Gas Turbine Market Size to Reach US$26.5 Bn by 2031, Projects a New Report

A Recent Study by Fairfield Market Research Predicts a Steady Yet Healthy Rise in the Global Gas Turbine Market in the Years to Come. Asia Pacific to Grow the Fastest, Fueled by Rapidly Developing Economies, and Surging Electricity Demand.

London, April 16, 2024 (GLOBE NEWSWIRE) -- Driven primarily by the rising demand for efficient power generation, the global gas turbine market is expected to witness steady growth over the next few years, reaching a value of US$26.5 Bn by 2031. This growth is projected to be driven at a promising CAGR of 5% between 2024 and 2031.

A recent study by Fairfield Market Research predicts a significant rise in the global gas turbine market over the next five years. The market is expected to be driven by several factors, including increasing government funding for power generation technologies, the growing popularity of natural gas as a fuel source, and the rising demand for efficient and clean power generation solutions.

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Report AttributesDetails
Base Year2022 
Forecast Year2023 – 2030
Market Size in 2022US$19.4 Bn
Estimated Market Size in 2030US$25.6 Bn
Growth Drivers
  • Soaring Global Need for Electricity
  • Clean Energy Transition
  • Emphasis on Efficiency Improvement
  • By Technology (Open Cycle, Combined Cycle)
  • By Design Type (Heavy-duty, Aero-derivative)
  • By Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, Above 300 MW)
  • By Application (Power Generation, Oil & Gas, Marine, Aerospace, Process Plants, Others)
Regional Coverage
  • North America (US, Canada)
  • Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
  • Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)

Gas turbines are essential components in various industries, including power generation, oil and gas, and aviation. The increasing demand for efficient and reliable power generation is expected to be a key driver of the market. Additionally, the growing adoption of natural gas as a cleaner alternative to traditional fuels is likely to further propel market growth.

While there are various growth driving factors for the industry, a senior analyst at the company points to a few of those, “Increasing government funding for power generation technologies, particularly those focused on efficiency and cleaner energy sources, and the growing popularity of natural gas as a fuel source, driven by its abundance and relatively lower emissions compared to coal or oil. The rising demand for efficient and clean power generation solutions to meet the growing global energy needs will also push the market revenue upwards.”

As the global population surges, so does the demand for electricity. Gas turbines offer a highly efficient and reliable solution for utilities around the world. Governments are implementing stricter environmental regulations to tackle air pollution. Gas turbines, with their significantly lower emissions compared to coal-fired power plants, provide a more environmentally friendly alternative.

As a cleaner burning fuel source compared to coal or oil, natural gas is becoming increasingly popular for power generation, further propelling the gas turbine market due to their compatibility.

Technological advancements, such as the development of cleaner burning and more efficient gas turbines, are expected to further propel market growth. The rising demand for distributed power generation is expected to create new opportunities for smaller and more efficient gas turbines.

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Key Research Insights

  • Natural gas is the largest source of electricity generation globally, and this trend is expected to continue in the coming years.
  • The combined cycle technology segment is projected to be the fastest-growing segment of the market, owing to its lower emissions and higher efficiency.
  • The Asia Pacific region is expected to retain dominance throughout the forecast period.

Insights into Segmentation Analysis

Combined Cycle Gas Turbines Lead by Technology

Combined cycle gas turbines are expected to remain the dominant segment throughout the forecast period due to their high efficiency and lower emissions.

Simple cycle gas turbines are likely to see continued use in peak load applications and industrial settings.

The aeroderivative gas turbine segment is anticipated to experience healthy growth due to the increasing demand for distributed power generation.

Natural Gas Continues to Witness the Highest Preference

Natural gas is expected to remain the most widely used fuel for gas turbines due to its abundance, clean burning properties, and relatively low cost.

Oil-fired gas turbines are expected to see a decline in market share as environmental regulations become more stringent.

The dual fuel gas turbine segment is expected to experience modest growth, offering operators the flexibility to switch between natural gas and oil depending on fuel prices.

Key Report Highlights

  • The growing focus on energy efficiency is expected to drive the demand for more efficient gas turbine technologies.
  • The increasing adoption of renewable energy sources is expected to create opportunities for gas turbines to be used in conjunction with renewables to provide grid balancing and backup power.
  • The rising demand for distributed power generation is expected to create new opportunities for smaller and more modular gas turbines.

Insights into Regional Analysis

The Asia Pacific region is expected to be the fastest-growing market for gas turbines, driven by the region's rapidly growing economies and increasing demand for electricity.

North America, and Europe are expected to remain mature markets for gas turbines, with growth being driven by the replacement of aging infrastructure and the adoption of new technologies.

The Middle East and Africa are expected to see healthy growth in the gas turbine market, driven by rising investments in power generation infrastructure.

Latin America is expected to be a slow-growing market for gas turbines, due to the region's economic and political challenges.

Key Companies in Global Gas Turbine Market

  • Siemens AG
  • General Electric Company
  • Mitsubishi Heavy Industries Ltd.
  • Rolls-Royce plc
  • Kawasaki Heavy Industries Ltd.
  • Solar Turbines Incorporated
  • Pratt & Whitney
  • MAN Energy Solutions SE

Global Gas Turbine Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031 - (By Technology Coverage, By Design Type Coverage, By Rating Capacity Coverage, By Application Coverage, By Geographic Coverage and By Company):

About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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