The global gas turbine market reached a value of US$23.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$29.3 Billion by 2027, exhibiting a CAGR of 4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A gas turbine is a type of internal combustion (IC) engine that converts the heat produced by liquid fuels and natural gases into mechanical energy. This energy is supplied to power generators that produce electricity, which is then utilized in various sectors including residential and industrial. A gas turbine operates through an upstream rotating compressor, a downstream turbine, and a combustion chamber that compresses the atmospheric air. These turbines can utilize a variety of fuels including synthetic fuels and natural gas. The aviation industry is one of the key industries where gas turbines are used to power jet propulsion. Marine, locomotive and automotive propulsions are some of the other areas where gas turbines play a pivotal role. In these applications, the electricity produced by these gas turbines is employed to power heavy machines such as aircraft, ships, trains, electrical generators, pumps and tanks. Growing electricity demand is one of the key factors driving the market growth. With increasing population and robust growth in the industrial sector, the need for uninterrupted power supply is expeditiously rising. Furthermore, manufacturers are increasingly focusing on research and development (R&D) activities to develop turbines which offer the flexibility of fuel usage, operate at elevated temperatures and eliminate turbine failures. Also, there is a noticeable shift from conventionally used electricity generation technologies to gas-fired technologies owing to their energy-efficiency. Moreover, manufacturers are also investing heavily in R&D to develop cost-effective options for electricity generation.

Key Market Segmentation:

The key player provides an analysis of the key trends in each sub-segment of the global gas turbine market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on technology, design type, rated capacity and end-user.

Breakup by Technology: Combined Cycle Gas Turbine

  • Open Cycle Gas Turbine


Breakup by Design Type:

  • Heavy Duty (Frame) Type
  • Aeroderivative Type


Breakup by Rated Capacity:

  • Above 300 MW
  • 120-300 MW
  • 40-120 MW
  • Less Than 40 MW


Breakup by End-User:

  • Power Generation
  • Mobility
  • Oil and Gas
  • Others


Breakup by Region: Asia Pacific

  • Europe
  • North America
  • Middle East and Africa
  • Latin America


Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Kawasaki Heavy Industries, Siemens, GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax, Zorya, Caterpillar, General Electric, Mitsubishi Heavy Industries, etc.

This latest report provides a deep insight into the global gas turbine market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global gas turbine market in any manner.

Key Questions Answered in This Report:

  • How has the global gas turbine market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global gas turbine industry?
  • What has been the impact of COVID-19 on the global gas turbine industry?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the design type?
  • What is the breakup of the market based on the rated capacity?
  • What is the breakup of the market based on the end-user?
  • What are the various stages in the value chain of the global gas turbine industry?
  • What are the key driving factors and challenges in the global gas turbine industry?
  • What is the structure of the global gas turbine industry and who are the key players?
  • What is the degree of competition in the global gas turbine industry?
  • What are the profit margins in the global gas turbine industry?