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, 2025 - 2033

  • Report ID: GVR-1-68038-225-9
  • Number of Report Pages: 120
  • Format: PDF
  • Historical Range: 2021 - 2023
  • Forecast Period: 2025 - 2033 
  • Industry: Energy & Power

Gas Turbine Market Summary

The global gas turbine market size was estimated at USD 11.00 billion in 2024 and is projected to reach USD 14.2 billion by 2030, growing at a CAGR of 2.7% from 2025 to 2030. A gas turbine is an engine that heats a mixture of fuel and outside air at a very high temperature to generate mechanical energy by spinning turbine blades.

Key Market Trends & Insights

  • Asia Pacific gas turbine market held the largest share of 37.15 % of the global market in 2024.
  • The gas turbine market in the U.S. is expected to grow significantly over the forecast period.
  • By technology, Combined Cycle held the highest market share of 87.78% in 2024.
  • Based on capacity, >200 mw segment held the highest market share in 2024.
  • Based on end-use, power & utility segment held the highest market share in 2024.
  • Based on application, power & utility segment held the highest market share in 2024.

Market Size & Forecast

  • 2024 Market Size: USD 11.00 Billion
  • 2030 Projected Market Size: USD 14.20 Billion
  • CAGR (2025-2030): 2.7%
  • Asia Pacific: Largest market in 2024
  • North America: Fastest growing market


Mechanical energy further drives a generator, which produces electrical energy. Rapid technological advances 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 global Carbon Dioxide (CO2) emissions. Gas turbines are primarily used for power generation. Operating a simple cycle turbine power plant to supply electricity to the industry is much more cost-effective than purchasing it from outside. Thus, combined cycle power plants are mostly employed, which have better efficiency.

Gas turbine market size and growth forecast (2023-2033)

 A CHP plant is an example of a combined cycle power plant, which can be used for electricity production and obtaining mechanical drive. The paradigm shift from coal-based to gas-based power generation in developed and developing economies such as the United States, Japan, India, and China, and supportive government policies for gas-based power plant construction are major factors enabling market growth.

Drivers, Opportunities & Restraints

The growing demand for reliable and flexible power generation solutions drives the market, particularly in regions transitioning from coal to cleaner energy sources. Governments and private utilities increasingly invest in gas-based infrastructure as a bridge toward decarbonization, especially where renewable energy integration remains inconsistent. The ability of gas turbines to provide rapid start-up and load-following capabilities makes them vital for stabilizing power grids that incorporate intermittent sources like wind and solar. In addition, advances in turbine efficiency and the development of combined cycle systems further propel market adoption across both power generation and industrial sectors.

Emerging opportunities in the market include the rise of hydrogen-compatible turbines and hybrid power systems that combine gas and renewables for lower carbon emissions. Technological innovations—such as digital twins, predictive maintenance software, and high-temperature materials—enhance performance and reduce lifecycle costs. Expanding electrification in developing economies and growing demand for decentralized energy solutions also provide a fertile ground for new installations. However, the market faces restraints such as fluctuating natural gas prices, environmental concerns over greenhouse gas emissions, and increasing regulatory scrutiny. High capital investment and long project development cycles also remain major barriers, particularly in price-sensitive or policy-volatile regions.

Capacity Insights

The >200 MW segment emerged as a significant capacity segment in this market with a revenue share of more than 75.23% in 2024. It is further projected to be the fastest-growing segment during the assessment period. The increasing pace of power generation operations globally due to high energy demands on account of population growth & rapid urbanization, along with a move from coal to gas-based power plants in some of the world’s major economies, is driving segment demand. The expansion of the power generation space, coupled with a higher focus on using renewable energy sources for electricity generation, is a primary driver for gas turbines, especially those with capacities higher than 200 MW.

The reduced turbine size allows for easier operation and maintenance, which is crucial in expanding the 200 MW-capacity turbine segments. A smaller size leads to a lighter product, making it well-suited for offshore locations where the power-to-weight ratio is vital in deciding whether to build a turbine unit. The oil & gas industry is expected to restore its impetus in the coming years. Small turbines are frequently used in this industry because they comply with operational and environmental circumstances.

Technology Insights

The combined cycle turbines segment accounted for the largest revenue share of more than 87.78% in 2024 and is anticipated to continue its dominance during the forecast period. This category is also expected to grow faster in the coming years. These turbines use less fuel to produce the same 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 integration of increasing amounts of renewable energy are driving the shift to combined cycle gas turbine technology.

CCPPs complement solar and wind power as they can start and stop rapidly, enabling them to compensate for changes in renewable energy power. Government initiatives pushing the use of sustainable fuels for electricity generation and reducing GHG emissions are expected to advance the demand for natural gas-fired power plants over their coal-fired counterparts. Moreover, the industry growth is poised to be driven by reducing gas prices and discovering shale gas reserves during the projection period. 

End Use Insights

The power & utility segment accounted for the largest revenue share of approximately 90.32% in 2024. Increased demand for power generation is being driven by population expansion and urbanization worldwide, which is boosting the use of gas turbines in the power and utility sectors. Another important driver includes establishing an environment-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.

Gas Turbine Market Share

Volatility in 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. Demand is mostly driven by past increases in industrial activity around the world. 

