Market Overview:

According to a new report by IMIR Market Research on The market for Gas Turbine was valued at approximately USD 10.19 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 4.0%, reaching a value of USD 14.24 Billion by 2031.

A gas turbine is an engine that produces mechanical energy by rotating turbine blades by heating a mixture of fuel and ambient air to a very high temperature. A generator is further propelled by the mechanical energy to create electrical energy. The energy sector is seeing rapid technological developments, and this, together with a shift in emphasis toward distributed power generation technologies, is driving the market forward. Over the course of the projection period, the market is expected to grow fast due to growing government support for power production technologies that reduce the release of carbon dioxide (CO2) globally.

Gas turbines are mostly used to produce energy. Operating a simple cycle turbine power plant to supply the sector with electricity is significantly more expensive than obtaining it from elsewhere. Thus, the most common type of power plant is the combined cycle power plant, which is more efficient. The CHP plant is one kind of mixed cycle generator that may be utilized to provide both energy and mechanical drive. The paradigm shift between coal-based to gas-based power production in developed and developing nations such as the US, Japan, India, and China, together with government policies that promote the development of gas-based power plants, are major factors driving the market expansion.

The U.S. gas turbine industry is anticipated to increase dramatically, largely because of the government's growing support for energy-generating technologies that lower carbon dioxide emissions. Major elements pushing the transition from coal-based to gas-based electricity production include convenient economics and laws and policies that support the building of gas-based power plants across the nation. Ensuring a steady supply of gasoline in the US is another crucial element supporting market progress. Gas turbine technology is a significant contributor to the reduction of greenhouse gas (GHG) emissions. When compared to alternative combustion-based energy generation applications, gas turbines are more efficient and emit fewer greenhouse gases.

The adoption of various climate change initiatives & laws intended to reduce greenhouse gas emissions is predicted to improve the potential for gas turbines throughout the course of the projection period. Because of lockdowns in major cities and economies, most industries globally have ceased operations and manufacturing has been suspended. The demand for oil and gas decreased as a result on a worldwide scale. Additionally, the global pandemic caused a sharp decline in the amount of electricity consumed by commercial and industrial end users. The demand for gas turbines decreased as a result during that period.

Market Dynamics:

Market Drivers-

Increasing Demand for Electricity Generation

• The growing need for power generation around the globe is a major factor propelling the gas turbine market. The amount of energy used for residential, commercial, & industrial reasons rises in tandem with the growth of the world's economy and people. Gas turbines are vital to the generation of electricity because they convert fuels, like gas from the earth, into mechanical power that powers generators that produce electricity.  Gas turbines are a favored option for baseload & peaking power production applications due to their efficiency, dependability, and flexibility. Due to the continuous electrification of industries, the growth of renewable energy sources, & the modernization of power infrastructure, there will likely be a continued need for gas turbines, which will propel market expansion in the gas turbine industry.

Growing Adoption of Natural Gas

• The growing use of natural gas as a more environmentally friendly fuel substitute for other fossil fuels like coal and oil. Compared to other fossil fuels, natural gas is more plentiful, more reasonably priced, and emits fewer pollutants and greenhouse gases when burnt to generate electricity. Natural gas-fired power plants with gas turbines are growing in popularity as utilities & governments throughout the globe try to reduce carbon emissions, improve air quality, and transition to more environmentally friendly energy sources. Furthermore, the efficiency and environmental performance of natural gas power generation are greatly improved by developments in gas turbine technology, such as combined cycle & cogeneration systems. The advantages that natural gas has for the environment and its increased accessibility and availability are the main drivers behind the growing use of gas turbines in electrical power applications. This is contributing to the growth of the gas turbine market.

Market Trends-​

Increasing Focus on Energy Efficiency

• The growing focus on reducing energy consumption in power production systems is driving the gas turbine market. Higher efficiency and fewer emissions from gas turbines are in rising demand as environmental sustainability and climate change become more widely recognized. In order to improve the gas turbines' performance and design, manufacturers are spending money on research and development. They are using cutting-edge technology like digital controls, improved aerodynamics, and sophisticated combustion systems. Because of these advancements, gas turbines now have lower fuel consumption, increased thermal efficiency, and fewer emissions of greenhouse gases per unit of electricity produced. Moreover, combined cycle power stations, which combine the use of steam and gas turbines, provide even higher efficiency by utilizing the waste heat produced by the gas turbine exhaust to produce additional energy. The market is driving demand for improved gas turbine technologies that allow healthier and more sustainable power production solutions due to the growing emphasis on energy efficiency.

Growing Demand for Flexible Power Generation Solutions

• The market for gas turbines is driven by the rising need for adaptable power generation options. Gas turbines that can swiftly ramp up or down are necessary to balance variations in supply and demand as renewable energy sources like solar and wind power are being integrated into the electrical grid. Gas turbines that can handle peak demand periods, support the integration of renewable energy sources, and have quick start-up times and high turndown ratios are critical to grid stability. Furthermore, gas turbine technology breakthroughs like modular designs and sophisticated controls allow operators to maximize power plant output and quickly adapt to shifting grid conditions. The market for gas turbines, which provide improved flexibility, dependability, and grid compatibility, is expanding due to the increasing demand for flexible power generating options. This is fueling innovation in the gas turbine industry.

