Energy and Power

Gas Turbine Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : October 2023

Format :Pdf Ppt Xls

Report ID:KR350

Author : Shreya S.

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Base Year


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Forecast Year


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Historical Years


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Market Value (2022)

USD 15.67 Billion

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Forecasted Value (2030)

USD 22.87 Billion

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CAGR (2023 – 2030)


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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Design Type

Heavy-duty, Aero-derivative

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By Rating Capacity

Less than 40 MW, 40–120 MW, 120-300 MW, Above 300 MW

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By Distribution Channel

Power Generation, Oil & Gas, Marine, Aerospace, Others

Gas Turbine Market Size

The global Gas Turbine Market size was valued at USD 15.67 billion in 2022 and is projected to reach USD 22.87 billion by 2030, growing at a CAGR of 4.84% from 2023 to 2030. The gas turbine market growth is accelerated by the increasing deployment of cogeneration plants, along with the increase in heat demand in countries suffering from severe weather conditions. The government's stringent standards to limit carbon dioxide emissions and significant investment in natural gas exploration and trading are increasing market growth potential.

The development and use of gas turbines have been promoted by the demand for greener energy sources and the need to reduce greenhouse gas emissions. Turbines are a more environmentally benign option, coinciding with global emission reduction targets and stricter environmental restrictions. However, a lack of gas installation expertise and inconsistent prices of raw materials directly impact overall market growth. Increasing demand for renewable energy sources in critical industries due to strict decarbonization policies is impeding the growth of the gas turbine market.

Analyst's Review 

Gas turbines play a significant part in fulfilling energy demands while reducing environmental effects in light of the rising need for more sustainable and environmentally friendly energy alternatives. Ongoing R&D efforts continue to increase gas turbine performance and optimize their operation in various applications. Over the years, gas turbines have undergone significant advances and innovations that have improved efficiency, reliability, and environmental protection. Gas turbine manufacturers constantly strive to improve efficiency of turbine design and combustion processes. Innovations such as improved aerodynamic designs, higher compression ratios, and improved cooling techniques allow gas turbines to convert more energy from the combustion process into useful mechanical power. Integrating digitization and data analytics into gas turbine systems has transformed operation and maintenance. Sensors and advanced control systems allow real-time turbine performance monitoring, allowing operators to optimize operations, identify potential problems, and reduce unplanned downtime. Predictive analytics and machine learning algorithms also help improve maintenance planning and maximize component life.

Market Definition

Gas turbines offer high efficiency and effectiveness and can provide fast start-up times, quick load changes, and high capacity, which make them suitable for peak power needs and grid stability. Gas turbines can run on various fuels, including natural gas, liquefied natural gas (LNG), diesel, and biofuel. This fuel flexibility allows gas turbines to adapt to changing fuel availability, prices, and environmental considerations. They are rigorously tested and engineered to withstand harsh operating conditions, ensuring reliable and consistent performance. Ongoing research aims to improve gas turbine efficiency, reduce emissions, and develop advanced turbine designs to meet the demands of a changing energy world. These technical advances are driving the adoption and development of gas turbines as a viable power generation solution.

Market Dynamics

Governments are exerting more effort into reducing the usage of fossil fuels as a consequence of the escalating demand for electricity. Many countries are using these turbines to substitute coal-fired and combined-cycle power plants. The demand for electricity is also rising as a consequence of the implementation of smart cities and smart building initiatives in a number of countries. These turbines are often used in such projects because they are efficient and environmentally friendly. Governments have also imposed strict pollution standards, forcing companies to switch to gas turbines. As a result, this aspect will likely to expand the market growth in the coming years.

The most common problem with the turbine section of gas turbines is damage to the blades. This can be caused by erosion, corrosion, fatigue, foreign body damage, or thermal problems, and can affect turbine efficiency and effectiveness. In addition, the supply issues could affect the production and availability of gas turbine components. The extreme temperatures to which turbine blades are exposed can eventually lead to thermal fatigue, which can cause reduced efficiency and eventual failure of turbine components.

