Gas Turbine Market Size and Share: 2021 to 2031 Key Findings
The Gas Turbine Market size is projected to reach US$ 30.12 billion by 2031 from US$ 21.67 billion in 2023. The market is expected to register a CAGR of 4.2% in 2023–2031. Growing technological advancement in the energy sector and rising demand for distributed power generation technologies are some other trends for the Gas Turbine Market.
Gas Turbine Market Analysis
Rising environment concerns and growing energy demand are some of the major factors boosting the demand for gas turbines globally. Increasing government-supporting policies worldwide for power generation technologies that target lower carbon emissions are also acting as a major driver for the market. Consumer shift from coal-based power generation to gas-driven process is one of the major trends anticipated to propel the evolution of the gas turbine market over the forecast period.
Gas Turbine Market Overview
With the growing population and rapid industrialization, the requirement for energy is also growing worldwide. Gas turbines are much more environment-friendly options for power generation acting as a major boosting factor for the gas turbine market. In comparison to other combustion-driven power generation technologies, gas turbines are competent and emit less carbon. The implementation of several climate change initiatives, along with the execution of regulations to reduce GHG emissions, are anticipated to push the demand for gas turbines during the projected period.
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Gas Turbine Market: Strategic Insights
Market Size Value in US$ 21,015.97 Million in 2018 Market Size Value by US$ 29,447.30 Million by 2027 Growth rate CAGR of 3.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Gas Turbine Market: Strategic Insights
| Market Size Value in | US$ 21,015.97 Million in 2018 |
| Market Size Value by | US$ 29,447.30 Million by 2027 |
| Growth rate | CAGR of 3.9% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Gas Turbine Market Drivers and Opportunities
Rising Concerns Regarding Greenhouse Gas Emission is Expected to be the Prime Driver for Gas Turbine Market
Gas turbines are considered a more environment-friendly alternative for power generation than coal-driven technologies. Rising concern towards environmental protection and growing demand for more advanced power generation technologies that also have a less harmful impact on the environment is stimulating the growth of the market globally. Growing environmental pollution owing to rapid industrialization and application of fossil fuels for power generation are some of the key concerns driving consumer demand for gas turbines. The growing government initiatives towards promoting more environment-friendly power generation technologies for various industries such as oil and gas, chemicals, and manufacturing, among others, with the drive of mitigating greenhouse gas emissions, are acting as major drivers for the gas turbine market.
Growing Application of Gas Turbines in the Aviation Industry
The growing proliferation of gas turbines in the aviation industry is one of the growth opportunities for the market. Gas turbines are recognized for their power-to-weight ratios, which is a suitable propulsion system for aircraft. Gas turbines are also efficient in electricity generation which is also anticipated to offer opportunities for the gas turbine market.
Gas Turbine Market Report Segmentation Analysis
Key segments that contributed to the derivation of the gas turbine market analysis are technology, capacity, and application.
- Based on technology, the market has been divided into open cycle, combined cycle. The combined cycle segment held a larger market share in 2023.
- In terms of capacity, the market has been segmented into Below 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW. The 120-300 MW segment dominated the market in 2023.
- In terms of application, the market has been segmented into power generation, oil and gas, and industrial. The power generation segment dominated the market in 2023.
Gas Turbine Market Share Analysis by Geography
The geographic scope of the Gas Turbine Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific has dominated the Gas Turbine Market in 2023. The Asia Pacific region includes Australia, China, India, Japan, and South Korea. The growing population and increasing energy demand are acting as major growth propelling factors for the Market in the Asia Pacific. Additionally, rising government focus on employing supportive policies and measures to reduce the dependence on fossil fuels to lower carbon emissions is projected to direct the growth of the Market in the Asia Pacific. China is a noteworthy player in the Asia Pacific, followed by India, Japan, and Australia in 2023. The high presence of gas turbine players in the Asia Pacific region is acting as a major driver for the market in Asia Pacific. Fast industrialization, growing urbanization, and increasing demand for energy are some of the major factors boosting the growth of the market in Asia Pacific.
Gas Turbine Market Report Scope
Gas Turbine Market News and Recent Developments
The Gas Turbine Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Gas Turbine Market and strategies:
- On April 2024, GE Vernova’s Gas Power business announced it had sealed an order from Korea Western Power Co., Ltd to deliver a GE Vernova H65 generator and a 7HA.02 gas turbine for KOWEPO’s power station in Gongju-si, Chungcheongnam-do Republic of Korea. (Source: GE, Press Release/Company Website/Newsletter)
- On January 2024, GE Vernova and IHI Corporation collaborated on a project to develop a new gas turbine combustor that is anticipated to be capable of utilizing ammonia as a viable fuel option for power generation and also will be suitable with GE Vernova’s 7F and 9F and 6F.03 gas turbines. (Source: GE, Press Release/Company Website/Newsletter)
Gas Turbine Market Report Coverage and Deliverables
The “Gas Turbine Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology ; Capacity ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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