| Study Period | 2021 - 2030 |
| Market Size (2025) | USD 9.72 Billion |
| Market Size (2030) | USD 13.33 Billion |
| CAGR (2025 - 2030) | 6.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Gas Turbine Market Analysis
The Industrial Gas Turbine Market size is estimated at USD 9.72 billion in 2025, and is expected to reach USD 13.33 billion by 2030, at a CAGR of 6.51% during the forecast period (2025-2030).
- In the medium term, rapid urbanization, increasing demand for electrical energy, and the rising demand for cleaner energy from gas turbines over concerns about the environmental impact of energy generation from coal-fired plants are likely to drive the industrial gas turbine market during the forecast period.
- The increasing shift toward renewable energies, such as solar and wind, for power generation has hampered the market's growth.
- Nevertheless, with the increasing demand for electrical energy to sustain global development, there is a need for consistent heavy investments in power supply generation. This has helped the market for gas turbines grow significantly in recent years and is expected to continue during the forecast period. This, in turn, is likely to create opportunities for the market in the near future.
- Asia-Pacific is expected to dominate the market's growth, with the majority of demand coming from China and India, owing to factors like economic growth in emerging nations, an increase in the number of gas-based power generation plants, and rising industrial activities.
Industrial Gas Turbine Market Trends
The Power Segment is Expected to Dominate the Market
- Increased natural gas production has shifted the global focus on developing gas-fired power plants. Compared to coal-fired power plants, gas-fired power plants emit relatively lower greenhouse gases. Additionally, gas-based power generation could be the most efficient way to meet the rising worldwide need for peak power.
- Gas turbine power generation is more efficient than conventional power generation, giving this technology an advantage. In 2023, power generated from natural gas accounted for 22.5% of all electricity generated globally, while electricity generated from coal has steadily decreased in share.
- According to the Statistical Review of World Energy Data, in 2023, global primary energy consumption increased by 2% compared to the previous year. The demand for electricity increased more than the overall energy growth, resulting in more people accessing electricity.
- Furthermore, future electricity demand is expected to rise owing to the electrification of transportation. Many countries have set goals to gradually phase out the sale of passenger vehicles that use fossil fuels. Norway and Costa Rica were among the first to set goals, with 2021 and 2025 as their respective deadlines.
- Electricity generation from gas increased by 1.2% globally in 2023. In 2023, the electricity generation from gas was 6746.3 terawatt-hours compared to 2022, which was 6668.9 terawatt-hours. Further, in the future, the electricity demand is expected to increase continuously, which in turn is expected to surge the use of natural gas for power generation, thereby driving the use of gas turbines in the power sector.
- According to the International Energy Agency, global electricity demand is forecast to grow by around 4% in 2024, up from 2.5% in 2023. Also, as per the organization, global electricity consumption is set to continue into 2025, with growth of around 4% again.
- Therefore, factors such as increased access to electricity, an increase in the number of electric vehicles, and increased concerns over greenhouse gas emissions from coal-based power plants are expected to help drive the market during the forecast period.
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Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is expected to be the fastest-growing market during the forecast period due to an increase in energy demand and natural gas usage in the region. There has been a significant increase in the use of gas for power generation and transportation in the region, which aims to reduce greenhouse gas emissions.
- The demand for gas in China grew from around 377.6 billion m3 in 2022 to around 404.8 billion m3 in 2023, with much of the demand coming from the industrial and transportation sectors. China's gas consumption increased by 7.2% in 2023 and reached 10.1% of global gas consumption.
- With rising pollution concerns worldwide due to industrialization, especially in Asia-Pacific, the shift toward clean energy generation from gas turbines has gained considerable momentum. The region is also exploring the potential for clean and stable power generation from Ammonia gas.
- For instance, in March 2024, Mitsubishi Heavy Industries Asia Pacific Pte. Ltd, a subsidiary of Mitsubishi Heavy Industries, agreed with a Memorandum of Understanding with PTT Public Company Limited to explore and conduct a pre-feasibility study for using 100% ammonia for gas turbine power generation in Thailand.
- Further, in the future, the region is focusing on reducing dependency on coal-fired power plants to reduce greenhouse emissions. These priorities will pave the way for a substantial increase in natural gas use, thereby driving the demand for industrial gas turbines for power generation. According to the GECF Global Gas Outlook 2050, the region's gas demand is projected to grow by 78% from 2021 to 1,620 bcm by 2050.
- Therefore, the factors above are expected to drive the market during the forecast period, similar to the trend witnessed in recent years.
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Industrial Gas Turbine Industry Overview
The industrial gas turbine market is fragmented, with a number of players active in the market. Some of the major companies are General Electric Company, Siemens AG, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd, and Mitsubishi Heavy Industries Ltd.
