Gas Turbine Market Analysis by Capacity (Less than 30 MW, 30-120 MW, 120-200 MW, and Above 200 MW); by Type (Open Cycle, and Combined Cycle); by End-User Industry (Energy & Power, Oil & Gas, Aviation, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now Report ID: 3354 | Published Date: Apr 01, 2023

Global Gas Turbine Market Size, Forecast, and Trend Highlights Over 2023 – 2035

The global gas turbine market size is estimated to reach ~USD 21 Billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of gas turbine was ~USD 14 Billion. The growth of the market can be attributed to the growing demand for natural gas and fuel efficient power plants, increasing investments in the power sector, and growing demand for electricity, especially in emerging economies. Additionally, government plans to boost the power sector and reduce carbon emissions have further contributed to the market growth. There was a total inflow of USD 17 billion into the Indian power sector between April 2000 and June 2022. A total of 167 GW of renewable energy was installed in India as of October 31, 2022, representing 41% of the country's overall power capacity. Gas turbines produce fewer emissions than traditional coal-fired power plants and have become an increasingly popular option for governments to meet their emissions targets. This increased demand for gas turbines is expected to have a positive impact on the power sector, thereby driving market growth. 

In addition to these, factors that are believed to fuel the market growth of gas turbine include increasing demand for energy efficient, cost-effective, and reliable power generation solutions, along with increasing investments in research and development of more efficient and clean gas turbines. Moreover, a growing population, increased urbanization, and increased economic activity contribute to the increase in power consumption in rural and urban areas. According to the International Energy Agency, world total electricity consumption reached 22 848 TWh in 2019, an increase of 1.7% over 2018. As of 2019, OECD final electricity consumption stood at 9 672 TWh. Gas turbines are an efficient way to generate electricity, as they can convert a large amount of fuel into energy quickly.

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Global Gas Turbine Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 14 Billion

Forecast Year Market Size (2035)

~ USD 21 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Gas Turbine Market: Growth Drivers and Challenges


Growth Drivers

  • Increasing Demand and Supply of Gas- There was a 4 % increase in inland demand of natural gas in the EU in 2021 compared with 2020. Additionally, the EU's dependency on natural gas imports reached 82% in 2021. As demand for gas increases, more gas turbines are needed to generate the necessary electricity. At the same time, an increased supply of gas makes it more affordable, leading to more people using gas turbines for their energy needs.

  • Surging Natural Gas-Based Electricity Generation- According to the United States Energy Information Administration, natural gas was the source of 38.3% of utility-scale electricity in 2021. The increasing availability of natural gas, combined with its affordability, has encouraged many countries to switch to natural gas-based electricity generation. This has caused an increase in demand for gas turbines, which are used in natural gas-based power generation.

  • Increasing Preference for Gas-Fired Power Plants Over Nuclear-Based Power Plants- Nuclear plants require a large upfront investment and have associated operational risks, such as the potential for a nuclear meltdown which can cause significant environmental damage. Additionally, nuclear plants generate a high amount of carbon emissions which has increased the demand for gas-fired power plants as an alternative. Approximately 36.3 billion tonnes of carbon dioxide were emitted in 2021 due to energy-related activities, up 6% from 2021.

  • An Increase in The Number of Power Plants Worldwide - The number of power plants reported worldwide is approximately 30,000 as of 2021, spread across 164 countries. As demand for electricity is increasing, more and more power plants are being built to meet the demand. The result is an increase in the need for gas turbines, which are the main source of power for these plants.

  • Growing Aviation Industry - According to estimates, as of 2022, 745 million Americans were traveling by air. A total of USD 204 billion was generated by US airlines during the first three quarters of 2022. There were 140 million more passengers flying in 2022 than in 2021, an increase of 123%. With the growing demand for air travel, airlines are looking for more efficient ways to power their aircrafts. Gas turbines are becoming increasingly popular as they are lightweight and fuel efficient, making them a cost-effective solution for the aviation industry.


  • Rising environmental concerns regarding gas turbine usage - Gas turbines are a major source of air pollution, and governments are increasingly taking steps to reduce emissions from gas turbines. This is giving rise to stricter regulations and higher costs, which limit the growth of the gas turbine market.
  • High initial investments
  • Short life of gas turbines

Global Gas Turbine Market Segmentation

The global gas turbine market is segmented and analyzed for demand and supply by capacity into less than 30 MW, 30-100 MW, 100-200 MW and above 200 MW. Out of these, the above 200 MW segment is estimated to gain the largest market share of about ~37% in the year 2035. The growth of the segment can be attributed to the growing demand for efficient, reliable and cost-effective power generation solutions in large-scale applications. For instance, 6 GE LM2500XPRESS gas turbines will generate approximately 200 megawatts (MW) of power at the temporary gas-fired power plant in Dublin, allowing Ireland to meet its electricity demand and ensure the stability of its electricity supply. Additionally, higher fuel efficiency and lower maintenance costs associated with gas turbines are expected to drive the growth of the segment. Moreover, above 200 MW turbines are more efficient than smaller turbines and can generate more power with less fuel. This makes them a more cost-effective option for power generation companies.

