Power Generation Gas Turbine Market Size & Share 2025 to 2034

Power Generation Gas Turbine Market Size

The global power generation gas turbine market was valued at USD 6.5 billion in 2024 and is expected to grow at a CAGR of 5.7% from 2025 to 2034, driven by the energy transition and demand for efficient, eco-friendly power solutions. Rising consumer awareness in line with surging emphasis on cleaner sources will bolster the industry outlook.

The rapid urbanization, industrialization and population growth are the key factor which are impacting the overall industry trend. The development will go upward as there is a gradual transition from coal fired power generation plants to natural gas based. For instance, in 2023, about 22.5 percent of the global electricity generated was contributed by gas turbines, and this includes base-load power generation and the ‘peaker’ plants which get switched on during times of high demand.
 

Ongoing adoption of gas turbine in power generation application owing to their quick response time and high efficiency. This technology is utilized in power generation by converting chemical energy of fuel source into the mechanical energy, which is then convert to electrical energy. Increasing deployment of renewable energy source into these systems coupled with the need to upgrade aging power plants will positively influence the power generation gas turbine market prospects.
 

The rapid growth in distributed power generation systems particularly in off-grid and remote in association with growing need for small & medium size gas turbine will proliferate the product adoption. Ongoing development of these turbines capable of operating on hydrogen blend in association with the push for net-zero emission will fuel the business growth.
 

The establishment of new gas-based power generation plants together with the modernization and upgrade of the existing gas turbines systems will create new opportunities for the product deployment. The Government of India has authorized a procedure in 2023 for commissioning NTPC gas plants of about 5 GW in anticipation of the peak demand during April to May.
 

Power Generation Gas Turbine Market Trends

Rapid advancements in digital monitoring capabilities, high temperature materials, and aeroderivative gas turbine systems will spur the industry scenario. Growing innovation in turbines design coupled with enhancing reliability, efficiency, and operational flexibility of these systems will propel the industry landscape.
 

The EPA in 2024 has set final rules relating to engine emissions and issued emission standards for new gas-fired combustion turbines. Carbon pollution emission levels are gradually integrated emission limits, when implemented, it provides power plant operators sufficient time to formulate and implement a suitable strategy for setting up carbon dioxide emissions control systems.
 

Rising demand for electricity across key regions in line with increased adoption of these gas turbine technology in traditional plants will influence the industry penetration. The ongoing government regulations on greenhouse gas emissions and growing environmental concern have forced the industries to adopt stricter energy saving methods, which in turn will amplify the power generation gas turbine market growth.
 

Continuous investment by key industry manufacturers to make these systems with low NOx combustion systems, predictive maintenance, and associated with cooling technologies will further escalate the demand for these systems. The U.S. DOE has announced an investment of USD 4 million in 2024 for hydrogen with Carbon Management Program.
 

The industry is driving owing to the increasing utilization of hydrogen as a fuel in gas turbines in line with the growing efforts for decarbonization. Ongoing demand for combined cycle gas turbines in electricity generation paired with it offers higher efficiency and minimize the emission, thereby stimulating the industry potential.
 

Growing adoption across cogeneration and CHP systems will augment the industry outlook. Accelerating adoption of modular and compact gas turbines in line with rising demand for decentralized power generation will escalate the industry dynamics. The annual renewable energy capacity additions are set to rise from 666 GW in 2024 to around 930 GW in 2030 worldwide.
 

Power Generation Gas Turbine Market Analysis

• The power generation gas turbine industry accounted for USD 5.5, 6.1 and 6.5 billion in 2022, 2023 and 2024, respectively. Based on capacity, the industry is segmented into ≤ 30 MW to 70 MW, > 70 MW to 200 MW and > 200 MW. These systems are an important part of energy infrastructure propelled by their widespread utilization to stabilize grids with the intermittent of renewable energy output.
   
• ≤ 30 MW to 70 MW rated capacity accounted for over 10% market share in 2024 owing to their high efficiency power, deliver quick and cost-effective solutions. These capacities are widely used in combined cycle installation and integrated gasification combined cycle plants. Growing adoption of analytical and digitized capabilities in association with continuous innovation in airfoil and coating material to enhance torque transmissibility will fuel the industry penetration.
   
• For reference, in November 2024, EarthEn has announced a partnership with Oak Ridge National Laboratory which will employ high-performance computing simulations onto a super critical CO2 compressor as an energy storage turbine would tremendously impact energy management systems. The assessment is estimated to save 3,110 GJ of energy and reduce CO2 emissions for every 8 MW system by 566 tons per year.
   
