Gas Turbine Market Research Report Information By Type (Industrial, Heavy Duty and Aeroderivative), By Rating Capacity (Less Than 40 MW, 40-120 MW, 121 To 300 MW and Above 300 MW), By End-User (Power Generation, Oil & Gas, Marine, Process Plants and Others), By Technology (Open Cycle and Combined Cycle) and By Region - Global Forecast to 2032


Market Overview
In 2023, the gas turbine market was estimated at USD 30,375 million. The Gas Turbine Market is expected to increase from USD 32,741 million in 2024 to USD 44,106 million in 2032, with a compound annual growth rate (CAGR) of 3.8% during the forecast period (2024-2032). During the projection period, there may be an increase in need for reliable and efficient power production solutions, which would drive demand for gas turbines. As the global economy grows, the demand for continuous and stable energy sources becomes increasingly important.
Industries, businesses, and residential areas all require a consistent supply of power to operate properly. Furthermore, according to United Nations figures, the global population has more than tripled since the middle of the twentieth century, rising from an expected 2.5 billion in 1950 to 8.0 billion by mid-November 2022. This includes an increase of one billion people since 2010, and two billion since 1998. Over the following 30 years, the population is expected to increase by about 2 billion, reaching 9.7 billion by 2050, with a potential peak of around 10.4 billion in the mid-2080s. This growth in population will drive up demand for electricity. Gas turbines play an important part in addressing this need since they are a reliable and efficient source of electricity generation.
Market Segment insights
The gas turbine market is divided into three types: industrial, heavy-duty, and aeroderivative.
Heavy duty gas turbines are designed for large-scale power generation and industrial uses, with a strong construction and excellent efficiency. This component is further separated into three classes: E Class, F Class, and H Class, which represent technological and performance breakthroughs.
The Gas Turbine Market is divided into four segments depending on rating capacity: less than 40 MW, 40-120 MW, 121-300 MW, and more than 300 MW.
The Gas Turbine Market is divided based on end-users into Power Generation, Oil & Gas, Marine, Process Plants, and Other.
The market is split by technology into two categories: open cycle and combined cycle.
Regional insights
The study divides the Gas Turbine Market into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. The Asia Pacific region has the biggest market share in the Gas Turbine Market. The Asia Pacific gas turbine market is rapidly expanding, driven by rising energy consumption, urbanization, and industrialization.
China is investing heavily in gas turbine technology as part of its overall effort to move to cleaner energy sources. The Chinese government is supporting natural gas as a crucial component of its energy mix, which will result in the construction of new gas-fired power plants as well as the upgrading of existing ones.
Major Players
Siemens Energy, General Electric, Anslado Energia, IHI Corporation, MAPNA Group, Mitsubishi Heavy Industries, Ltd., Rolls-Royce, Bharat Heavy Electricals Limited, Solar Turbines Incorporated, and Baker Hughes are among the gas turbine market’s key players.