Gas Turbine Market Growth, Trends, and Forecast by 2031

Historic Data: 2021-2022   |   Base Year: 2023   |   Forecast Period: 2024-2031

Gas Turbine Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Open Cycle, Combine Cycle); Capacity (Below 40 MW, 40-120 MW, 120-300 MW, Above 300 MW); Application (Power Generation, Oil and Gas, Industrial); and Geography

  • Report Date : Aug 2025
  • Report Code : TIPRE00010050
  • Category : Energy and Power
  • Status : Data Released
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150

The Gas Turbine Market size is projected to reach US$ 30.12 billion by 2031 from US$ 21.67 billion in 2023. The market is expected to register a CAGR of 4.2% in 2023–2031. Growing technological advancement in the energy sector and rising demand for distributed power generation technologies are some other trends for the Gas Turbine Market.

Gas Turbine Market Analysis

Rising environment concerns and growing energy demand are some of the major factors boosting the demand for gas turbines globally. Increasing government-supporting policies worldwide for power generation technologies that target lower carbon emissions are also acting as a major driver for the market. Consumer shift from coal-based power generation to gas-driven process is one of the major trends anticipated to propel the evolution of the gas turbine market over the forecast period.

Gas Turbine Market Overview

With the growing population and rapid industrialization, the requirement for energy is also growing worldwide. Gas turbines are much more environment-friendly options for power generation acting as a major boosting factor for the gas turbine market. In comparison to other combustion-driven power generation technologies, gas turbines are competent and emit less carbon. The implementation of several climate change initiatives, along with the execution of regulations to reduce GHG emissions, are anticipated to push the demand for gas turbines during the projected period.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Gas Turbine Market: Strategic Insights

gas-turbine-market
  • Get Top Key Market Trends of this report.
    This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Gas Turbine Market Drivers and Opportunities

Rising Concerns Regarding Greenhouse Gas Emission is Expected to be the Prime Driver for Gas Turbine Market

Gas turbines are considered a more environment-friendly alternative for power generation than coal-driven technologies. Rising concern towards environmental protection and growing demand for more advanced power generation technologies that also have a less harmful impact on the environment is stimulating the growth of the market globally. Growing environmental pollution owing to rapid industrialization and application of fossil fuels for power generation are some of the key concerns driving consumer demand for gas turbines. The growing government initiatives towards promoting more environment-friendly power generation technologies for various industries such as oil and gas, chemicals, and manufacturing, among others, with the drive of mitigating greenhouse gas emissions, are acting as major drivers for the gas turbine market.

Growing Application of Gas Turbines in the Aviation Industry

The growing proliferation of gas turbines in the aviation industry is one of the growth opportunities for the market. Gas turbines are recognized for their power-to-weight ratios, which is a suitable propulsion system for aircraft. Gas turbines are also efficient in electricity generation which is also anticipated to offer opportunities for the gas turbine market.

Gas Turbine Market Report Segmentation Analysis

Key segments that contributed to the derivation of the gas turbine market analysis are technology, capacity, and application.

  • Based on technology, the market has been divided into open cycle, combined cycle. The combined cycle segment held a larger market share in 2023.
  • In terms of capacity, the market has been segmented into Below 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW. The 120-300 MW segment dominated the market in 2023.
  • In terms of application, the market has been segmented into power generation, oil and gas, and industrial. The power generation segment dominated the market in 2023.

Gas Turbine Market Share Analysis by Geography

The geographic scope of the Gas Turbine Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific has dominated the Gas Turbine Market in 2023. The Asia Pacific region includes Australia, China, India, Japan, and South Korea. The growing population and increasing energy demand are acting as major growth propelling factors for the Market in the Asia Pacific. Additionally, rising government focus on employing supportive policies and measures to reduce the dependence on fossil fuels to lower carbon emissions is projected to direct the growth of the Market in the Asia Pacific. China is a noteworthy player in the Asia Pacific, followed by India, Japan, and Australia in 2023. The high presence of gas turbine players in the Asia Pacific region is acting as a major driver for the market in Asia Pacific. Fast industrialization, growing urbanization, and increasing demand for energy are some of the major factors boosting the growth of the market in Asia Pacific.

Gas Turbine Market Regional Insights

The regional trends and factors influencing the Gas Turbine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Gas Turbine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

gas-turbine-market-global-geography
  • Get the Regional Specific Data for Gas Turbine Market

Gas Turbine Market Report Scope

Report Attribute Details
Market size in 2023 US$ 21.67 Billion
Market Size by 2031 US$ 30.12 Billion
Global CAGR (2023 - 2031) 4.2%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Technology
  • Open Cycle
  • Combine Cycle
By Capacity
  • Below 40 MW
  • 40-120 MW
  • 120-300 MW
  • Above 300 MW
By Application
  • Power Generation
  • Oil and Gas
  • Industrial
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Ansaldo Energia S.p.A.
  • General Electric Company
  • Harbin Electric Company Limited
  • Kawasaki Heavy Industries
  • Ltd
  • Man Energy Solutions
  • Mitsubishi Heavy Industries
  • Caterpillar Inc
  • Siemens AG

  • Gas Turbine Market Players Density: Understanding Its Impact on Business Dynamics

    The Gas Turbine Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Gas Turbine Market are:

    1. Ansaldo Energia S.p.A.
    2. General Electric Company
    3. Harbin Electric Company Limited
    4. Kawasaki Heavy Industries
    5. Ltd

    Disclaimer: The companies listed above are not ranked in any particular order.