• The > 200 MW rated gas turbine are poised to grow at a CAGR of over 5.2% till 2034 driven by rising demand for electricity and need for efficient power generation. Surging utilization of hydrogen as a fuel source coupled with it offers economic power generation, quick load for peak, fast start-up, and base load will further escalate the industry penetration.
   
• In addition, industrial facilities across the key regions are adopting these turbines for cogeneration and there use in waste heat for heating & cooling. RTX Technology in 2024 started working with Argonne National Laboratory on agile film cooling development for high-performance turbines using high-fidelity simulation and machine learning.
   

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• The market is segmented into aeroderivative and heavy duty. The heavy-duty market accounted for over USD 5 billion in 2024 and aeroderivative is expected to grow at a rate of over 16% on account of growing government focus to meet the increasing energy demand and sustainability goals. 
   
• The heavy-duty power generation gas turbine market holds a share of 77.4% in 2024. Increasing utilization of these units in CCGT plants paired with rapid adoption owing to high operational efficiency and ability to complement renewable energy sources will drive the business expansion. For instance, according to Mitsubishi Power estimations, the global orders for gas turbines will grow by 50% conveniently each year until 2026. This growth is partially attributed to the proliferation of data centers.
   
• The aeroderivative power generation gas turbine market was observed USD 1 billion in 2024 fueled by offering efficient solution to meet the rising electricity demand particularly in the regions with limited access to grid infrastructure. Rapid expansion of data centers with their immense power demand is creating an opportunity for the adoption of these units.
   
• The market is further segmented into open cycle and combined cycle. The combined cycle power generation gas turbine market was accounted over USD 5 billion in 2024, but open cycle is expected to grow at a faster rate of 5% CAGR owing to government initiatives to integrate a sustainable energy mix. 
   
• The open cycle power generation market will exceed USD 2 billion by 2034. Wide applicability across direct and mechanical drive applications on account of its key features including quick start, operational versatility, and less dependency on cooling water will drive the adoption of open cycle gas turbine.
   
• In addition, power generation applications extended to offshore platforms in line with increasing deployment in aircrafts will augment the industry landscape. These turbines convert fuel energy directly into the mechanical energy to drive a generator along with it has a lower upfront cost as comparison of combined cycle.
   
• The combine cycle power generation gas turbine market will project at a CAGR of over 5.5% by 2034. Rapid industrialization growth in tandem with strict energy efficiency policies and codes have compelled industries to install efficient power generating units. Stringent government reforms to limit emissions along with stalling of gas prices will enhance the technological adoption.
   

• U.S. power generation gas turbine market will cross USD 700 million in 2034. The country is witnessing steady growth driven by an increasing shift toward low carbon power sources along with heavily investment in H2 blend combustion technology. For instance, in August 2024, the U.S. DOE has committed approximately USD 8 million for the support of 11 R&D projects aim to increase the performance and efficiency of hydrogen powered turbines.
   
• North America power generation gas turbine market will witness at a CAGR of 5.5% in 2034. An abundant availability of natural gas in conjunction with shale gas revolution in the region will proliferate the industry expansion. Ongoing advancements in the drilling & extraction technologies coupled with increasing development of combined cycle power plants will encourage the business growth.
   
• The Asia Pacific power generation gas turbine market is set to reach over USD 3.5 billion by 2034. Robust expansion of industrial infrastructure along with rising power plant capacity additions will foster the industry growth. Increasing emphasis on reducing emissions and enhancing clean power generation across the region will escalate the business trajectory.
   
• For instance, in 2023, the Maritime Port Authority of Singapore along with the EMA have prequalified six consortiums for a closed RFP on a low or zero carbon ammonia for power and bunkering project on Jurong Island. It included 55 to 65 MW from low or zero carbon ammonia burning gas turbine combined cycle turbine.
   
• The Middle East & Africa power generation gas turbine has a market share of 27.5% in 2024. Burgeoning energy demand in tandem with shifting focus toward sustainable and clean energy generation will augment the overall business scenario. Over the years, the growth of the industrialization and the renovation of old power stations have positively impacted the gas power generation, thereby propelling the industry.
   
• For instance, the strategy for Saudi Arabia’s vision 2030 stated that by the year 2024 there should be 50% renewable resources, and 50% natural gas utilized with a 35% reduction in greenhouse gases emitted by the country and a commitment for net zero by 2060.
   
