The gas turbine market is expected to reach USD 61.1 Billion by 2033, up from USD 40.8 Billion & in 2023. From 2023 to 2033, the market is estimated to register a CAGR of 4.1%.
Market growth of gas turbines is supported by:
| Attribute | Details |
|---|---|
| Gas Turbine Market Value (2023) | USD 40.8 Billion |
| Gas Turbine Market Forecast Value (2033) | USD 61.1 Billion |
| Gas Turbine Market CAGR (2023 to 2033) | 4.1% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The gas turbine market is anticipated to reach USD 40.8 Billion in the year 2023. Previously, the market registered a CAGR of 3.4% in the historical period. In the next 10 years, the market is likely to witness a CAGR of 4.1%.
The market growth from 2017 to 2022 can be credited to the increased demand for electricity. Moreover, a move towards distributed power generation has been propelling the gas turbine industry. The market, over the next decade, is predicted to showcase increased momentum, rising at a CAGR of 4.1%. By 2033, the market is estimated to reach USD 61.1 Billion.
| Attribute | Valuation |
|---|---|
| 2025 | USD 44.21 Billion |
| 2028 | USD 49.88 Billion |
| 2032 | USD 58.58 Billion |
Asia Pacific is anticipated to yield growth opportunities for the gas turbine industry, backed by increasing oil mining activities in the region.
Within Asia Pacific, China is expected to emerge as a significant shareholder in the gas turbine industry. This growth is attributed to the increased investment in new large gas-fired combined cycle power plants, as well as rising energy consumption. The presence of low-cost raw materials and labour is further expected to upsurge the market growth for gas turbines.
Likewise, India is expected to provide some lucrative expansion opportunities, thanks to considerable investments in the oil and gas sector. This entails an expansion of manufacturing capability for gas turbines, which is expected to attract key gas turbine manufacturers.
Principal Consultant
Augmented demand for power generation is being propelled by the upsurge in population and urbanization around the globe. This is consequently enhancing the use of gas turbines in the power and utility sector. Another significant driver for the key players in the power generation sector is the focus on establishing an environment-friendly form of power generation.
A shift from traditional electricity generation methods to gas turbines for power generation has been observed in the market. Moreover, the strict government norms to reduce GHG emissions are fueling the demand for gas turbines as they offer low-emission power options. The demand for a reliable power supply is significantly increasing as the world's population grows and the industrial sector expands.
Manufacturers are focusing on research and development activities. These activities are aimed at developing gas turbines that have fuel flexibility, run at high temperatures, and have no turbine failures. Some commonly used gas turbines include mini, small, micro, hydrogen, and industrial gas turbines. These are likely to hold diversified gas turbine industry opportunities.
Rapid technological breakthroughs in the energy industry, combined with a shift towards distributed power production technologies, are propelling the market forward.
Due to rising economic activities in developing countries, growing industrialization and heightened use of electrical equipment have increased power consumption. Natural gas power plants are anticipated to be erected as a result of the establishment of tight emission rules.
Gas turbines have a competitive advantage over other distributed generation technologies for backup power and onsite generation due to their efficiency and stable generation capacity. As a result, the rise of distributed power generation represents a significant market opportunity for gas turbines.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Lack of expertise in the installation of gas turbines and poor-to-average labour safety laws could limit the true potential of the gas turbine market.
The volatile price of natural gas is expected to stifle the expansion of the gas turbine industry. However, an increase in distributed gas power generation and the replacement of phased-out nuclear and coal facilities are expected to present lucrative prospects for market growth.
End users are carrying out the gas turbine analysis and are gaining awareness regarding the gas turbine applications.
As a result, the quest for advanced technologies for gas turbines is rising. Aero derivate and heavy-duty gas turbines continue to offer huge sales channels for gas turbine market players. Meanwhile, other players seek opportunities to revisit the gas turbine working principle and bring ground-level improvements.
Manufacturers are making efforts to boost the gas turbines' efficiency, be it micro, mini, or heavy-duty, to improve the gas turbine power output. The focus of turbine manufacturers is on design improvement for facilitating turbines with as low emission capabilities as possible.
Another differentiator for gas turbine industry players is the gas turbine price. Increasing reliance on gas power generation over traditional methods is also likely to upkeep the growing adoption of gas turbines during the forecast period.
Increased government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world is projected to boost gas turbine sales.
Natural gas was a significant source of electricity generation in the United States in 2020. It was also the second dominant source of electricity generation globally, according to the Statistical Review of World Energy 2021. Solar and wind power generation facilities are both environment-friendly sources of electricity.
Renewable energy investment is projected to harm coal-fired power facilities. As a result, the market analysis for gas turbines shows that the demand might fall due to restricted natural gas sources. However, the impact on gas turbine market growth due to the scramble towards renewable sources is expected to be shared by the industrial gas turbine market as well as the hydrogen gas turbine industry.
Over the last decade, gas turbine manufacturers have increased their spending on research and development for gas turbines. They are also aimed at speeding up key phases in the new product cycle when new designs are introduced.
| Country | The United States |
|---|---|
| CAGR (2023 to 2033) | 4.8% |
| Market Size (2033) | USD 10.5 billion |
| Country | The United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 4.8 |
| Market Size (2033) | USD 4.3 billion |
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 4.3% |
| Market Size (2033) | USD 4.7 billion |
| Country | Japan |
|---|---|
| CAGR (2023 to 2033) | 3.9% |
| Market Size (2033) | USD 2.3 billion |
| Country | India |
|---|---|
| CAGR (2023 to 2033) | 4.4% |
| Market Size (2033) | USD 4.3 billion |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 10.5 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 3.9 billion |
The United States gas turbine market is projected to attain USD 10.5 billion by 2033. The market is estimated to register a 4.8% CAGR. The market growth in the country can be attributed to the deployment of innovative technological solutions by significant giants. For instance, in December 2022, General Electric employed a novel technical solution on four TM2500 aero-derivative gas turbines. These are located at the California Department of Water Resources’ sites in Roseville and Yuba City, California. The solution reportedly curtailed CO and NOx emissions by over 90%, meeting California’s extremely strict emissions standard requirements and exceeding World Bank Emissions Standards.
The market scenario is projected to elevate in the United States owing to the robust expansion of industrial gas turbine capacities and increasing shale gas exploration activities. Consequently, the rising growth of shale gas production and the rising electricity demand is estimated to propel the demand for gas turbines. Additionally, the marine industry, which utilizes aero-derivative gas turbines to fuel ships, offers a significant opportunity for the developers of gas turbine in the country.
| Historical CAGR (2017 to 2022) | 4% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.8% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 4.3 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 1.6 billion |
The United Kingdom gas turbine market is estimated to attain USD 4.3 billion by 2033. The market is projected to register a CAGR of 4.8% from 2023 to 2033. The United Kingdom, in 2020, exported USD 18.1 billion in gas turbines, establishing itself as the second leading exporter of gas turbines across the globe. Subsequently, gas turbines were also significantly exported product in the United Kingdom. The key destination countries to which the United Kingdom exports gas turbines include the United States, Singapore, Hong Kong, France, and the United Arab Emirates.
In October 2022, the year-by-year exports of the United Kingdom’s gas turbines can be primarily explained by the rise in exports to South Korea, Luxembourg, and Germany. According to the Observatory of Economic Complexity (OEC), the United Kingdom's gas turbine industry reached a positive trade balance of USD 787.70 million in October 2022.
| Historical CAGR (2017 to 2022) | 4.1% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.8% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 4.3 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 1.5 billion |
The India Brand Equity Foundation (IBEF) reports that coal-fired generation dominates India's power sector, accounting for a significant percentage of total installed capacity in June 2021. The country highlighted the potential of renewable energy and gas-based generation for decarbonization. India also emphasized reaching the Paris Agreement's targets, which aim to significantly cut global GHG emissions to limit global warming.