    gas-turbine-market-cagr

    • Get the Gas Turbine Market top key players overview

    Gas Turbine Market News and Recent Developments

    The Gas Turbine Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Gas Turbine Market and strategies:

    • On April 2024, GE Vernova’s Gas Power business announced it had sealed an order from Korea Western Power Co., Ltd to deliver a GE Vernova H65 generator and a 7HA.02 gas turbine for KOWEPO’s power station in Gongju-si, Chungcheongnam-do Republic of Korea. (Source: GE, Press Release/Company Website/Newsletter)
    • On January 2024, GE Vernova and IHI Corporation collaborated on a project to develop a new gas turbine combustor that is anticipated to be capable of utilizing ammonia as a viable fuel option for power generation and also will be suitable with GE Vernova’s  7F and 9F and 6F.03 gas turbines. (Source: GE, Press Release/Company Website/Newsletter)

    Gas Turbine Market Report Coverage and Deliverables

    The “Gas Turbine Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed PEST analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles with SWOT analysis
    Nivedita Upadhyay
    Nivedita Upadhyay
    Manager,
    Market Research & Consulting

    Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

    With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

    Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

    Testimonials

    user

    I wish to appreciate your support and the professionalism you displayed in the course of attending to my request for information regarding to infectious disease IVD market in Nigeria. I appreciate your patience, your guidance, and the fact that you were willing to offer a discount, which eventually made it possible for us to close a deal. I look forward to engaging The Insight Partners in the future, all thanks to the impression you have created in me as a result of this first encounter.

    DR CHIJIOKE ONYIA, MANAGING DIRECTOR, PineCrest Healthcare Ltd.
    user

    The Insight Partners delivered insightful, well-structured market research with strong domain expertise. Their team was professional and responsive throughout. The user-friendly website made accessing industry reports seamless. We highly recommend them for reliable, high-quality research services

    Yukihiko Adachi CEO, Deep Blue, LLC.

    Reason to Buy

    • Informed Decision-Making
    • Understanding Market Dynamics
    • Competitive Analysis
    • Customer Insights
    • Market Forecasts
    • Risk Mitigation
    • Strategic Planning
    • Investment Justification
    • Identifying Emerging Markets
    • Enhancing Marketing Strategies
    • Boosting Operational Efficiency
    • Tracking Industry Innovations
    • Aligning with Regulatory Trends
    Your Key Concerns Addressed - Question & Answer
    Can I view a sample of the report before purchasing?

    Yes! We provide a free sample of the report, which includes Report Scope (Table of Contents), report structure, and selected insights to help you assess the value of the full report. Please click on the "Download Sample" button or contact us to receive your copy.

    Is analyst support included with the purchase?

    Absolutely — analyst assistance is part of the package. You can connect with our analyst post-purchase to clarify report insights, methodology or discuss how the findings apply to your business needs.

    What are the next steps once I place an order?

    Once your order is successfully placed, you will receive a confirmation email along with your invoice.

    • For published reports: You’ll receive access to the report within 4–6 working hours via a secured email sent to your email.
    • For upcoming reports: Your order will be recorded as a pre-booking. Our team will share the estimated release date and keep you informed of any updates. As soon as the report is published, it will be delivered to your registered email.

    Can the report be tailored to suit my specific needs?

    We offer customization options to align the report with your specific objectives. Whether you need deeper insights into a particular region, industry segment, competitor analysis, or data cut, our research team can tailor the report accordingly. Please share your requirements with us, and we’ll be happy to provide a customized proposal or scope.

    In what format is the report delivered?

    The report is available in either PDF format or as an Excel dataset, depending on the license you choose.

    The PDF version provides the full analysis and visuals in a ready-to-read format. The Excel dataset includes all underlying data tables for easy manipulation and further analysis.
    Please review the license options at checkout or contact us to confirm which formats are included with your purchase.

    How secure is the payment process on your platform?

    Our payment process is fully secure and PCI-DSS compliant.

    We use trusted and encrypted payment gateways to ensure that all transactions are protected with industry-standard SSL encryption. Your payment details are never stored on our servers and are handled securely by certified third-party processors.
    You can make your purchase with confidence, knowing your personal and financial information is safe with us.

    Do you provide special pricing for buying multiple reports?

    Yes, we do offer special pricing for bulk purchases.
    If you're interested in purchasing multiple reports, we’re happy to provide a customized bundle offer or volume-based discount tailored to your needs. Please contact our sales team with the list of reports you’re considering, and we’ll share a personalized quote.

    Can I connect with your team to discuss the report before buying?

    Yes, absolutely.
    Our team is available to help you make an informed decision. Whether you have questions about the report’s scope, methodology, customization options, or which license suits you best, we’re here to assist. Please reach out to us at sales@theinsightpartners.com, and one of our representatives will get in touch promptly.

    Will I get a billing invoice upon purchase?

    Yes, a billing invoice will be automatically generated and sent to your registered email upon successful completion of your purchase.
    If you need the invoice in a specific format or require additional details (such as company name, GST, or VAT information), feel free to contact us, and we’ll be happy to assist.

    Is there support available if I can’t access my report?

    Yes, certainly.
    If you encounter any difficulties accessing or receiving your report, our support team is ready to assist you. Simply reach out to us via email or live chat with your order information, and we’ll ensure the issue is resolved quickly so you can access your report without interruption.

    Our Clients
    Gas Turbine Market
    Connect With Expert
    Sales Assistance
    US: +1-646-491-9876
    UK: +44-20-8125-4005
    Email: sales@theinsightpartners.com
    Chat with us
    DUNS Logo
    87-673-9708
    ISO Certified Logo
    ISO 9001:2015
    ISO Certified Logo