Gas Turbine Market Growth, Trends, and Forecast by 2031

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.

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Gas Turbine Market: Strategic Insights

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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 Report Scope

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 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