with the modernization of infrastructure by investing in gas-fired distributed energy will support gas power generation.
 

Strategic partnerships & collaborations including joint ventures & mergers will propel the industry growth

The major companies operating in the market include General Electric, Siemens, Mitsubishi Heavy Industries, Wärtsilä, Kawasaki Heavy Industries, Opra Turbines, Solar Turbines, Harbin Electric Corporation, Bharat Heavy Electricals Limited, VERICOR, MAN Energy Solutions, Capstone Green Energy Corporation, UEC Saturn, Zorya-Mashproekt, Baker Hughes Company, Nanjing Turbine & Electric Machinery and Ansaldo Energia.
 

Continuous product innovations and collaborations among the key players will foster the business dynamics. In addition, inorganic growth ventures and contracts across major players in line with the development of innovative products will sway the industry growth.
 

The gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2018 to 2028 for the following segments:

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
  • Greece
  • Denmark
  • Romania
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Australia
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
  • Bangladesh
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Egypt
  • Turkey
  • Bahrain
  • Iraq
  • Jordan
  • Lebanon
  • South Africa
  • Nigeria
  • Algeria
  • Kenya
  • Ghana
• Latin America
  • Brazil
  • Argentina
  • Peru
  • Chile