GVR Report cover Gas Turbine Market Size, Share & Trends Report

Gas Turbine Market Size, Share & Trends Analysis Report By Capacity (?200 MW, >200 MW), By End-use (Industrial, Power & Utility), By Technology (Combined Cycle, Open Cycle), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-225-9
  • Number of Pages: 132
  • Format: Electronic (PDF)

Report Overview

The global gas turbine market size was valued at USD 9,721.52 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. A gas turbine is an engine, which heats a mixture of fuel and outside air at a very high temperature to generate mechanical energy through the spinning of the turbine blades. The mechanical energy further drives a generator, which produces electrical energy. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the market forward. The market is predicted to expand rapidly over the forecast period owing to increased government backing for power production technologies that minimize Carbon Dioxide (CO2) emissions around the world.

U.S. Gas Turbine Market size and growth rate, 2023 - 2030

Gas turbines are primarily used for power generation. Operating a simple cycle turbine power plant for supplying electricity to the industry is much costlier than purchasing it from outside. Thus, mostly, combined cycle power plants are employed, which have better efficiency. CHP plant is an example of a combined cycle power plant, which can be employed for electricity production as well as for obtaining mechanical drive. The paradigm shift from coal-based to gas-based power generation in developed and developing countries, such as the United States, Japan, China, and India, and supportive government policies for the construction of gas-based power plants, are the major factors driving the market's growth.

The U.S. market is anticipated to observe significant growth on account of growing government support for power generation technologies that aim to reduce carbon dioxide emissions. The major factors driving the shift from coal-based power generation to gas-based power generation are suitable economics & supporting policies for setting up gas-based power plants in the country. In addition, assured long-term fuel supply availability in the U.S. is another key factor supporting the market growth in the country. Gas turbines play an important role in reducing Greenhouse Gas (GHG) emissions. As compared to other combustion-based electricity generation applications, gas turbines are very proficient and also result in decreasing carbon emissions.

The execution of numerous climate change initiatives along with regulations to cut down GHG emissions are expected to lead to a surge in the potential for gas turbines over the forecast period. Lockdowns in major cities and economies have caused most industries around the world to shut down, effectively halting production. As a result, the demand for oil and gas decreased around the world. Furthermore, as a result of the global pandemic, electricity consumption from industrial and commercial end-users decreased significantly. Thus, the demand for gas turbines was impacted during the pandemic.

Capacity Insights

>200 MW emerged as a significant capacity segment in this market with a revenue share of more than 73.0% in 2022. It is likely to be the fastest-growing segment over the forecast period. The rising power generation operations around the world as a result of the demand for energy due to population growth & rapid urbanization, along with the move from coal to gas-based power plants in some of the world’s major countries, are driving demand in this category. The rise of the power generation business, combined with a greater emphasis on generating electricity from renewable energy sources, is the primary driver for gas turbines, particularly those with capacities of above 200 MW.

The reduced size of the turbines allows for easier maintenance and operation, which is a crucial factor in the 200 MW-capacity turbine segment's success. Due to its smaller size, the product is lighter, making it perfect for offshore locations where the power-to-weight ratio is a key factor in selecting whether or not to build a turbine unit. The oil and gas industry is expected to restore its impetus in the near future. On account of their compliance with operational and environmental circumstances, small turbines are frequently used in the oil and gas industry.

Technology Insights

The combined cycle turbines segment accounted for the largest revenue share of more than 87.0% in 2022 and is anticipated to continue its dominance in the near future. This technology category is expected to grow at a faster rate in the coming years. These turbines use less fuel to produce the same amount of energy and eliminate transmission and distribution losses. Combined cycle turbines are known to be extremely efficient, allowing systems to achieve efficiencies of 60 to 80 percent. Strict regulations for coal plants, low gas prices, and the integration of increasing amounts of renewable energy are driving the shift to combined cycle gas turbine technology.

CCPPs complement solar and wind power by being able to start and stop fast, allowing them to compensate for changes in renewable energy power. Government initiatives that encourage the use of sustainable fuels for electricity generation and reduce GHG emissions are likely to boost demand for natural gas-fired power plants over coal-fired power plants. Furthermore, the industry is expected to be propelled by falling gas costs and the discovery of shale gas reserves over the forecast period.

End-use Insights

The power & utility segment accounted for the largest revenue share of approximately 90.0% in 2022. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors. Another important driver includes the focus on establishing an environmentally friendly form of power generation. The product demand in the power & utility end-use segment is anticipated to progress at a significant growth rate over the forecast period; however, key competitors are still skeptical regarding the growing product demand in the power generation segment.