Regional Insights

Asia Pacific held over 37.15% revenue share of the global gas turbine market. Large-scale capacity additions in power generation and rising industrialization in China, India, and South Korea are major drivers of the Asia Pacific (APAC) market. Regional governments increasingly prioritize cleaner alternatives to coal, with gas turbines serving as a flexible and lower-emission solution to support growing electricity demand. Ongoing infrastructure development, favorable energy diversification policies, and strong investments in combined-cycle power plants further accelerate market expansion. In addition, APAC's robust engineering and manufacturing capabilities and the presence of key industry players reinforce the region's critical role in shaping global gas turbine advancements.

Gas Turbine Market Trends, by Region, 2025 - 2033

North America Gas Turbine Market Trends

The gas turbine market in North America is witnessing significant growth due to the large-scale infrastructure upgrades and the growing emphasis on cleaner power generation. The region is witnessing a shift from coal-fired plants, with gas turbines offering a dependable, lower-emission alternative to support baseload and peaking power needs. Federal incentives, supportive regulatory frameworks, and rising integration of renewable energy sources encourage utilities to invest in flexible gas-based solutions. Furthermore, ongoing developments in combined-cycle plants and grid reliability improvements fuel demand for advanced gas turbines capable of enhancing efficiency, reducing emissions, and supporting the evolving energy mix.

Europe Gas Turbine Market Trends

The gas turbine market in Europe is driven by the region’s commitment to decarbonization and the strategic role of gas as a transitional fuel in the shift toward net-zero emissions. The European Union’s energy policies, including the Green Deal and REPowerEU plan, support integrating flexible, low-carbon technologies like gas turbines to stabilize grids amid rising renewable penetration. Combined-cycle gas turbine (CCGT) plants are gaining momentum due to their high efficiency and lower emissions. Furthermore, increasing investments in hydrogen-ready turbines and repurposing existing infrastructure for cleaner fuels create new growth avenues. The presence of established OEMs and advanced R&D capabilities also positions Europe as a hub for next-generation turbine innovation.

Latin America Gas Turbine Market Trends

The gas turbine market in Latin America increasingly focuses on energy diversification and modernizing aging power infrastructure. As countries invest in cleaner, more flexible generation sources to support economic growth and grid stability, gas turbines are gaining traction due to their reliability and lower emissions than traditional thermal plants. The growing integration of intermittent renewables like solar and wind boosts demand for gas turbines as a complementary, quick-start power solution. In addition, supportive government policies and regional efforts to attract private investment in energy infrastructure further encourage the deployment of gas-based technologies across Latin America.

Middle East & Africa Gas Turbine Market Trends

The gas turbine market in the MEA is driven by the region’s rising demand for reliable power generation and efforts to diversify energy portfolios. While oil and gas remain dominant, many countries are investing in gas-fired power plants as a cleaner, more efficient alternative to traditional thermal generation. Gas turbines are crucial in meeting peak demand and stabilizing grids, especially alongside growing renewable energy deployments. Government-led infrastructure programs, energy security strategies, and investments in combined-cycle and cogeneration plants further propel market growth. The region’s abundant natural gas reserves and focus on industrial expansion support sustained demand for advanced turbine technologies.

Key Gas Turbine Company Insights

Some key players operating in the gas turbine market include Ansaldo Energia, Bharat Heavy Electricals Ltd., Centrax Gas Turbines, General Electric, and Kawasaki Heavy Industries, Ltd.. These companies actively focus on technological advancements, expand their product portfolios, and form strategic alliances to cater to the growing demand for efficient power generation.

Key Gas Turbine Companies:

The following are the leading companies in the gas turbine market. These companies collectively hold the largest market share and dictate industry trends.

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

Recent Developments

  • In February 2025, Siemens Energy announced the expansion of its gas turbine manufacturing operations in Houston, Texas. The new facility aims to enhance the production of advanced, high-efficiency gas turbines tailored for combined cycle and peaking power applications. This strategic move supports the growing demand for flexible and lower-emission power generation solutions, particularly as utilities transition toward cleaner energy mixes. The expansion is also expected to create approximately 400 skilled jobs and strengthen domestic manufacturing capabilities in the U.S. gas turbine sector. 

Gas Turbine Report Scope

Report Attribute

Details

Market size value in 2025

USD 11.5 billion

Revenue forecast in 2033

USD 14.2 billion

Growth rate

CAGR of 2.7% from 2025 to 2033

Base year for estimation

2024

Historical data

2021 - 2023

Forecast period

2025 - 2033

Quantitative Units

Revenue in USD million/billion, and CAGR from 2025 to 2033

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Capacity, end use, technology, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; UK; France; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE

Key companies profiled

Ansaldo Energia; Bharat Heavy Electricals Ltd. (BHEL); Centrax Gas Turbines; General Electric (GE); 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 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Global Gas Turbine Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global gas turbine market report based on capacity, end use, technology, and region:

Global Gas Turbine Market Report Segmentation

  • Capacity Outlook (Revenue, USD Million, 2021 - 2033)

    • <=200 MW

    • >200 MW

  • End-use Outlook (Revenue, USD Million, 2021 - 2033)

    • Industrial

    • Power & Utility

  • Technology Outlook (Revenue, USD Million, 2021 - 2033)

    • Combined Cycle

    • Open Cycle

  • Regional Outlook (Revenue, USD Million, 2021 - 2033)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Latin America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

      • UAE

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