Gas Turbine Market is set to exceed 120GW by 2024

Growing industrialization coupled with rising electricity demand will drive the global gas turbine market size over the forecast timeline. Government and private entities are investing aggressively to develop new power generation facility to mitigate the demand supply mismatch. In 2015, natural gas has fueled over 25 percent of the total U.S. electricity generation. EIA is projecting that the country’s present natural gas generation would exceed by 30 percent by the end of 2025.

Increasing investments towards replacement of ageing coal fired plants with modern gas-fired power generating stations to limit the GHG emissions will upswing the global gas turbine market during the forecast period. In 2014, European Union has introduced 2003/87/EC directive aiming to reduce the emissions to 20% by 2020. In 2016, Government of China has also developed new action plan for reducing emission level to 18% by 2020.

Advent of shale gas revolution has led to the increase in E&P across remote onshore and offshore basins which in turn will further augment business outlook. Upliftment of western sanctions from many countries including Iran will embellish the industry size by 2024.

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Global gas turbine market from heavy duty accounted for over 80% of the global volume in 2015 owing to its wide acceptance across high capacity generating stations. Large capacity power plants hold the low generation cost which will positively impact the industry landscape. In 2017, China’s Gas Turbine Research Center of Tsinghua University and Shanghai Electric and Dongfang Electric had jointly developed CGT-60F, an F-class heavy-duty gas turbine which can tolerate up to 1,400 0C.

Aeroderivative gas turbine market share is anticipated to witness significant growth over 9% during forecast timeframe owing to its rising demand across medium scale capacity applications. Growing adaption across various industries, Oil & Gas and marine sector will positively impact the industry outlook.

Global gas turbine market size for 2015 from ≤ 70 MW was valued over USD 5 billion. Increasing demand for the reliable power solution for smoothening the extraction process across the remote O&G rigs will positively impact industry size.


Gas turbine market volume for 70-300 MW is anticipated to witness a substantial growth of over 9% by 2024. Growing penetration of small scale captive power generating facilities for reliable and affordable electricity supply will positively influence the business landscape. Above 300 MW capacity is set to exceed USD 8 billion by 2024. Growing applications across large capacity gas fired power generating stations will positively impact the business growth.

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Global gas turbine market from power generation accounted for over 40% of the global share in 2015. Growing adaption of clean fuel technology to limit the GHG emission will propel the business growth. Development of gas based microgrids across numerous countries including the U.S. will further augment the industry outlook.

O&G gas turbine market is set to witness significant growth of over 6% by 2024. In 2017, GE unveiled new LM9000 aeroderivative gas turbine specifically designed for O&G with the aim to reduce NOx emission by 40%.
Industrial applications for 2015 was valued over 13 GW. Growing demand for the cost effective and reliable technologies to meet the local emission standards will embellish the industry size over forecast time.

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