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Gas Turbine Market Size
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 Attributes | Details |
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Base Year: | 2023 |
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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COVID– 19 Impact
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.
Gas Turbine Market Trends
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.
Gas Turbine Market Analysis
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.
- The North America gas turbine industry was reached USD 2.3 billion in 2023. The transition to cleaner energy sources along with environmental concerns and emission regulations will shape the demand curve for the market. For instance, the region was able to witness only 1% increase in CO2 emissions in 2022 which was much slower in comparison to the previous year’s 7% increase.
- The business outlook is anticipated to receive a boost owing to the rising demand for energy and a shifting emphasis towards the generation of renewable energy. The industry landscape is set to receive a boost as a result of increased industrialization and infrastructure modernization through investments in gas-fired distributed energy. This support is expected to enhance gas power generation in the process.
Gas Turbine Market Share
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.
Gas Turbine Market Companies
The key players operating across the industry include:
- General Electric
- Siemens
- Mitsubishi Heavy Industries Ltd.
- Wartsila
- Kawasaki Heavy Industries, Ltd.
- Opra Turbines
- Solar Turbines Incorporated
- Harbin Electric Corporation Co., Ltd.
- Bharat Heavy Electricals Limited (BHEL)
- VERICOR
- MAN Energy Solutions
- Capstone Green Energy Corporation
- UEC-Saturn
- Zorya-Mashproekt
- Baker Hughes Company
- Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
- Ansaldo Energia
- Flex Energy Solutions
- Doosan
- Rolls Royce PLC
Gas Turbine Industry News
- In October 2023, Siemens announced that they have successfully operated a gas turbine using only renewable hydrogen as part of the HYFLEXPOWER project. The French project represented a major advancement in the decarbonization of energy-intensive industries by producing, storing, and using renewable hydrogen to power a Siemens Energy gas turbine. With funding from the European Commission, this excellent project intends to investigate commercialization opportunities and grow its activities to include the production of industrial heat and other modes.
- In September 2023, General Electric announced that their advanced H-Class gas turbine fleet, consisting of 88 units worldwide, has clocked over two million operating hours. This fleet, which is among the world's fastest-growing heavy-duty gas turbine fleets, is thought to have an installed capacity of over 47 gigawatts (GW), which is sufficient to power over 35 million homes in the United States. The company's decarbonization efforts include carbon capture and sequestration systems and the ability to burn hydrogen mixed with natural gas.
This gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2019 to 2034, 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 country:
- 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
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