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Gas Turbine Market Size (2024 - 2029)

The gas turbine market is anticipated to experience growth driven by rising global electricity demand and technological advancements in shale gas production. The transition from coal-based to gas-fired power generation in various countries further supports this expansion. Despite the challenges posed by the increasing efficiency of renewable energy sources, the market is expected to benefit from governmental preferences for gas-based power over nuclear options. The Asia-Pacific region, with its significant reliance on gas-based power and active oil and gas sectors, has been a key area for market dominance.

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Market Size of Gas Turbine Industry

gas turbine mro market overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 3.80 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

gas turbine mro market major companies

*Disclaimer: Major Players sorted in no particular order

Gas Turbine Market Analysis

The gas turbine market is expected to register a CAGR of approximately 3.8% during the forecast period. Global electricity demand is increasing, and it doubled within the last two decades. It is expected to grow at twice the pace of energy demand as a whole, in the next 25 years. Moreover, the advancement in technology leading to the increase in shale gas production, along with the plans of various countries to phase out coal-based power generation and replace them with the gas-fired power plant, is likely to act as a driver for the market. However, the increase in renewable deployment due to the enhanced efficiency of renewable-based power generation is expected to restrain the growth of the market.

  • Generally, the turbine with a capacity above 120 MW is used for power generation. Turbines with a capacity of more than 120 MW are likely to dominate the market during the forecast period, with the demand for electricity expected to increase further.
  • Moreover, the threat associated with the nuclear power plant is likely to promulgate the government's decision to prefer gas-based power generation over the nuclear power plant, which can provide an opportunity for the market growth during the forecast period.
  • Asia-Pacific was the dominant region for the market in 2018, owing to the increasing reliance on gas-based power generation and an increase in oil and gas activities.

Gas Turbine Industry Segmentation

The gas turbine market report includes:

Capacity
Less than 30 MW
31-120 MW
Above 120 MW
Types
Combined Cycle
Open Cycle
End-User Industry
Power
Oil and Gas
Others
Geography
Asia-Pacific
North America
Europe
South America
Middle-East and Africa
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Gas Turbine Market Size Summary

The gas turbine market is poised for steady growth, driven by the increasing global demand for electricity and the shift from coal-based power generation to gas-fired plants. Technological advancements in shale gas production and the phasing out of coal power are significant factors propelling the market. However, the rise in renewable energy deployment, due to its enhanced efficiency, poses a challenge to market expansion. Gas turbines, particularly those with capacities exceeding 120 MW, are expected to dominate the market, supported by the preference for gas-based power generation over nuclear options. The Asia-Pacific region, with its substantial reliance on gas-based power and burgeoning oil and gas activities, remains a key player in the market.

The global push to reduce carbon emissions has led to increased investments in gas-based power generation, particularly in China, where gas-fired capacity has surpassed coal for the first time. The cost-effectiveness and reliability of gas-based power generation compared to nuclear and renewable sources further bolster the demand for gas turbines. Despite being viewed as a transitional technology by EU policymakers, gas turbines are expected to play a crucial role in meeting energy demands while addressing environmental concerns. The market is characterized by fragmentation, with major players including General Electric Company, Siemens AG, and Mitsubishi Heavy Industries Ltd, among others, competing for market share.

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Gas Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply-Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products and Services

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Capacity

      1. 2.1.1 Less than 30 MW

      2. 2.1.2 31-120 MW

      3. 2.1.3 Above 120 MW

    2. 2.2 Types

      1. 2.2.1 Combined Cycle

      2. 2.2.2 Open Cycle

    3. 2.3 End-User Industry

      1. 2.3.1 Power

      2. 2.3.2 Oil and Gas

      3. 2.3.3 Others

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

      2. 2.4.2 North America

      3. 2.4.3 Europe

      4. 2.4.4 South America

      5. 2.4.5 Middle-East and Africa

Gas Turbine Market Size FAQs

The Gas Turbine Market is projected to register a CAGR of 3.80% during the forecast period (2024-2029)

General Electric Company, Siemens AG , Mitsubishi Heavy Industries Ltd , Mitsubishi Heavy Industries Ltd and Kawasaki Heavy Industries, Ltd are the major companies operating in the Gas Turbine Market.

Gas Turbine Market Report Snapshots

Gas Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)