| Historical CAGR (2017 to 2022) | 3.6% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.4% |
| Taxonomy | Type |
|---|---|
| Top Segment | Heavy-duty Gas Turbines |
| Forecast CAGR | 4.3% |
| Taxonomy | Technology |
|---|---|
| Top Segment | Combined Cycle |
| Forecast CAGR | 4.2% |
Increasing Substitution of Old Coal-fired Power Generation Capacity to Boost the Use of CombinedGas Turbine Cycle
Based on technology, the combinedcyclesegment is predicted to develop at a prominent rate and dominate the global gas turbine market. Over the forecast period, the combined cycle is projected to expand at 4.2% CAGR.
This segment's growth is likely to be fueled by the replacement of old coal-fired power generation capacity. Large-capacity combined cycle gas power plants are exclusively served by gas turbines with a rated capacity of more than 300 MW. This category includes the most expensive and predominant gas turbines in the market.
The power generation segment is expected to lead the gas turbine industry, in terms of application. Growing demand for power generation owing to the rise in power generation activities across the globe is propelling segment growth.
The expansion of the power generation business, along with an enhanced focus on generating electricity via renewable energy sources is bolstering the segment growth.
The gas turbine industry growth scenario picture is likely to be complemented by ongoing mergers and acquisitions.
Additionally, the increased investments in research and development activities by leading manufacturers in product durability, efficiency, and adaptability, are projected to elevate market growth. Furthermore, the assurance of long-term fuel supply across multiple oil-producing companies throughout the world is supporting the market development.
Key developments:
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 40.8 Billion |
| Market Forecast Value in 2033 | USD 61.1 Billion |
| Global Growth Rate | 4.1% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; and the Middle East and Africa |
| Key Countries Covered | The United States, Brazil, Mexico, Canada, The United Kingdom, Germany, France, Spain, Italy, Russia, Argentina, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia, Poland, China, New Zealand, Japan, North Africa, GCC countries, Ethiopia, South Africa, others |
| Key Market Segments Covered | Type, Capacity, Application, Technology, Region |
| Key Companies Profiled | General Electric; MITSUBISHI HEAVY INDUSTRIES, LTD.; Siemens Energy; AnsaldoEnergia; Kawasaki Heavy Industries, Ltd.; Capstone Green Energy Corporation; Rolls-Royce plc; Harbin Electric Machinery Company Limited; OPRA Turbines; Others |
| Pricing | Available upon Request |
The gas turbine market is set to reach USD 40.8 billion in 2023.
The gas turbine market is likely to surge at an extraordinary 4.1% CAGR, reaching USD 61.1 billion by 2033.
The surge in gas turbine demand is attributed to growing electricity requirements and the need for decentralized power generation.
The global gas turbine market witnessed a CAGR of 3.4% between 2018 and 2022.
With expanding energy infrastructure, the United States has significant gas turbine profit potential, projected at USD 10.5 billion in revenue by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Type 5.1. Heavy-duty Gas Turbines 5.2. Industrial Gas Turbines 5.3. Aero Derivative Gas Turbines 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Capacity 6.1. Less Than 40 MW 6.2. 40–120 MW 6.3. 120–300 MW 6.4. Above 300 MW 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Application 7.1. Power Generation 7.2. Aviation 7.3. Oil & Gas 7.4. Industrial 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Technology 8.1. Open Cycle 8.2. Combined Cycle 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. South America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. South America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. General Electric 17.2. Mitsubishi Heavy Industries, Ltd. 17.3. Siemens Energy 17.4. Ansaldo Energia 17.5. Value (USD Million) & Volume (Units)ed Engine Corporation 17.6. Kawasaki Heavy Industries, Ltd. 17.7. Capstone Green Energy Corporation 17.8. Rolls-Royce plc 17.9. Harbin Electric Machinery Company Limited 17.10. OPRA Turbines 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Oil and Gas Insights
View Reports
Gas Turbine Market