Segmentation Analysis

The global gas turbine market is segmented based on design type, rating capacity, application, and geography.

By Design Type

Based on design type, the gas turbine market is segmented into heavy-duty and aero-derivative. Heavy duty is the dominating segment owing to the rising number of manufacturing plants, along with the integration of large-scale economic zones. The expansion of captive-generating power stations is increasing worldwide due to the rising demand for electricity across the industrial sector.

By Rating Capacity

Based on rating capacity, the gas turbine market is segmented into less than 40 MW, 40–120 MW, 120-300 MW, and above 300 MW. The above 300 MW segment captured a significant market share in 2022. The segment growth is propelled by the shift from coal to gas-based power plants in major global countries such as the U.S., China, and India. The expansion of the power generation sector and increased focus on generating electricity through sustainable energy resources drive the demand for gas turbines, especially for turbines with rating capacity above 300 MW capacity.

By Distribution Channel

Based on Distribution Channel, the gas turbine market is classified into power generation, oil & gas, marine, aerospace, and others. The power generation segment is anticipated to dominate the industry over the assessment period owing to the rising focus on replacing conventional steam and coal-fired turbines with these turbines in various power generating stations growing immensely.

Gas Turbine Market Regional Analysis

Based on region, the global gas turbine market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is growing rapidly, supported by ongoing technological advancements and the development of shale gas deposits and mining and extraction technologies, constantly lowering the operating costs of gas extraction in the region. In addition, gas-fired power plants have been deployed extensively in the region. Technological advances in completion methods, such as multi-stage hydraulic fracturing, and drilling techniques, such as horizontal wells, have enabled oil and gas companies to produce shale gas commercially, fostering the market outlook.

Asia Pacific is expected to be the fastest-growing region due to the energy sector's rapid technological developments and the growing focus on the adoption of distributed power generation technologies. Mounting government support worldwide to boost the deployment of power generation technologies that aim to reduce carbon dioxide (CO2) emissions is propelling market growth. India, Japan, and Indonesia dominate the regional business owing to the high presence of major manufacturers.

Competitive Landscape

The global gas turbine industry study will provide valuable insights emphasizing the fragmented nature of the global market. Prominent players focus on key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their respective market shares across different regions.

List of Key Companies in Gas Turbine Market

  • Baker Hughes Company
  • Doosan Corporation
  • EthosEnergy
  • General Electric
  • Kawasaki Heavy Industries, Ltd.
  • Rolls-Royce plc
  • Siemens Energy
  • Wärtsilä
  • IHI Corporation

Key Industry Developments 

  • June 2023 (Launch): EthosEnergy launched the Life Cycle Assessment (LCA) solution for gas turbine rotors, which enables complete visibility of environmental impacts and measurable reduction of CO2 emissions. The new EcoView CO2 estimator, developed in collaboration with Politecnico di Torino and Politecnico di Milano, provides a comprehensive environmental view of each rotor's life cycle phase.

The Global Gas Turbine Market is Segmented as:

By Design Type

  • Heavy-duty
  • Aero-derivative

By Rating Capacity

  • Less than 40 MW
  • 40–120 MW
  • 120-300 MW
  • Above 300 MW

By Distribution Channel

  • Power Generation
  • Oil & Gas
  • Marine
  • Aerospace
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 22.87 billion by 2030, growing at a CAGR of 4.84% from 2023 to 2030.
The global market was valued at USD 15.67 billion in 2022.
The global market growth is accelerated by the increasing deployment of cogeneration plants and the increase in heat demand in countries suffering from severe weather conditions, accelerating the industry's growth.
Top manufacturers of gas turbine market are Baker Hughes Company, Doosan Corporation, EthosEnergy, General Electric, Kawasaki Heavy Industries, Ltd., Rolls-Royce plc, Siemens Energy, Wärtsilä, IHI Corporation, VERICOR, MITSUBISHI HEAVY INDUSTRIES, LTD., and others.
Asia Pacific is expected to be the fastest growing region over the forecast period (2023-2030).
By design type, heavy-duty will hold the maximum share in gas turbine market with the revenue value by 2030.
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