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Gas Turbine Market Size

Report ID: GMI1181
Published Date: Jan 2024
Report Format: PDF

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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.

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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.

Gas Turbine Market Report Attributes
Report Attribute	Details
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:	North America & Europe Inclination toward energy optimization Ongoing shale gas revolution Stringent government norms to limit carbon emissions Surging focus toward clean power generation Asia Pacific Large scale integration of renewable energy Growing focus on decentralized generation technologies Middle East & Africa Restructuring of electrical infrastructure Large scale renewable integration prospects Latin America Positive outlook toward gas-based electricity generation Reducing dependency over conventional coal-fired power plants
Pitfalls & Challenges:	Advancing auxiliary clean turbine technologies Cost competitiveness

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of gas turbine was worth USD 16.7 billion in 2023 and is set to grow at 5.5% CAGR through 2034, attributed to the growing need for power generation led by surging industrialization worldwide.

Open cycle gas turbine market is poised to record 4.5% CAGR between 2024 and 2034, owing to their ability to start quickly and achieve full load rapidly for meeting peak power demand and providing grid stability.

North America gas turbine industry was worth USD 2.3 billion in 2023 and is set to exhibit robust growth through 2034, attributed to the ongoing transition to cleaner energy sources along with environmental concerns and emission regulations.

Some of the leading gas turbine firms are General Electric, Mitsubishi Heavy Industries Ltd., Opra Turbines, Mitsubishi Heavy Industries Ltd., Siemens, Kawasaki Heavy Industries, Ltd., Bharat Heavy Electricals Limited (BHEL), MAN Energy Solutions, and Capstone Green Energy Corporation