Gas Turbine Market Size, Growth Rate And Product Revenue 2030

Gas Turbine Industry Overview

The global gas turbine market size is projected to reach USD 38.80 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany.

 U.S. gas turbine market size, by technology, 2020 - 2030 (USD Billion)

Gas Turbine Market Segmentation

Grand View Research has segmented the gas turbine market based on technology, capacity, end-use, and region:

Based on the Technology Insights, the market is segmented into Open Cycle and Combined Cycle.

  • The combined cycle turbines sector accounted for the largest revenue share of more than 72.0% in 2021 and is anticipated to continue its dominance in the near future. This technology category is expected to increase at a faster rate in the coming years.
  • Strict regulations for coal plants, low gas prices, and the integration of increasing amounts of renewable energy are driving the switch to combined cycle gas turbine technology. 
  • Government initiatives that encourage the use of sustainable fuels for electricity generation and reduce greenhouse gas emissions are likely to boost demand for natural gas-fired power plants over coal-fired power plants.

Based on the Capacity Insights, the market is segmented into ≤200 MW and >200 MW.

  • >200 MW emerged as one of the most significant segments in this market with a revenue share of more than 65.0% in 2021. It is likely to be the fastest-growing segment during the forecast period. The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world’s major countries, are driving demand in this category.
  • The need for power generation is expanding due to an increase in power generation activities around the world as a result of the rising demand for energy due to population growth and fast urbanization. 
  • The reduced size of the turbine allows for easier maintenance and operation, which is a crucial reason for the 200 MW turbine’s success. Because of its smaller size, the product is lighter, making it perfect for offshore locations where the power to weight ratio is a key factor in selecting whether or not to build a turbine unit. 

Based on the End-use Insights the market is segmented into Power & Utility and Industrial.

  • The Power & utility sector accounted for the largest revenue share of approximately 80.0% in 2021. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors.
  • Heavy industries, specialty chemical production, glass and cement manufacture, pharmaceutical, and sugar mills are all part of the industrial segment. Due to strict pollution regulations, gas turbines are seeing growing demand in the industrial sector.

Gas Turbine Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Central & South America

Key Companies Profile & Market Share Insights

The market is consolidated by a few major companies, which account for a dominating industry share. Industry participants practice several strategic initiatives, such as joint ventures, mergers & acquisitions, partnerships, and new product offerings, to enhance their foothold in the market.

 Some of the prominent players in the gas turbine market include:

  • General Electric
  • Siemens Energy
  • Mitsubishi Power, Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • Ansaldo Energia
  • Solar Turbines Incorporated 

Order a free sample PDF of the Gas Turbine Market Intelligence Study, published by Grand View Research.

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