Gas Turbine Market

Global Gas Turbine Market Analysis and Opportunity Assessment by Design Type, Backing Material, Technology, Rated Capacity, Region, and Country – Forecast 2022 – 2032

The market is expected to generate an incremental $ opportunity of US$ 8,160.49Mn between 2022 and 2032

Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00403 Format: PDF Pages: 310

Gas Turbine Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Gas Turbine Market grew at a CAGR of 3.9% between 2017-2021 and is estimated to be US$ 19,874.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.5% and is expected to reach a valuation of US$ 28,035.1Mn by 2032 end.

A gas turbine is an engine that uses air and fuel to heat a mixture to a very high temperature to turn turbine blades and produce mechanical energy. Additionally, mechanical energy propels a generator, which generates electrical power.

The global market is expanding due to the energy sector’s quick technological development and a shift in emphasis toward distributed power production technologies. Due to increased government support for power production technologies that reduce carbon dioxide (CO2) emissions globally, this market is expected to grow quickly during the forecast period.

Market Dynamic


The demand for electricity has increased due to growing industrialization and the use of electrical appliances in emerging nations. The energy generation from utilities rose from 13, 03,493 GWh in 2017–2018 to 13, 71,779 GWh in 2018–2019, registering an annual growth of around 6.20%, according to the Ministry of Statistics and Program Implementation Government of India.

As a result, the development of natural gas power plants is anticipated to be prompted by the high emission standards implemented by industrialized countries and the rising electricity demand. Natural gas emits less carbon dioxide.


As reported by BP in its Statistical Review of World Energy for June 2017, the total worldwide natural gas reserves are estimated to be 186.6 trillion cubic meters, or enough to meet the demand for 55 years. The reserve-to-production ratio would sharply fall if the US began exporting natural gas to international markets.

Although coal production and consumption are much higher in the rapidly expanding economies of Asia Pacific, the supply of natural gas in the world today is only enough to last for about half as long as coal. Clean energy comes from solar and wind power plants. Fossil-fired power plants are anticipated to be impacted by investments in renewable energy. As a result, the gas turbines are challenged by the limited natural gas reserves.


Previously, electricity was distributed by low-voltage DC-based small power plants. Electric supply and mechanical tasks can be accomplished via distributed generating (providing torque to move objects). Gas turbines have an advantage over other distributed generation technologies for meeting onsite and backup power needs due to their higher efficiency and dependable generation capacity. Consequently, the market for gas turbines is presented with a significant opportunity through the growth of distributed power generation.

Gas Turbine Market

Market Segments Covered in Report

By Design Type:

  • Heavy duty (frame)
  • Aeroderivative

By Backing Material:

  • Power Generation
  • Oil & gas
  • Other industrial (mechanical drive processes in the steel, aluminum, and manufacturing industries)

By Technology:

  • Open Cycle
  • Combined Cycle

By Rated Capacity:

  • 1–40 MW
  • 40–120 MW
  • 120–300 MW
  • Above 300 MW

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is the power generation segment expected to lead the market during the forecast period?

The gas turbine market is anticipated to be led by the power generation segment. Gas turbine power plants are frequently used as medium-sized peak load plants that operate sporadically during brief periods of high demand for electricity from an electric grid. Additionally, they serve as cogeneration units for district heating systems and industrial facilities with high heat loads.

Why does above 300MW is expected to grow at a faster rate during the forecast period?

This segment’s gas turbine market is anticipated to be driven by a higher power and lower emissions. It is called a combined cycle when many cycles produce energy. The fact that the exhaust is used for other operational purposes results in lower overall emissions.

Why does the aero-derivative segment is expected to grow at a faster rate?

The aero-derivative segment is anticipated to expand more quickly over the projected period. Aerospace engines or aviation gas turbines are the design inspiration for aero-derivative gas turbines. Aeroderivative gas turbines weigh less, are simpler to install, and start up more quickly than heavy-duty gas turbines.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

  • With a market share of 48.7%, Asia Pacific dominated the global gas turbine market in terms of value. Rising electricity demand and investment in new large coal-fired and gas-fired combined cycle power plants are anticipated to propel the growth of the Asia Pacific gas turbine market.
  • During the forecast period, North America, led by the United States, Mexico, and Canada, is expected to rise significantly. The demand is primarily caused by the region’s shale gas reserves and technological advancements in mining and extraction that steadily reduce the cost of gas extraction in the area. The part of North America has also seen the widespread commissioning of gas-based electricity.

Competition Analysis

Several large companies that control a disproportionate amount of the industry share have consolidated the market. To strengthen their position in the market, industry participants engage in various strategic initiatives, including partnerships, mergers and acquisitions, joint ventures, and new product introductions.

The key developments in the Global Gas Turbine Market:

  • In October 2019, the Dania Beach Clean Energy Center in Fort Lauderdale, Florida, will be powered by GE’s 7HA.03, the most recent iteration of its HA gas turbine.
  • In June 2021, Quanta and OPRA Turbines had a contract. Through this alliance, Quanta was allowed to represent OPRA Turbines as a reseller in the North Sea offshore oil and gas market.

A list of some of the key suppliers present in the market are:

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

Report Coverage and Highlights

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.
Research ScopeDetails
Forecast period2022-2032
Historical data available for2017-2021
Market analysisUSD Million for Value and Tons for Volume, and CAGR from 2022 to 2032
Key regions coveredNorth America, Latin America, Europe, Asia-Pacific, Middle East, and Africa
Key countries coveredUS, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt
Key segments coveredBy Design Type, Backing Material, Technology, Rated Capacity, and Region
Customization scopeAvailable upon Request
Pricing and purchase optionsAvailable upon Request