Market Restraining Factors-

High Initial Investment Costs

• The significant initial outlay of funds necessary for gas turbine power projects. Gas turbines are intricate, high-tech pieces of equipment that need a substantial initial financial outlay for purchase, installation, and commissioning. Gas turbine power plant construction also necessitates large infrastructure investments for site preparation, grid connection, & ancillary systems like water treatment and fuel storage. The high initial investment costs constitute a barrier to entry for new installations and may discourage project developers or investors from pursuing gas turbine projects, particularly in areas where other energy sources are more affordable or where funding is scarce. In order to overcome the issue of high initial investment costs, new finance strategies, governmental incentives, and technical developments that raise the affordability and cost-effectiveness of gas turbine power generation are needed.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Gas Turbine Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Gas Turbine Market Players Analysis:

• 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.

Key Industry Developments:

• In February 2022, A consortium made up of the Spanish firms Técnicas Reunidas and TSK was given a contract by the Comisión Federal de Electricidad (CFE) of Mexico to design and build combined cycle facilities in Valladolid and Mérida. It is anticipated that the capacities of these facilities will be roughly 1,000 MW and 500 MW, correspondingly.
• In April 2022, Edra Energy's 2.2 GW coupled cycle power plant, the largest gas-based power plant in Malaysia, started up at Alor Gajah, Malacca. The three producing blocks that make up the new plant have a combined capacity of over 745 MW. They are equipped with a GE 9HA.02 gas turbine, an STF-D650 steam turbine, a W88 power source, & a Heat Recovery Steam Generator (HRSG).

Gas Turbine Market Segmentation Analysis:

By Technology

• Open Cycle
• Combined Cycle

By Capacity

• ≤200 MW
• >200 MW

By End-use

• Power & Utility
• Industrial
• Others

The report also helps in understanding Global Gas Turbine Market dynamics, structure by analyzing the market segments, and project the Global Gas Turbine Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Gas Turbine Market make the report investor’s guide.

Segmentation Insights:

The market is divided into segments based on By Technology, By Capacity, By End-use.

By Technology 

Based on the Technology of the market is segmented into Open Cycle, Combined Cycle.

The combined cycle turbines section is anticipated to hold its top spot throughout the forecast period, with an overall revenue share of over 88.0% in 2023. It's also expected that this sector would grow more swiftly in the next years. By eliminating transmission and distribution losses, these turbines use less fuel to produce the same amount of electricity. The demonstrated high efficiency of mixed cycle turbines allows systems to achieve efficiencies of 60 to 80 percent. Tight rules for coal plants, cheap gas prices, and the integration of increasing amounts of renewable energy are driving the shift toward combined cycle gas turbine technology.

In addition to solar and wind power, CCPPs can compensate for changes in the power of sources of clean energy because to their rapid start and stop capabilities. The usage of natural gas-fired power plants is expected to rise relative to coal-fired equivalents due to government initiatives that encourage the use of sustainable fuels for electricity production and reduce greenhouse gas emissions. Falling gas costs and the discovery of shale gas reserves are predicted to further boost industrial growth during the forecast period.

By End-use

Based on the End-use of the market is segmented into Power & Utility, Industrial.

In 2023, the segment with the highest revenue share—roughly 90.0%—was power and utility. Global population growth and urbanization are driving an increase in demand for power generation, which is increasing the use of gas turbines in the power and utility sectors. The focus on creating a power generation system that is environmentally sustainable is another important driver. Important competitors maintain their pessimism regarding the growing demand for goods in the power generation segment, even if the power & utilities end-use sector is anticipated to experience rapid growth in product demand over the course of the projection period.

Natural gas price volatility could impede this segment's market expansion. The industrial segment includes sugar mills, glass and cement manufacturing, heavy industries, and the production of specialty chemicals. The industrial sector is seeing an increase in demand for gas turbines as a result of stringent pollution restrictions. The demand for products in industrial settings is also increasing due to low natural gas costs. The historical global expansions in industrial activity are the main drivers of demand.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Asia Pacific dominated the market in 2023 with the most revenue share of 37.21%, driven by economies such as Indonesia, China, Thailand, Japan, & India. Asia Pacific is anticipated to expand at the fastest CAGR over the course of the projection period. The primary forces behind the region's rising electricity consumption are the rapidly expanding middle class and growing urbanization. The presence of developing countries such as China and India, along with the availability of reasonably priced labor and raw commodities, serves as a catalyst for multinational enterprises to expand their regional activities. It is anticipated that until 2030, North America—led by the United States, Canada, and Mexico—will expand at a sizable CAGR.

In North America, the availability of shale gas resources and technological breakthroughs in mining and extraction are the primary drivers of the need for gas turbines, as these developments are continually lowering the cost of gas extraction operations. Additionally, there have been numerous large-scale gas-based power commissionings in this region. Technological advances in completion methods like multistage hydraulic fracturing (HF) and drilling techniques such horizontal wellbores have made it viable for oil and gas companies to produce shale gas commercially.

Gas Turbine Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Gas Turbine Market valued?
• Which region has the largest share in 2024 for the global Gas Turbine Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Gas Turbine Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Gas Turbine Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: