Gas Turbine Market Insights | Industry Outlook, Size, Growth Factors and Forecast To 2030

Gas Turbine Market size was valued at USD 20.28 Bn. in 2023 and the total Gas Turbine revenue is expected to grow by 3.6 % from 2024 to 2030, reaching nearly USD 25.98 Bn.

Gas Turbine Market Overview

Envisaged during the envisaged period, Maximize Market Research envisions a noteworthy upsurge in the market. The scrutiny of the Gas Turbine Market evaluated by Maximize Market Research, entails a comprehensive exploration of regional intricacies and the competitive landscape.

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Gas Turbine Market Scope and Methodology

The report adopts a foundation-up methodology to estimate the Gas Turbine Market's dimensions. Information is sourced from primary and secondary databases, encompassing both qualitative and quantitative analysis. Primary data is acquired via surveys, questionnaires, and interviews with key figures and entrepreneurs in the Gas Turbine market. The report leverages analytical tools such as SWOT, PESTLE, and Porter's Five Forces Analysis to conduct comprehensive market scrutiny. SWOT analysis facilitates a holistic comprehension of factors influencing business decisions within the market, while PESTLE analysis furnishes insights into growth prospects and risks that influence market efficiency. Overall, the report functions as a valuable resource for investors, stakeholders, and market observers, aiding them in making well-informed judgments within the Gas Turbine Market arena.

Gas Turbine Market Regional Insights

The assessment of regional dynamics is conducted to gauge the state of the Gas Turbine market across nations falling within North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. This market, denoted as Gas Turbine, is broadly categorized into these delineated regions, facilitating an in-depth comprehension of the market's topography and the ever-evolving forces within each specific geographical domain.

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Gas Turbine Market Segmentation

by Type

Heavy Duty
Aeroderivative

The Gas Turbine Market is Divided Into Heavy Duty and Aeroderivative Based on Type. Due to its low pressure, high capacity, and low cost construction that yields maximum power, the heavy-duty category leads the market. A major factor in the growing demand for heavy-duty gas turbines is the ability to achieve optimal cycle efficiency at a low cost of investment due to the turbine's small size. It is anticipated that the business environment will be driven by the continuous breakthroughs in technology efficiency, flexibility, and dependability. The aero-derivative segment is anticipated to grow at an 8.1% CAGR throughout the forecast period. It is constructed around aviation gas turbines, also referred to as aircraft engines. It weighs less than a large-duty engine, starts up quicker, and is simpler to install.

by Technology

Open cycle
Combined cycle

The gas turbine market is divided into open cycle and mixed cycle segments based on technology. With the highest revenue (78%), combined cycle technology is predicted to continue to dominate the market. They reduce transmission and distribution losses and require less fuel to produce the necessary energy output. Combined cycle turbines have efficiencies ranging from 60 to 80% due to their exceptional efficiency and user-friendliness. In addition to this increasing need, the technology is bolstered by stringent laws governing coal plants, cheap gas, and the integration of renewable energy sources. The combined cycle power plant offers a variety of renewable energy output and is a useful addition to solar and wind power due to its rapid start and stop capabilities.

by Power Rating

Below 40
40-120
120-300
Above 300

The gas turbine services market is divided into power generation, oil and gas, marine, aerospace, process plants, and others based on the application. The power utility industry is anticipated to lead the worldwide market throughout the forecast period. In many power-generating units, the replacement of conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that predominantly use natural gas as fuel as gas exploration intensifies.

by Application

Power generation
Oil & gas
Aerospace
Process plants

The market is divided into four segments based on Power Rating: below 40 MW, 40-120 MW, 120-300 MW, and beyond 300 MW. Turbines with power ratings between 120 and 300 MW are frequently used for power generation and are anticipated to rule the market. The rise is ascribed to growing urbanization, which raises power consumption and product demand. The main factor driving demand is the switch from coal-fired to gas-fired power plants. The lower-size turbines also help with operation and maintenance, which is a major motivator.

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Gas Turbine Market Key Players

1) General Electric Company
2) Siemens AG
3) Mitsubishi Hitachi Power Systems, Ltd.
4) Rolls-Royce Holdings plc
5) Ansaldo Energia S.p.A.
6) Solar Turbines Incorporated
7) Bharat Heavy Electricals Limited (BHEL)
8) Kawasaki Heavy Industries, Ltd.
9) Man Energy Solutions SE
10) Caterpillar Inc.

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Key questions answered in the Gas Turbine Market are:

• What is Gas Turbine?
• What was the Gas Turbine market size in 2022?
• What are the different segments of the Gas Turbine Market?
• What growth strategies are the players considering to increase their presence in Gas Turbine?
• What are the upcoming industry applications and trends for the Gas Turbine Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Gas Turbine Market?
• What major challenges could the Gas Turbine Market face in the future?
• What segments are covered in the Gas Turbine Market?
• Who are the leading companies and what are their portfolios in Gas Turbine Market?
• What segments are covered in the Gas Turbine Market?
• Who are the key players in the Gas Turbine market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2023-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
o Competitive landscape - Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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