Gas Turbine Market revenue to reach USD 21 Billion by 2035, says Research Nester

Major gas turbine market players include 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., and Wartsila.


New York, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global Gas Turbine Market size is projected to expand at ~5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 21 billion by the end of 2035, up from a revenue of ~USD 14 billion in the year 2022. The growth of the market is attributed to the increasing demand for natural gas and energy-efficient power plants, increasing investment in the energy sector and growing demand for electricity, especially in emerging markets.

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In addition, government plans to boost the energy sector and reduce carbon emissions have further contributed to the market growth. Between April 2000 and June 2022, a total of US$17 billion flowed into the Indian power sector. As of October 31, 2022, India had a total of 167 GW of renewable energy installed in, accounting for 41% of the country's total electricity capacity. Gas turbines produce fewer emissions than traditional coal-fired power plants and are becoming increasingly popular 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 gas turbine market growth.


Gas Turbine Market: Key Takeaways

  • Market in Asia Pacific to propel highest growth
  • The above 200 MW segment to garner the highest growth
  • Market in North America to grow at a highest rate

Increasing Preference for Gas-Fired Power Plants across the Globe to Boost Market Growth

Domestic demand for natural gas in the EU increased by 4% in 2021 compared to 2020. In addition, the EU's dependence on natural gas imports reached 82% in 2021. As the demand for gas increases, more gas turbines are needed to generate the necessary electricity. At the same time, greater supply is making gas more affordable, leading to more people turning to gas turbines for their energy needs. According to the US Energy Information Administration, natural gas was the source of 38% in 2021, 3% of utility-scale electricity is to be achieved. The increasing availability of natural gas combined with its affordability has encouraged many countries to switch to natural gas power generation. This has led to an increase in demand for gas turbines used in natural gas fired power generation.

Nuclear power plants require high initial investments and involve operational risks, such as the possibility of a core meltdown, which can cause significant environmental damage. In addition, nuclear power plants produce large amounts of carbon emissions, which has increased the demand for gas-fired power plants as an alternative. In 2021, energy-related activities emitted around 36.3 billion tons of carbon dioxide, 6% more than in 2021.

Gas Turbine Market: Regional Overview

The global gas turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding Industrial Sector to Drive the Market Growth in Asia Pacific Region

The gas turbine market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The Asia Pacific region has been experiencing rapid industrialization and urbanization, leading to an increasing demand for electricity. Gas turbines are preferred for power generation due to their efficiency and flexibility, driving the growth of the market. Many countries in the Asia Pacific region are shifting towards cleaner and more sustainable energy sources. Natural gas is considered a cleaner alternative to coal and is being increasingly used in gas-fired power plants, boosting the demand for gas turbines. According to the International Energy Agency (IEA), the share of natural gas in the Asia Pacific's energy mix is expected to increase significantly in the coming decades, driven by policy initiatives and environmental concerns.

Moreover, the growth of industries in the region, such as manufacturing, petrochemicals, and oil and gas, has led to an increased demand for industrial gas turbines. Cogeneration applications, which involve simultaneous electricity and heat generation, are becoming popular in industries, driving gas turbine installations. Infrastructure development projects, including the construction of new power plants, airports, and commercial buildings, are driving the demand for gas turbines in the region. Additionally, urbanization is creating a need for efficient and reliable power generation systems.

Growing use of natural gas to Propel the Growth in the North America Region

The North America gas turbine market is estimated to garner the highest CAGR by the end of 2035. The growth of the market is mainly attributed to the increasing use of natural gas as a power source, aided by the presence of oil wells in countries like Canada and the United States. Figures from the Energy Information Administration show that the power sector consumed about 38% of all US natural gas consumption in 2020, for a total of 30.48 trillion cubic feet. Natural gas is a relatively clean-burning fuel and can be used to generate electricity more efficiently than other energy sources. As a result, it is gaining popularity in the region as a power generation option, leading to increased demand for gas turbines. In addition, the growing demand for efficient and cost-effective gas turbine systems from the power generation sector, as well as the increasing demand for natural gas powered power generation and the plentiful supply of natural gas are expected to fuel the growth of the regional market in the coming years.

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Gas Turbine Market, Segmentation by Capacity

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

Amongst these segments, the above 200 MW segment is anticipated to hold the largest share over the forecast period. The growth of the segment is due to the increasing demand for efficient, reliable and cost-effective power generation solutions for large-scale applications. For example, six GE LM2500XPRESS gas turbines at Dublin's temporary gas power station will generate approximately 200 megawatts (MW) of electricity, enabling Ireland to meet its electricity needs and ensure the stability of its electricity supply.

In addition, the higher fuel efficiency and lower maintenance costs associated with the gas turbines are expected to drive growth in this segment. Further, turbines larger than 200 MW are more efficient than smaller turbines and can generate more electricity using less fuel. This makes them a more profitable option for power generation companies.

Gas Turbine Market, Segmentation by Type

  • Open Cycle
  • Combined Cycle

Amongst these segments, the open cycle segment is anticipated to hold a significant share over the forecast period. Open cycle gas turbines are well-suited for peaking power plants, which are used to meet electricity demand during peak periods when electricity consumption is at its highest. With increasing fluctuations in electricity demand, the need for peaking power plants has been rising, driving the demand for open cycle gas turbines. According to a report by the International Energy Agency (IEA), peaking power plants' capacity is expected to grow significantly in the coming years to support the integration of variable renewable energy sources, thereby boosting the demand for open cycle gas turbines. Open cycle gas turbines offer quick start-up times and high responsiveness, making them ideal for applications where rapid load changes are required. In grids with a higher share of variable renewable energy sources, open cycle gas turbines play a crucial role in stabilizing grid frequency and ensuring grid reliability.

Government policies and incentives that promote the use of cleaner and more efficient power generation technologies have boosted the adoption of open cycle gas turbines. Supportive regulations and financial incentives have encouraged investments in open cycle gas turbine projects. Government initiatives, such as carbon pricing and emissions reduction targets, have encouraged industries and power plant operators to adopt gas turbines as part of their strategies to lower carbon emissions.

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Gas Turbine, Segmentation by End User

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

Few of the well-known market leaders in the global gas turbine market that are profiled by Research Nester 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 other key market players.

Recent Development in the Market

  • Shanghai Electric Company and Ansaldo Energia have been awarded a USD 350 million contract to build an 800MW combined-cycle power plant in Bangladesh. The project is part of the Bangladesh government's plan to increase the country's power generation capacity.
  • The Mexican government commissioned a consortium of Técnicas Reunidas and TSK to design and build combined cycle power plants in Valladolid and Mérida. Approximately 1,000 MW and 500 MW of power are expected from these systems.

About Research Nester

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