Global Gas Turbine Market Report 2025: Size Projected USD 35.2 Billion, CAGR of 3.07% by 2033

According to the latest report by IMARC Group, titled "Gas Turbine Market Report by Technology (Combined Cycle Gas Turbine, Open Cycle Gas Turbine), Design Type (Heavy Duty (Frame) Type, Aeroderivative Type), Rated Capacity (Above 300 MW, 120-300 MW, 40-120 MW, Less Than 40 MW), End User (Power Generation, Mobility, Oil and Gas, and Others), and Region 2025-2033", offers a comprehensive analysis of the industry, which comprises insights on the global gas turbine market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global gas turbine market size reached USD 26.0 billion in 2024. Looking forward, IMARC Group expects the market to reach USD 35.2 billion by 2033, exhibiting a growth rate (CAGR) of 3.07% during 2025-2033.

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Global Gas Turbine Market Dynamics:

Accelerating Global Energy Demand and Transition to Natural Gas:

The global gas turbine market is experiencing robust growth primarily driven by the escalating worldwide demand for energy. As economies expand and populations grow, particularly in emerging regions, the need for reliable and efficient power generation solutions intensifies. Gas turbines, especially combined cycle variants, are increasingly favored due to their high efficiency and flexibility in operation.

Furthermore, there's a discernible global shift away from coal-fired power plants towards cleaner natural gas as a transitional fuel, aligning with growing environmental concerns and carbon emission reduction targets. This move is bolstering the adoption of gas turbines, which produce significantly lower greenhouse gas emissions compared to traditional fossil fuels, positioning them as a crucial component in bridging the energy supply gap while supporting the journey towards a more sustainable energy mix.

Technological Advancements and Efficiency Improvements:

Innovation in gas turbine technology is a pivotal market dynamic, continuously enhancing efficiency, performance, and fuel flexibility. Manufacturers are investing heavily in research and development to introduce advanced materials, such as superalloys and thermal barrier coatings, enabling turbines to operate at higher temperatures and pressures, thereby boosting power output and overall efficiency. The integration of digital technologies, including Artificial Intelligence (AI) for predictive maintenance and digital twins for optimized operations, is transforming the lifecycle management of gas turbines, reducing downtime, and optimizing operational costs. These technological leaps make gas turbines more attractive for diverse applications, from large-scale power generation to distributed power systems and industrial co-generation, catering to a wider range of customer needs and operational demands.

Growing Adoption in Non-Power Generation Sectors:

While power generation remains the largest end-use sector, the gas turbine market is witnessing increasing demand from various non-power generation applications, notably in the aerospace, marine, and oil & gas industries. In aerospace, gas turbines are indispensable for modern jet propulsion systems, offering superior thrust-to-weight ratios and fuel efficiency. The marine sector utilizes gas turbines for high-speed vessels, cruise ships, and military applications, appreciating their compact design, rapid startup capabilities, and reduced environmental footprint compared to traditional diesel engines. Within the oil & gas industry, gas turbines provide essential power for offshore platforms, pipelines, and processing facilities. This diversification of applications across critical industrial sectors underscores the versatility and indispensable nature of gas turbine technology, driving sustained market expansion beyond conventional power utilities.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Global Gas Turbine Market are Given Below:

• Kawasaki Heavy Industries
• Siemens
• GE
• MHPS
• Ansaldo
• Harbin Electric
• OPRA
• MAN Diesel
• Solar Turbines
• Vericor Power
• BHEL
• Centrax
• Zorya
• Caterpillar
• General Electric
• Mitsubishi Heavy Industries

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Global Gas Turbine Market Trends:

The global gas turbine market is currently influenced by several key trends shaping its trajectory. A significant trend is the accelerating transition towards cleaner fuel sources, with a strong focus on hydrogen-ready gas turbines. Manufacturers are actively developing and testing turbines capable of operating on hydrogen blends, and eventually pure hydrogen, aligning with decarbonization efforts and the pursuit of net-zero emissions. This pushes innovation in combustion technology and fuel delivery systems. Another important trend is the rising demand for flexible and modular gas turbine solutions that can quickly adapt to fluctuating energy demands and complement intermittent renewable energy sources. This emphasizes the role of gas turbines in grid stability and reliability.

Furthermore, the market is seeing increased investments in aftermarket services, including maintenance, repair, and overhaul (MRO), driven by the desire to extend the operational lifespan of existing assets and optimize their performance. The ongoing trend of digitalization, with advanced analytics and remote monitoring capabilities, is also transforming the service landscape, enabling predictive maintenance and enhancing operational efficiency for end-users.

Key Market Segmentation:

Breakup by Technology:

• Combined Cycle Gas Turbine
• Open Cycle Gas Turbine

According to the report, combined cycle gas turbine
represented the largest segment.

Breakup by Design Type:

• Heavy Duty (Frame) Type
• Aeroderivative Type

According to the report, heavy duty (frame) type accounted for the largest market share.

Breakup by Rated Capacity:

• Above 300 MW
• 120-300 MW
• 40-120 MW
• Less Than 40 MW

According to the report, above 300 MW represented the largest segment.

Breakup by End User:

• Power Generation
• Mobility
• Oil and Gas
• Others

According to the report, power generation represented the largest segment.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance
• Market Outlook
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.