Gas Turbine Market

Segmentation 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 Demand Analysis & Opportunity Outlook 2030

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Report ID: 3354 | Published On: Feb 08, 2023
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Global Gas Turbine Market Regional Synopsis

Regionally, the global gas turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of 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. Moreover, the government initiatives to reduce carbon emission is further anticipated to boost the market growth. According to the U.S. Energy Information Administration, in 2020, the power sector consumed about 38% of total U.S. natural gas, while the total consumption was 30.48 trillion cubic ton.

The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the increasing need for power backed by rapid industrial development, urbanization and increasing population in the region. Moreover, depleting coal resources and slow adoption of renewable resources for electricity generation in developing countries is also estimated to fuel the market growth.

Global Gas Turbine Market

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The global gas turbine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Gas Turbine Market
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Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Market Segmentation

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 Industry

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

Growth Drivers

  • Increasing Shift of Power Sector from Coal to Natural Gas
  • Rising Demand for Electricity


  • Adoption of Renewable Resources

Electricity Consumption
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Top Featured Companies Dominating the Market

    The global gas turbine market is primarily dominated by General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, and Mitsubishi Power, Ltd., who collectively fulfill around 60% of the demand for gas turbines. However, few small-scale market players, such as, MAN Energy Solutions, are flourishing currently and are estimated to witness substantial growth in the coming years.

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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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.

Key Questions Answered in the Report

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

Ans: Increasing government initiatives to reduce carbon emissions, and adoption of natural gas for electricity generation 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 is anticipated to attain ~5% CAGR over the forecast period, i.e., 2022-2030.

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

Ans: Adoption of renewable energy is one of the factors estimated to hamper the market growth.

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

Ans: The market in North America is estimated to garner the largest market share owing to the large number of oil and gas reserves in the region, along with increasing adoption of natural gas in power sector.

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

Ans: The major players in the market General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, and Mitsubishi Power, Ltd. 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 industry, and by region.

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

Ans: The power & energy segment is anticipated to hold largest market share over the forecast period on the back of rapid shift of power generation from coal to natural gas.

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