Gas Turbine Market to Surpass $22.5 Billion by 2026

The global gas turbine market is expected to grow from USD 18.9 Billion in 2021 to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period, owing to an increase in demand of gas turbines in power generation. Gas turbines are majorly used for power generation. However, they are also used for mechanical drive purposes and in jet engines.

Gas turbines are preferred in small and medium industries, as their initial installation cost is less than that of steam and diesel power plants. Gas turbine power plants are widely used as medium-sized peak load plants used to run intermittently during short durations of high power demand on an electric system.

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The increase in electricity demand is expected to drive the power generation market for the gas turbines market. Electricity was previously delivered through small power plants with low voltage DC-based power distribution. Distributed generation can be used for electric supply and mechanical work. The higher efficiency of gas turbines and reliable generation capacity give them an edge over other distributed generation technologies for providing backup power and onsite generation needs. Hence, the rise of distributed power generation represents a major opportunity for the gas turbines market.

Combined cycle segment is expected to account for the largest share in the market

The combined cycle segment is expected to account for the largest share market, driven by more power and low emission. In a combined cycle, the air is compressed in the compressor and heated in a heating chamber. The amount of the gas remains the same as an external source heats the air. In these plants, the waste heat from the gas turbine is used to make steam for producing additional electricity using a steam turbine.

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Asia Pacific is expected to be the largest gas turbine market. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market's growth. Also, the growth is expected due to rapid regional industrialization, urbanization, and economic growth, leading to the installation of new power plants in various emerging economies.

Key Market Players:

Some of the key players in the Gas Turbine Market are Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany).

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