Industrial Gas Turbine Market Leaders
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Siemens AG
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Mitsubishi Heavy Industries Ltd
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Harbin Electric International Company Limited
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Kawasaki Heavy Industries Ltd
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General Electric Company
- *Disclaimer: Major Players sorted in no particular order
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Industrial Gas Turbine Market News
- March 2024: Kawasaki Heavy Industries Ltd got an order via its Kawasaki Gas Turbine Asia Sdn Bhd from Malaysian company Sime Darby Energy Solutions Sdn Bhd for two consecutive orders for gas turbine cogeneration systems. The company intends to use these new, high-efficiency gas turbine cogeneration systems at its Dengkil and Port Klang factories in the state of Selangor in central Malaysia.
- January 2024: GE Vernova’s Gas Power business and IHI Corporation made a Joint Development Agreement for developing a new gas turbine combustor that can effectively utilize ammonia as a fuel for power generation, specifically tailored to integrate seamlessly with GE Vernova's 6F.03, 7F, and 9F gas turbines, marks a significant stride in advancing technology and engineering.
- April 2023: Baker Hughes, an energy technology company, received an order from Black & Veatch, a subcontractor to the JGC and Samsung Heavy Industries. The order includes two LM9000-driven compressor trains for the PETRONAS nearshore liquefied natural gas facility in Sabah, Malaysia.
Industrial Gas Turbine Industry Segmentation
A gas turbine is a type of combustion engine that can transform liquid fuels, such as natural gas, into mechanical energy. This power then propels a generator, which creates the electrical energy that transmits along power lines to residences and commercial buildings.
The industrial gas turbine market is segmented by capacity, technology type, application, and geography. By capacity, the market is segmented into 1 to 40 MW, 41 to 120 MW, 121 to 300 MW, and above 300 MW. By technology type, the market is segmented into the combined cycle and simple cycle. By application, the market is segmented into power, oil and gas, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizes and forecasts are based on revenue (USD).
| Capacity | 1 to 40 MW | ||
| 41 to 120 MW | |||
| 121 to 300 MW | |||
| Above 300 MW | |||
| Type | Combined Cycle | ||
| Simple Cycle | |||
| Application | Power | ||
| Oil and Gas | |||
| Other Applications | |||
| Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | United Kingdom | ||
| France | |||
| Germany | |||
| Italy | |||
| Russia | |||
| Turkey | |||
| NORDIC | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| India | |||
| Japan | |||
| Indonesia | |||
| Malaysia | |||
| Singapore | |||
| Thailand | |||
| South Korea | |||
| Vietnam | |||
| Rest of Asia-Pacific | |||
| South America | Brazil | ||
| Argentina | |||
| Colombia | |||
| Rest of South America | |||
| Middle East and Africa | United Arab Emirates | ||
| Saudi Arabia | |||
| Qatar | |||
| South Africa | |||
| Egypt | |||
| Nigeria | |||
| Rest of Middle East and Africa | |||
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Industrial Gas Turbine Market Research FAQs
How big is the Industrial Gas Turbine Market?
The Industrial Gas Turbine Market size is expected to reach USD 9.72 billion in 2025 and grow at a CAGR of 6.51% to reach USD 13.33 billion by 2030.
What is the current Industrial Gas Turbine Market size?
In 2025, the Industrial Gas Turbine Market size is expected to reach USD 9.72 billion.
Who are the key players in Industrial Gas Turbine Market?
Siemens AG, Mitsubishi Heavy Industries Ltd, Harbin Electric International Company Limited, Kawasaki Heavy Industries Ltd and General Electric Company are the major companies operating in the Industrial Gas Turbine Market.
Which is the fastest growing region in Industrial Gas Turbine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Industrial Gas Turbine Market?
In 2025, the North America accounts for the largest market share in Industrial Gas Turbine Market.
What years does this Industrial Gas Turbine Market cover, and what was the market size in 2024?
In 2024, the Industrial Gas Turbine Market size was estimated at USD 9.09 billion. The report covers the Industrial Gas Turbine Market historical market size for years: 2021, 2022, 2023 and 2024. The report also forecasts the Industrial Gas Turbine Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Industrial Gas Turbine Industry Report
The industrial gas turbine market is witnessing significant growth and transformation, propelled by the surging demand for electricity and a global shift towards cleaner energy sources. Efforts to reduce greenhouse gas emissions and optimize energy consumption have led to an increase in the installation of advanced industrial gas turbines. The Asia-Pacific region, particularly China and India, is at the forefront of this growth, driven by rapid urbanization, industrialization, and an uptick in gas-based power generation plants. The power sector, the largest market segment, is increasingly adopting gas turbine power generation as a more efficient and environmentally friendly alternative to conventional coal-fired plants. With a diverse range of capacity segments, especially the 150-300 MW range, and a focus on heavy-duty and combined cycle gas turbines for their operational efficiency and environmental benefits, the market is set for continued expansion. This growth trajectory is underscored by the industry's commitment to sustainability and efficiency, despite facing challenges like natural gas price volatility and competition from renewable energy sources. For detailed insights, Mordor Intelligence™ Industry Reports offer an in-depth analysis, including market share, size, revenue growth rates, and a forecast outlook, available as a free report PDF download.
