openPR Logo
Press release

Global Gas Turbine Market Forecast to Reach New Heights, Estimated Growth at a 4% CAGR Over the Forecast Period (2024-2029)

11-12-2024 01:02 PM CET | Energy & Environment

Press release from: Mordor Intelligence

Gas Turbine Market Size

Gas Turbine Market Size

Mordor Intelligence has published a new report on the Global Gas Turbine Market, offering a comprehensive analysis of Ket trends, growth drivers, and major players in the industry.

The global gas turbine market is projected to experience a compound annual growth rate (CAGR) of 4% over the forecast period. This growth reflects increasing demand for efficient and flexible power generation solutions, especially as industries and governments seek lower-emission alternatives for energy production.

Report Overview - https://www.mordorintelligence.com/industry-reports/global-gas-turbine-market

Key Trends in the Gas Turbine Market

Increased Efficiency and Environmental Demand: Technological advances have driven the development of high-efficiency gas turbines, especially in combined-cycle operations, which use heat recovery systems to optimize output and reduce emissions. These innovations are particularly attractive to power producers focused on meeting environmental standards without sacrificing productivity.

Shift Towards Cleaner Energy Sources: With climate goals becoming more stringent, there is significant pressure to reduce reliance on coal and other high-emission fuels. Gas turbines offer a lower-emission alternative for generating base and peak power, particularly in countries pursuing carbon reduction goals. In response, companies are rapidly shifting toward gas turbines for stable and cleaner energy production.

Growing Investment in Power Generation: Developing economies in Asia-Pacific, South America, and parts of Africa are increasing investments in power generation to support urbanization and industrial growth. Gas turbines are particularly suitable for regions needing flexible power sources that can operate in various climates and conditions.

Market Segmentation

The gas turbine market is segmented by capacity, type, end-user industry, and geography:

Capacity:

Less than 30 MW: Used for small-scale applications, often by industrial or localized power consumers.

31-120 MW: Suited to mid-sized power facilities, catering to manufacturing plants and regional power providers.

Above 120 MW: Primarily employed by large-scale power generation facilities, particularly in high-demand areas.

Type:

Combined Cycle: Known for high efficiency, this type is popular in utility-scale power generation where emissions reduction is essential. It's gaining traction among environmental-conscious industries looking to boost power efficiency.

Open Cycle: This simpler design, favored for rapid deployment and lower initial costs, is often used in regions requiring temporary or peaking power solutions.

End-User Industry:

Power Generation: The primary consumer, utilizing gas turbines to ensure a reliable, cleaner power source in various scales of power plants.

Oil and Gas: The industry uses gas turbines for field operations, particularly in offshore settings where stable power is critical.

Other Industries: Includes sectors like chemical manufacturing and heavy industry, where a consistent and clean power source can support large operational demands.

Geographic Segmentation

North America: Home to numerous industry players and strong infrastructure, North America remains a leading market due to its focus on clean energy. Key investments in combined cycle plants and shale gas extraction also boost turbine demand.

Europe: Europe's market benefits from an emphasis on sustainability, with strict emission regulations driving demand for efficient turbines. The region's push for renewable energy integration supports gas turbine installations as backup or complementary solutions to renewable sources.

Asia-Pacific: The fastest-growing market, driven by industrial expansion and urbanization in countries like China and India. Gas turbines are crucial in these regions, where power reliability and environmental standards are both high priorities.

South America: A rising market with growing energy needs driven by infrastructure development. The continent's potential for growth in power generation infrastructure aligns well with gas turbine applications, which are adaptable and sustainable.

Middle East & Africa: The oil and gas sector, alongside power generation, drive demand in this region. The vast oil reserves in the Middle East fuel investments in gas turbines, as countries diversify from traditional oil exports to local industrial development.

Get a Customized Report Tailored to Your Requirements, Visit - https://www.mordorintelligence.com/market-analysis/gas-turbine

Key Players in Gas Turbine Market

Siemens AG

Mitsubishi Heavy Industries Ltd

General Electric Company

Kawasaki Heavy Industries Ltd

Wartsila Oyj Abp

These key players are consistently innovating to offer high-performance, energy-efficient turbines, often customized for specific industries or geographies. Strategic partnerships and collaborations are common, as companies look to expand their technology reach and market share in emerging regions.

Industry Related Report

Gas Turbine MRO Market: The Gas Turbine MRO (Maintenance, Repair, and Overhaul) market is segmented into several key categories. These include Service Type, which covers Maintenance, Repair, and Overhaul services; Provider Type, which includes Original Equipment Manufacturers (OEMs), Independent Service Providers, and In-House services; and Geography, with regions like North America, Europe, Asia-Pacific, South America, and the Middle East & Africa being considered. Each segment is further analyzed with specific revenue projections, giving a comprehensive market size and forecast for the Gas Turbine MRO industry across various service, provider, and regional segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/gas-turbine-mro-market-in-the-power-sector

Industrial Gas Turbine Market: The Industrial Gas Turbine Market is categorized by various factors, including capacity (1 to 40 MW, 41 to 120 MW, 121 to 300 MW, and above 300 MW), type (combined cycle and simple cycle), and application (power generation, oil and gas, and other uses). It also includes a geographic segmentation, with regions such as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa, each contributing to the market's overall dynamics.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/industrial-gas-turbine-market

Gas Turbines in Thermal Power Market: The gas turbines in the thermal power market are categorized by capacity (less than 30 MW, 31-120 MW, and above 120 MW), type (combined cycle and open cycle), and geography (North America, Europe, Asia-Pacific, South America, and the Middle East & Africa). This segmentation provides valuable insights into the market's structure and growth opportunities across different regions and power generation capacities