• The Latin America power generation gas turbine market is poised to grow at a CAGR of 6% in 2034. Supportive government incentives including tax breaks and subsidies to encourage investment in hydrogen and green fuel projects will spur the business landscape. For instance, in November 2024, in addition, the government of Brazil has introduced a law which offers total tax credits of USD 3.1 billion for low carbon hydrogen and consumers.
   

Power Generation Gas Turbine Market Share

• The top 5 players including GE Vernova, Siemens, Rolls Royce, Ansaldo Energia and Mitsubishi Heavy Industries together holds share of about 42% in the power generation gas turbine industry. Ansaldo Energia is one of the key industry participants in the industry specializes in high-efficiency and reliable turbine solutions for power generation. It has developed advanced turbine technologies, including hydrogen-ready models, to assist in the transition towards a more environmentally friendly cleaner energy source.
   
• E Vernova has a strategic asset with turbines currently being built that total almost 55 gigawatts. The swift growth of mergers and alliances owing to significant investment in hydrogen technology will compel the companies to seize opportunities in regional market share.
   
• Siemens has dominance in the market of gas turbines that are used for power generation. The company offers high efficiency innovative turbine solutions that Siemens has become known for. It specializes in heavy duty, aeroderivative and industrial turbines that serve the various energy needs of clients.
   

Power Generation Gas Turbine Market Companies

• GE Vernova, reported USD 34.9 billion in revenue in 2024. The orders of the company’s grew by 7% and reached USD 44.1 billion driven by solid equipment growth in Electrification and Power along with the services growth in both segments surpassing double digits.
   
• In August 2024, Mitsubishi Power has received a purchase order from Samsung C&T Corporation for its state-of-the-art M501JAC combined-cycle hydrogen gas turbine. This turbine is expected to serve a new industrial steam and electricity cogeneration plant being constructed in Saudi Arabia by a joint venture that includes Abu Dhabi National Energy Company.
   
• Siemens reported revenues of USD 79.2 billion in 2024. In December 2024, Siemens Energy, the German Technology company entered a joint venture with SSE a UK utility company for the development of hydrogen ready 600MW turbine which is expected to be completed by 2030.
   

Major players operating in the power generation gas turbine industry are:

• Ansaldo Energia
• Bharat Heavy Electricals Limited (BHEL)
• Flex Energy Solutions
• GE Vernova
• Harbin Electric
• JSC United Engine
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• Opra Turbines
• Rolls Royce
• Siemens
• Solar Turbines
• TotalEnergies
• Wärtsilä
• Zorya-Mashproekt
   

Power Generation Gas Turbine Industry News

• In January 2025, Mitsubishi Power, a division of Mitsubishi Heavy Industries, has declared the successful and timely engineering, procurement and construction of a 1,400 MW natural gas fired gas turbine combined cycle power plant. This milestone was achieved with the commercial commissioning of the second M701JAC gas turbine at the plant owned by the Hin Kong Power Company, a joint venture formed by Gulf Energy Development and RATCH Group.
   
• In December 2024, Siemens Energy, a brand of Siemens, has joined forces with UK’s SSE Power to create a system for internal combustion engines that would allow Siemens’ flagship SGT5-9000HL gas turbine to operate at a power level completely fueled by hydrogen, while retaining internal subsystems capable of working on natural gas or any blended fuel. In addition, the plant is the world’s most powerful and efficient combined cycle power plant, which was awarded by Guinness World Records for its 64.18% efficiency in May 2024.
   
• In November 2024, GE Vernova made an announcement to design and engineering of its LM6000 gas turbine, part of the GE Vernova LM6000VELOX packaged solution set to power on hydrogen at Whyalla hydrogen power plant located South Australia. Additionally, GE Vernova has received an order from ATCO Australia for 4 LM6000VELOX units which are scheduled to be commissioned in early 2026.
   
• In July 2024, GE Vernova has recently started operations in Korea Powered Southern Power - Shinsejong Combined Cycle Power Plant located at Nuri-ri, Yeongi-myon, in Sejong Multi-functional Administrative City. This power plant is powered with GE Vernova's 7HA.03 gas turbine which is pivotal for the company as it marks their 100th HA unit commissioned all over the globe as well as the first 7HA.03 turbine to be installed in Korea.
   

The power generation gas turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (MW) & revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Capacity

• ≤ 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

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