The global gas turbine market is segmented and analyzed for demand and supply by type into open cycle and combined cycle. Out of these, the open cycle segment is estimated to gain a significant market share of about ~64% in the year 2035. The growth of the segment can be attributed to the increasing installation of open cycle gas turbines in industrial, power and oil & gas industries owing to its lower capital costs and faster start-up time. It is also beneficial for providing base load and peak load power in an efficient and reliable manner. It is analyzed that gas turbines with open cycles are observed to have high thermal efficiency of up to 44%. A gas turbine with an open cycle (OCGT) is the simplest way to generate electricity or power from gas combustion. An OCGT consists only of a gas turbine, with no waste heat recovered.

Our in-depth analysis of the global gas turbine market includes the following segments:

      By Capacity

  • Less than 30 MW
  • 30-100 MW
  • 100-200 MW
  • Above 200 MW

      By Type

  • Open Cycle
  • Combined Cycle

     By End User

  • Energy & Power
  • Oil & Gas
  • Aviation
  • Others

Global Gas Turbine Market Regional Synopsis


The market share of gas turbine in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the market can be attributed majorly to the rapid growth of the industrial sector that requires high power output, and the increasing demand for natural gas-fired gas turbines. It was observed that as of April 2021, India's industrial production reached an all-time high of 134%, an increase of 6% from 1994 to 2023. The total industrial production of China reached a record high of 35% in January of 2021, with an average growth rate of 11% between 1990 and 2023. Gas turbines are considered to be the most efficient and cost-effective type of power generation. As the industrial sector expands, businesses are compelled to invest in power generation to meet the increased demand for energy. These turbines are a viable option as they provide a consistent level of energy with low emissions. Additionally, the increasing focus on renewable energy sources, such as wind and solar, is expected to further boost the growth of this market in the region. Governments in the region are making huge investments in the development of renewable energy technology, and this is expected to contribute to an increase in the adoption of natural gas turbines as a source of energy.

The North America gas turbine market is estimated to be the second largest, registering a share of about ~33% by the end of 2035. The growth of the market can be attributed majorly to the increasing adoption of natural gas as a source of electricity, backed by presence of oil wells in the countries, such as, Canada, and United States. Energy Information Administration figures show that in 2020, the power sector consumed about 38% of total U.S. natural gas consumption, totaling 30.48 trillion cubic feet. Natural gas is a relatively clean burning fuel and can be used to generate electricity more efficiently than other sources of energy. As such, it has become increasingly popular in region as a way to generate electricity, which in turn is driving up demand for gas turbines. Moreover, rising demand for efficient and cost-effective gas turbine systems from the power generation sector, as well as the increasing demand for natural gas-based power generation as well as the abundance of natural gas supply is projected to fuel regional market growth in the coming years.

Further, the gas turbine market in the European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The increasing demand for efficient and reliable electricity supply, rising investments in the power sector, and the growing need for sustainable sources of energy are some of the major factors driving the market in Europe. As the demand for electricity increases, governments and businesses are investing more in power infrastructure, such as gas turbines. This increased investment in the power sector has driven the demand for gas turbines as they are necessary to generate electricity. Additionally, the increasing adoption of advanced technologies such as combined cycle plants, heat recovery steam generators, and advanced combustors is expected to further drive the market in the region.

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Top Featured Companies Dominating the Global Gas Turbine Market

    • General Electric Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Siemens AG
    • Kawasaki Heavy Industries, Ltd.
    • Ansaldo Energia
    • Mitsubishi Power, Ltd.
    • MAN Energy Solutions
    • Solar Turbines Incorporated
    • Centrax Gas Turbines
    • Técnicas Reunidas S. A.
    • Wartsila


In The News

  • June 20, 2020: The Shanghai Electric Company and Ansaldo Energia have been awarded a USD 350 million contract for the construction of an 800MW combined cycle power plant in Bangladesh. The project is part of the Bangladeshi government's plan to increase the country's energy generation capacity.

  • February 07, 2022: The Mexican government awarded a contract to a consortium formed by Técnicas Reunidas and TSK to design and construct combined cycle plants at Valladolid and Mérida. Approximately 1,000 MW and 500 MW of power is expected from these plants.


Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Payel Roy, Dhruv Bhatia

Key Questions Answered in the Report

1) What are the major factors driving the growth of the gas turbine market?

Ans: Rising demand for clean energy sources and the need to reduce carbon dioxide emissions along with increasing electricity consumption are the major factors driving the market growth.

2) What would be the CAGR of gas turbine market over the forecast period?

Ans: The market size of gas turbine is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the gas turbine market growth?

Ans: High initial investments, along with the short life of gas turbines are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of gas turbine market in future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the gas turbine market?

Ans: The major players in the market are General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, Mitsubishi Power, Ltd., MAN Energy Solutions, Solar Turbines Incorporated, Centrax Gas Turbines, Técnicas Reunidas S. A., Wartsila and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the gas turbine market?

Ans: The market is segmented by capacity, type, end user, and by region.

8) Which sub-segment captures the largest market size in the end-user industry segment in the market?

Ans: The open cycle segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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