To know more visit this link: https://www.mordorintelligence.com/industry-reports/gas-turbines-in-thermal-power-market-industry

For any inquiries or to access the full report, please contact:

media@mordorintelligence.com
https://www.mordorintelligence.com/

About Mordor Intelligence:

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Global Gas Turbine Market Forecast to Reach New Heights, Estimated Growth at a 4% CAGR Over the Forecast Period (2024-2029) here

News-ID: 3728608 • Views:

More Releases from Mordor Intelligence

Automotive Lubricants Market to Grow from 23.23 Billion Liters in 2025 to 28.01 Billion Liters by 2030, Driven by Engine Oil Leadership and Asia-Pacific Demand
Automotive Lubricants Market to Grow from 23.23 Billion Liters in 2025 to 28.01 …
Automotive Lubricants Market Overview: Global Automotive Lubricants Market is set to climb steadily from 23.23 billion liters in 2025 to 28.01 billion liters by 2030, reflecting a compound annual growth rate (CAGR) of 3.81%. The market's expansion is supported by mature vehicle fleets in developed regions, growing demand in emerging markets, and a shift toward higher-quality synthetic lubricants that contribute to better engine performance and longer intervals between oil changes. Asia‐Pacific
Antimicrobial Textile Market to Grow from USD 13.77 Billion in 2025 to USD 16.55 Billion by 2030 - Fuelled by Healthcare and Activewear Demand
Antimicrobial Textile Market to Grow from USD 13.77 Billion in 2025 to USD 16.55 …
Antimicrobial Textile Market is projected to rise from USD 13.77 billion in 2025 to reach USD 16.55 billion by 2030, representing a steady 3.75% CAGR. This growth reflects both sustained demand from healthcare facilities aiming to limit infection spread and the expanding use of antimicrobial fabrics in sportswear, home goods, and public spaces. The market is entering a mid‐maturity phase, shaped by increased hygiene awareness and evolving rules on antimicrobial
Platinum Market Size to Reach USD 10.45 Billion by 2030 Driven by Automotive, Jewelry, and Hydrogen Energy Applications
Platinum Market Size to Reach USD 10.45 Billion by 2030 Driven by Automotive, Je …
Platinum Market is projected to grow from USD 8.51 Billion in 2025 to USD 10.61 Billion by 2030, registering a CAGR of 4.52% during the forecast period. This growth is attributed to rising demand in automotive catalytic converters, expanding adoption in hydrogen fuel cell technologies, and steady consumption in the jewelry sector across key markets like China and India. Additionally, platinum's increasing use in chemical processing, electronics, and recycling initiatives
Silicone Market to Reach 4.08 Million Tons by 2030, Driven by Construction, Industrial Demand & Asia-Pacific Expansion
Silicone Market to Reach 4.08 Million Tons by 2030, Driven by Construction, Indu …
Introduction to the Silicone Market Outlook Silicone Market forecast anticipates growth from an estimated 3.17 million tons in 2025 to 4.08 million tons by 2030, representing a solid CAGR of 5.19% over the period. Covering the historical span from 2019 to 2024 and projections through 2030, this data provides a comprehensive view of the silicone demand trajectory Silicones are widely used in applications like sealants, coatings, elastomers, adhesives, and more. Demand is

All 5 Releases


More Releases for Gas

City Gas Distribution Market 2022 key developmental strategies implemented by th …
The City Gas Distribution report is an in-depth examination of the global City Gas Distribution's general consumption structure, development trends, sales techniques, and top nations' sales. The research looks at well-known providers in the global City Gas Distribution industry, as well as market segmentation, competition, and the macroeconomic climate. A complete City Gas Distribution analysis takes into account a number of aspects, including a country's population and business cycles, as
Know about City Gas Distribution Market Growth with Top Companies details like: …
The City Gas Distribution Market 2020-2024 Report involve of strong research on global City Gas Distribution industry which enables the customer to look at the possible requirement as well as prediction. The constraints and drivers are assembled after a significant study of the global City Gas Distribution market's proficiency. The development ratio which is expected in perspective of the rational analysis provides thorough information of the worldwide City Gas Distribution
City Gas Distribution Market 2019: Top Companies- Gujarat Gas, Indraprastha Gas, …
A network that deliver the gas in the city. Growth in the market is anticipated on account of increasing natural gas demand from domestic, commercial, industrial as well as automotive end user segments. Get Sample Copy of This Report at https://www.orianresearch.com/request-sample/1011059 City Gas Distribution Industry 2019 Global Market research report provides a detailed analysis of market growth factors, industry share, regional trends, size and Forecast till 2025. This report
City Gas Distribution Market Exploring Future Growth 2019-2023 and Key Players - …
Global City Gas Distribution Market Research Report consists of all the significant data related to the global market. The report presents a comprehensive analysis of the various industry growth factors, including the market trends, dynamics, estimates, production and consumption ratio, industry development factors, size, share, supply and demand, forecast trends, sales, as well as several other factors. The report has been generated leveraging a blend of the primary and secondary
Global City Gas Distribution Market 2018: Key Players – Gujarat Gas, Indrapras …
Summary WiseGuyReports.com adds “City Gas Distribution Market 2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database. This report provides in depth study of “City Gas Distribution Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The City Gas Distribution Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an
City Gas Distribution Market Latest Technology Trends 2018 | Growth by Top Compa …
A network that deliver the gas in the city. Growth in the market is anticipated on account of increasing natural gas demand from domestic, commercial, industrial as well as automotive end user segments. The report Global City Gas Distribution Market 2018 focuses on fundamental know-how of City Gas Distribution segment. The report provides comprehensive study and vivid description of drivers, limitations, openings, request factors, market size, conjectures, and patterns in the Worldwide