Rapid Expansion in Gas Turbine Market to Reach USD 15.46 Billion by 2034 at 3.9% CAGR

Gas Turbine Market

Polaris Market Research announces the release of a market assessment report on the Gas Turbine Market, 2025-2034.

Market Overview

The gas turbine market was valued at USD 10.57 billion in 2024 and is expected to grow to USD 15.46 billion by 2034, registering a compound annual growth rate of 3.9% from 2025 to 2034.

A gas turbine is a kind of engine that transforms chemical energy from fuel into mechanical energy through a high-speed rotating shaft. It works by drawing in air, compressing it, mixing it with fuel, igniting the mixture, and using the resulting hot gases to drive a turbine, which produces power.

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Key Highlights from the Report

● The increasing demand for electricity, fueled by rapid industrialization and urbanization, especially in the Asia Pacific region, is a key driving factor.
● According to capacity analysis, the >200 MW segment dominates the gas turbine market, mainly due to the widespread use of these high-capacity turbines in power generation plants. The ≤200 MW segment is also expected to experience a higher growth rate in the coming years.
● Based on end use analysis, the power & utility segment holds a larger share, driven by the extensive use of gas turbines for large-scale electricity generation. The industrial segment is also expected to see a higher growth rate over the forecast period.
● Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa each have unique characteristics shaped by factors such as energy policies, economic development, industrial expansion, and environmental regulations.

Competitive Analysis

The gas turbine market is shaped by dominant global companies and various regional manufacturers. Key players in the industry include:

• Ansaldo Energia S.p.A.
• Bharat Heavy Electricals Limited
• General Electric Company (GE Vernova)
• Harbin Electric Corporation
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions SE
• Mitsubishi Heavy Industries, Ltd. (Mitsubishi Power, Ltd.)
• Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
• Siemens Energy AG
• Solar Turbines Incorporated (Caterpillar Inc.)

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Market Dynamics

• Increasing Energy Demand
Rising global energy demand, fueled by rapid industrialization and urbanization, particularly in emerging economies, serves as a key driver. Gas turbines, known for their high power output and operational flexibility, are ideally positioned to address this increasing need.

• Government Support and Policies
Government policies and initiatives that promote cleaner power generation technologies play a vital role in driving growth. Support from governments, whether through direct incentives or indirect measures, encourages investment in gas-powered infrastructure and accelerates the adoption of gas turbine technology, fueling further development.

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Market Segmentation

By Capacity Outlook (Revenue - USD Billion, 2020-2034)
● ≤200 MW
● >200 MW

By Technology Outlook (Revenue - USD Billion, 2020-2034)
● Open Cycle
● Combined Cycle

By End Use Outlook (Revenue - USD Billion, 2020-2034)
● Power & Utility
● Industrial

By Regional Outlook (Revenue - USD Billion, 2020-2034)
● North America
○ US
○ Canada
● Europe
○ Germany
○ France
○ UK
○ Italy
○ Spain
○ Netherlands
○ Russia
○ Rest of Europe
● Asia Pacific
○ China
○ Japan
○ India
○ Malaysia
○ South Korea
○ Indonesia
○ Australia
○ Vietnam
○ Rest of Asia Pacific
● Middle East & Africa
○ Saudi Arabia
○ UAE
○ Israel
○ South Africa
○ Rest of Middle East & Africa
● Latin America
○ Mexico
○ Brazil
○ Argentina
○ Rest of Latin America

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