Gas Turbine Market Analysis 2024: Innovations, Demand Drivers, and Regional Insights

According to a new report published by Allied Market Research, the global gas turbine market size was valued at $18.5 billion in 2020, and is projected to reach $25.4 billion by 2030, growing at a CAGR of 3.3% from 2021 to 2030.

A gas turbine is an engine, which heats a mixture of fuel and outside air at a high temperature to generate mechanical energy through the spinning of turbine blades. The mechanical energy further drives a generator, which produces electrical energy. These systems are primarily used for power generation.

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North America is projected to grow at the highest CAGR of 3.9% in terms of revenue.

In 2020, Asia-Pacific dominated the gas turbine market with around 44.5% share, in terms of revenue.

Asia-Pacific dominated the market with more than two-fifths of the total market share in 2020, owing to rise in demand for energy alternative having low environmental impact.

The major players studied and profiled in the global gas turbine industry are Ansaldo Energia, BayerischeMotoren Werke AG (BMW) (Rolls-Royce Motor Cars Limited), Bharat Heavy Electricals Limited, Capstone Green Energy, Caterpillar Inc. (Solar Turbines Incorporated), General Electric Company, Harbin Electric Company Limited, IHI Corporation, Kawasaki Heavy Industries Ltd., Mitsubishi Hitachi Power Systems, Ltd. (MHPS), MTU Aero Engines (Vericor Power Systems), Siemens AG, Volkswagen Group (MAN Energy Solutions), and Wartsila.

Demand for gas turbine has witnessed significant increase driven by surge in applications of gas turbines such as power generation, oil & gas, marine, aerospace, and process plants.

All industry players are investing heavily to find new commercial avenues for their product segments via strategic production and business expansion.

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Some of the major factors that drive the demand for gas turbine includes rapid technological developments in the energy sector coupled and rise in demand for distributed power generation technologies.

Rise in apprehensions toward greenhouse gas emission in line with stringent government norms pertaining to adoption of gas-fired turbines over traditional power generating units is anticipate to drive the gas turbine market growth.

Increase in energy demand across the developing economies such as China, India, and Brazil along with ongoing adoption of renewables when compared to conventional fuels is likely to strengthen the product integration.

Volatile price of natural gas is expected to hamper the growth of the market during the forecast period.

Increase in trend of distributed power generation and replacement of phased out nuclear & coal plants are expected to provide remunerative opportunities for the gas turbine market during the forecast period.

By technology, the global gas turbine market size is bifurcated into open cycle and combined cycle. The combined cycle segment garnered the largest share in 2020, as it requires lower fuel to produce the required energy output and reduces transmission & distribution losses.

The combined cycle segment dominated the global gas turbine market with more than three-fifths of the total market share in 2020.

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On the basis of rating capacity, the market is fragmented into less than 40 MW, 40-120 MW, 120-300 MW, and above 300 MW.

The above 300 MW segment dominated the global market in 2020 with more than half of the total market share in 2020 due to shift from coal to gas-based power plants in some of the major countries across the globe such the U.S., China, and India.

Depending on design type, the market is segregated into heavy-duty and aero-derivative. The heavy-duty segment dominated the global gas turbine market with more than three-fifths of the total market share in 2020.This is attributed to low investment cost, high-capacity operations, and lower pressure ratios to yield maximum specific power.

The aero-derivative segment is projected to grow at the highest CAGR of 3.9% in terms of revenue.

The applications covered in the study include power generation, oil & gas, marine, aerospace, process plants, and others.

The power generation segment dominated the global market with more than one-fourth of the total gas turbine market share in 2020, due to surge in efforts from governments all over the world to reduce the share of coal-based power plants to reduce carbon emissions.

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The aerospace segment is projected to grow at the highest CAGR of 4.1% in terms of revenue. The power generation segment led the global gas turbine market with 27.5% of the share in terms of revenue.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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