Global Gas Turbine Market share and size, 2022

Volatility in the prices of natural gas may hinder the market growth in this segment. Heavy industries, specialty chemical production, glass & cement manufacture, pharmaceutical, and sugar mills are all part of the industrial segment. Due to strict pollution regulations, gas turbines are witnessing growing demand in the industrial sector. Low natural gas prices are also boosting product demand in industrial settings. The demand is mostly driven by past increases in industrial activity around the world.

Regional Insights

Led by China, Japan, Indonesia, Thailand, and India, Asia Pacific emerged as the largest market and accounted for a share of 37.26% of the overall revenue in 2022. Over the forecast period, the region is expected to grow at the fastest growth rate. The region’s need for electricity is being driven by rapid urbanization and the emergence of a middle-class population.The presence of growing economies, such as India and China, and the availability of low-cost raw materials and labor are attracting multinational businesses to expand their operations in this region. Led by the U.S., Mexico, and Canada, North America is projected to grow at a significant CAGR over the forecast period.

Gas Turbine Market Trends, by Region, 2023 - 2030

The demand is primarily driven by the shale gas reserve and technological development in extraction & mining technology, which are consistently lowering the operational cost of gas extraction in the region. Furthermore, the region has witnessed large-scale commissioning of gas-based power. Oil and gas companies have been able to generate shale gas on a commercial scale because of technological breakthroughs in completion procedures like multistage hydraulic fracturing and drilling techniques like horizontal wellbores.

The aforementioned technological breakthroughs, as well as commercial shale gas production, are expected to fuel the regional market during the forecast period, according to trends. Saudi Arabia is a major gas turbine end-consumer in the Middle East and Africa region. This has resulted in a large number of gas turbine providers in the country, all of whom are seeking to increase their market share. Gas turbines are supplied by major OEMs, such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd., throughout the country.

Key Companies & Market Share Insights

The market is consolidated by a few major companies, which account for a dominating industry share. Companies practice several strategic initiatives, such as joint ventures, mergers & acquisitions, partnerships, and new product offerings, to enhance their foothold in the market. For instance, in February 2023, General Electric and Aksa Power Generation signed a contract for the supply of two highly-efficient GE 6F.03 gas turbines for a new CHP power plant in the Kyzylorda region of Kazakhstan. GE will also provide maintenance services to help in the long-term availability and reliable operation of the equipment. Some of the prominent players in the global gas turbine market include:

  • Ansaldo Energia

  • Bharat Heavy Electricals Ltd.

  • Centrax Gas Turbines

  • General Electric

  • Kawasaki Heavy Industries, Ltd.

  • MAN Energy Solutions

  • Mitsubishi Power, Ltd.

  • OPRA Turbines

  • Siemens Energy

  • Solar Turbines Inc.

Gas Turbine Market Report Scope

Report Attribute


Market size value in 2023

USD 10,189.35 Million

Volume forecast in 2030

USD 13,979.87 Million

Growth rate

CAGR of 4.6% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

May 2023

Quantitative units

Volume in MW, revenue in USD million, and CAGR from 2023 to 2030

Report coverage

Volume and revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, application, region

Regional Scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; UK; France; Italy; Spain; China; Japan; South Korea; India; Australia; Brazil; Argentina; UAE; Saudi Arabia; South Africa

Key companies profiled

Ansaldo Energia; Bharat Heavy Electricals Ltd.; Centrax Gas Turbines; General Electric; Kawasaki Heavy Industries, Ltd.; MAN Energy Solutions; Mitsubishi Power, Ltd.; OPRA Turbines; Siemens Energy; Solar Turbines Inc.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

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Global Gas Turbine Market Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2019 to 2030. For this report, Grand View Research has segmented the global gas turbine market based on technology, capacity, end-use, and region:

Global Gas Turbine Market Report Segmentation

  • Technology Outlook (Capacity, MW; Revenue, USD Million, 2019 - 2030)

    • Open Cycle

    • Combined Cycle

  • Capacity Outlook (Capacity, MW; Revenue, USD Million, 2019 - 2030)

    • ≤200 MW

    • >200 MW

  • End Use Outlook (Capacity, MW; Revenue, USD Million, 2019 - 2030)

    • Power & Utility

    • Industrial

  • Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • UAE

      • Saudi Arabia

      • South Africa

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