The global gas turbine market size is USD 28.14B in 2024 and projected to reach USD 57.44B by 2034, growing at a 7.48% CAGR.
Gas Turbine Market Key Takeaways
- In 2023, Asia Pacific held roughly 37% of the global revenue share.
- The >200 MW capacity segment contributed 66% to the revenue in 2023.
- Combined cycle turbines secured the highest market share with 74% in 2023.
- Power & utility applications dominated, holding over 82% of the revenue share in 2023.
- The aero-derivative sector is expected to grow at a 9% CAGR between 2024 and 2033.
The gas turbine market is poised for substantial growth, with a projected increase from USD 28.14 billion in 2024 to USD 57.44 billion by 2034. Asia Pacific held a 37% revenue share in 2023, and the >200 MW capacity segment represented 66% of the market. Combined cycle turbines captured the largest share at 74%, while the power & utility sector accounted for over 82% of revenue. The aero-derivative segment is set to grow at a 9% CAGR from 2024 to 2033, reflecting strong future demand in the energy sector.
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Market Scope
Report Highlights | Details |
Market Size in 2023 | USD 26.18 Billion |
Market Size in 2024 | USD 28.14 Billion |
Market Size by 2034 | USD 53.67 Billion |
Growth Rate from 2024 to 2034 | CAGR of 7.4% |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Product, Application, Technology, Capacity, Region |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Drivers
The growing global demand for energy, especially in countries like the U.S. and China, is propelling the gas turbine market as these turbines complement renewable energy sources for grid stability. Increased consumption of electricity, driven by a rising global population, is pushing the need for more efficient power generation technologies. Despite this, the market faces challenges due to environmental concerns. Gas turbines emit pollutants like greenhouse gases and nitrogen oxides, which contribute to air pollution. Stricter environmental regulations and the search for more sustainable energy solutions are acting as key restraints.
Opportunities
- Flexible and reliable power generation: Gas turbines can provide backup or peaking power to stabilize the grid, supporting the integration of intermittent renewable energy sources.
- Enhanced efficiency through innovation: Continued development in turbine design and combustion technology could make gas turbines more energy-efficient, appealing to a broader market.
- Increasing industrial demand: The rising need for power in industrial sectors, particularly in developing countries, presents a major growth opportunity for gas turbines.
- Partnerships in the energy sector: Collaborations between gas turbine manufacturers and energy companies could unlock new business opportunities.
- Expanding natural gas infrastructure: Investments in natural gas infrastructure can drive the adoption of gas turbines, as natural gas becomes more accessible and affordable.
Challenges
- Emission-related concerns: The environmental impact of gas turbines, particularly their contribution to air pollution, is a key challenge that may hinder growth.
- Economic volatility: Price fluctuations in natural gas and fuel availability can undermine the financial stability of gas turbine projects.
- Regulatory hurdles: New environmental laws and regulations aimed at reducing emissions could create additional challenges for the gas turbine market.
- Technological competition: The growth of alternative technologies like energy storage and advanced renewable energy solutions could compete with gas turbines in the power generation space.
- Long-term sustainability: The shift toward cleaner and greener energy sources may challenge the long-term role of gas turbines in a decarbonized future.
Regional Insights
The Asia Pacific region, accounting for a major share of the global gas turbine market, is projected to experience significant growth, fueled by strong infrastructure expansion and a shift toward cleaner energy. Countries like India and China are making strides toward cleaner resources, with China moving away from coal in favor of more sustainable energy sources. The Middle East and Africa are expected to see a rise in gas-fired power plants, further boosting demand. Meanwhile, North America and other key regions are revamping their electricity generation, creating additional demand for gas turbines. However, the increasing deployment of renewable energy may challenge the market’s long-term growth.
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Market Key Players
- Kawasaki Heavy Industries
- Solar Turbines
- Capstone Turbine
- Vericor Power Systems
- Cryosta
- AnsaldoEnergia
- Opra Turbines
- Zorya-Mashproekt
Recent News
The global gas turbine market is poised for substantial growth, with forecasts indicating an increase to USD 56.51 billion by 2034. This growth is driven by rising energy demand, environmental regulations, and technological advancements. Opportunities lie in hybrid systems, digitalization, and the global energy transition. However, challenges such as environmental concerns and the rise of renewable energy sources may impact growth.
Market Segmentation
By Capacity Type
- > 500 kW to 1 MW
- > 1 MW to 30 MW
- < 50 kW
- 50 kW to 500 kW
- > 70 MW to 200 MW
- >30 MW to 70 MW
- > 200 MW
By Product Type
- Heavy Duty
- Aero-Derivative
By Technology Type
- Combined Cycle
- Open Cycle
By Application Type
- Process Plants
- Power Plants
- Oil & Gas
- Aviation
- Marine
- Others