Fairfield Market Research Gas Turbine Market Share and Size | Industry Report, 2023-2030

Gas Turbine Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Energy & Natural Resources

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Increased Government Funding for Power Generation Technology Worldwide to Fuel Growth of Gas Turbine Market

After a few years of stable carbon emissions, it has increased in 2020, prompting concerns about the global use of coal-fired power plants. Governments around the world are working to minimise the use of coal-fired power plants, which could lead to an increase in demand for gas turbines for power generation over the projection period. This is likely to accelerate the growth of gas turbine market. According to the BP Statistical Review of World Energy 2021, natural gas was the largest source of electricity generation in the United States in 2020, and the second-largest source of electricity generation globally, accounting for 40.5 % of US power generation and 23.4 % of global power generation.

For instance, Global natural gas consumption was reported to be 3822.8 billion cubic meters in 2020, according to BP statistical analysis of world energy 2021, a decrease of roughly 81.1 billion cubic meters from 2019. Increased industrialisation, and boosted use of electrical technology have increased power consumption in emerging countries as a result of rising economic activities. Natural gas power plants are expected to be built as a result of the ascending electricity demand, and stricter emission restrictions of industrialised countries as natural gas emits less carbon dioxide, complementing the growth of gas turbine market.

Growing Demand for Combined Cycle Technology to Drive Growth of Gas Turbine Market

The combined cycle in the technology segment is expected to be the fastest-growing segment of the gas turbine market over the forecast period. The turbines are known to be extremely efficient, with system efficiencies ranging from 60.0 to 80.0 %. Furthermore, stiffer rules for coal plants, cheap gas prices, and the integration of renewable electricity are driving up demand for this technology. The cycle power plant (CCPP) is a good complement to solar and wind power because it can start and stop quickly, allowing it to compensate for fluctuations in renewable energy generation.

Favourable government policies promoting the use of clean fuels for electricity generation and reducing greenhouse gas emissions are likely to boost demand for natural gas-fired power stations. Furthermore, the gas turbine industry is likely to rise due to lower gas costs and the finding of shale gas deposits over the forecast period mostly owing to proximity to the environment, efficient waste heat utilisation, and operational efficiency. Because the combined cycle requires more investment than the simple cycle, these plants are built-in stages.

Government Ambitions Include Extensive Power Plant Capacity Additions to Drive Growth of Asia Pacific Gas Turbine Market

With a surge in demand for energy alternatives with low environmental effects, Asia-Pacific accounted for a significant portion of the gas turbine market in 2020. Natural gas output increased by 10.4% globally between 2010 and 2020, thanks to technological breakthroughs in the energy sector and lower shale gas extraction costs. Rapid industrialisation, and urbanisation are causing a vast and ever-increasing demand for electricity in the region, necessitating the creation of various power-producing projects. As a result, the demand for gas turbines in China is growing. Furthermore, according to the India Brand Equity Foundation (IBEF), coal-fired power generation dominates India's power sector, accounting for 61.3 percent of total installed capacity in June 2021. The government emphasised the possibility for decarbonisation and meeting the Paris Agreement's aims, which aim to drastically reduce global greenhouse gas emissions in order to limit global warming. The demand for gas turbines is predicted to rise as the share of gas-based generation grows. Furthermore, countries with a rising social consensus against nuclear power, such as Japan, Australia, New Zealand, Italy, and Malaysia are the potential gas turbine markets in this regard.

According to the Ministry of Statistics and Program Implementation of the Government of India, For the years 2021-22, the energy generation target for thermal, hydro, nuclear, and Bhutan imports has been set at 1356 billion units (BU). i.e., an increase of 9.83 % over the previous year's actual generation of 1234.608 BU (2020-21). The amount of money generated from the above categories in 2020-21 was 1234.608 BU, down from 1250.784 BU in 2019-20, reflecting a 1.29 % decrease.

Global Gas Turbine Market: Competitive Landscape

In December 2020, Synthos, a Polish chemical business that specializes in the production of rubbers and polymers, granted Ansaldo Energia a contract for the supply of an 80 MW AE64.3 gas turbine as well as a maintenance contract for roughly 50 million EUR. The turbine, which is part of the CCGT unit, will be installed at the Oswiecim facility to replace an obsolete coal boiler, ensuring the plant's generation of electricity and process steam, as well as heat for local district heating. This action is part of Poland's new capacity market but it is especially relevant in this context. On the other hand, in June 2021, Quanta and OPRA Turbines signed a partnership agreement. OPRA Turbines B.V. has announced the signing of a contract with Quanta that will become an official distributor for OPRA Turbines in the North Sea region for the offshore oil and gas industry, with headquarters in Newcastle, and an office in Aberdeen.

Few of the players in the gas turbine market include Capstone Green Energy Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), Wartsila (Finland), Siemens Energy (Germany), General Electric (US), Ansaldo Energia (Italy), MAN Energy Solutions (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited  (China), OPRA Turbines (Netherlands), Gas Turbine Research Establishment (India), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), Hindustan Aeronautics Limited (India), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), Power Machines (Russia), and GKN Aerospace Services Limited (England).

Regional Classification of the Global Gas Turbine Market is Described Below:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Gas Turbine Market

  • Gas Turbine Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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