Latin America Gas Turbine Market Size & Outlook, 2025-2033
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Latin America gas turbine market highlights
- The Latin America gas turbine market generated a revenue of USD 226.0 million in 2024.
- The market is expected to grow at a CAGR of 0.5% from 2025 to 2033.
- In terms of segment, combined cycle was the largest revenue generating technology in 2024.
- Open Cycle is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, Argentina is expected to register the highest CAGR from 2025 to 2033.
Latin America data book summary
| Market revenue in 2024 | USD 226.0 million |
| Market revenue in 2033 | USD 244.0 million |
| Growth rate | 0.5% (CAGR from 2025 to 2033) |
| Largest segment | Combined cycle |
| Fastest growing segment | Open Cycle |
| Historical data covered | 2021 - 2023 |
| Base year for estimation | 2024 |
| Forecast period covered | 2025 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Open Cycle, Combined Cycle |
| Key market players worldwide | Ansaldo Energia, GE Aerospace, Kawasaki Heavy Industries Ltd, ManpowerGroup Inc, Mitsubishi Corp, Opera Ltd ADR, Siemens AG, Caterpillar Inc |
Other key industry trends
- In terms of revenue, Latin America region accounted for 2.1% of the global gas turbine market in 2024.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2033.
- North America is the fastest growing regional market and is projected to reach USD 4,350.5 million by 2033.
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Gas Turbine Market Scope
Gas Turbine Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| ManpowerGroup Inc | View profile | 27900 | 100 Manpower Place, Milwaukee, WI, United States, 53212 | https://www.manpowergroup.com |
| Opera Ltd ADR | View profile | 657 | Vitaminveien 4, Oslo, Norway, 0485 | https://www.opera.com |
| Ansaldo Energia | View profile | 1001-5000 | Podere Liguria, Emilia-Romagna, Italy, Europe | https://www.ansaldoenergia.com/ |
| Kawasaki Heavy Industries Ltd | View profile | 38254 | Kobe Crystal Tower, 1-3, Higashikawasaki-cho 1-chome, Chuo-ku, Kobe, Japan, 650-8680 | http://www.khi.co.jp |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
| Siemens AG | View profile | 321000 | Werner-von-Siemens-Strabe 1, Munich, BY, Germany, 80333 | https://www.siemens.com |
| Caterpillar Inc | View profile | 121173 | 5205 N. O'Connor Boulevard, Suite 100, Irving, TX, United States, 75039 | https://www.caterpillar.com |
Latin America gas turbine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to gas turbine market will help companies and investors design strategic landscapes.
Combined cycle was the largest segment with a revenue share of 96.64% in 2024. Horizon Databook has segmented the Latin America gas turbine market based on open cycle, combined cycle covering the revenue growth of each sub-segment from 2021 to 2033.
Central & South America is an oil-based economy relying heavily on oil for its energy mix. The region is also following a similar trend like Europe and heavily focusing on developing power generation through renewable sources. Brazil is a major economy in the CSA region and it heavily relies on hydropower for electricity supply.
These conditions have endangered Brazil’s electricity supply and security. Brazil is focusing on reducing its dependence on hydropower and is projected to develop the renewable power generation Sources over the coming years.
Apart from hydropower, CSA has a potential for wind, biomass, and solar energy, which could enable the region to maintain a dominating share of renewable energy Sources. However, easy availability of natural gas with discovery of new gas reserves is expected to boost the gas turbine market in the region.
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Our clientele includes a mix of gas turbine market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America gas turbine market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America gas turbine market from 2021 to 2033, including revenue numbers, major trends, and company profiles.
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Latin America gas turbine market size, by country, 2021-2033 (US$M)
Latin America Gas Turbine Market Outlook Share, 2024 & 2033 (US$M)
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