Gas Turbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Capacity (200 MW, >200 MW), By Technology (Heavy Duty, Light Industrial, Aeroderivative), By Cycle (Simple Cycle, Combined Cycle), By Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, Others), By Region, and By Competition 2018-2028

Industry : Power
Pages : NA
Published Date : NA

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Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 17.51 Billion
CAGR (2023-2028)	4.92%
Fastest Growing Segment	Oil & Gas
Largest Market	Asia Pacific

Market Overview

The Global Gas Turbine Market is characterized by dynamic growth driven by a myriad of factors shaping the energy landscape. Gas turbines, serving as integral components in power generation, have witnessed widespread adoption globally. The market's trajectory is significantly influenced by the increasing demand for reliable, efficient, and flexible power generation solutions. A key driver is the rising global population and rapid industrialization, compelling nations to expand their energy infrastructure. The Asia-Pacific region notably dominates the market, driven by economic growth, urbanization, and a surge in electricity consumption. Environmental considerations play a pivotal role, prompting a shift toward cleaner and more sustainable energy technologies. Gas turbines, with their efficiency and versatility, are well-positioned to meet these demands. Governments worldwide, recognizing the need for energy diversification, are implementing supportive policies and incentives, further propelling market growth. Heavy-duty gas turbines, particularly those exceeding 200 MW, emerge as dominant segments due to their scalability, efficiency gains, and applicability to large-scale industrial and utility projects. The market's evolution is marked by advancements in technology, with ongoing research and development focusing on improving combustion processes, materials, and digital controls. Combined Cycle gas turbines, characterized by their enhanced efficiency through waste heat utilization, lead the market, providing a compelling solution for sustainable power generation. The adoption of gas turbines in diverse applications, from utility-scale power plants to industrial operations, underscores their versatility in addressing a spectrum of energy needs. Despite challenges such as emissions regulations and economic considerations, the Gas Turbine Market remains a linchpin in the global energy landscape, ensuring a reliable and efficient power supply to meet the world's escalating energy demands.

Key Market Drivers

Increasing Demand for Flexible Power Generation

The global Gas Turbine market is driven by the increasing demand for flexible power generation solutions. As the energy landscape experiences a paradigm shift with the integration of renewable energy sources, the need for power systems that can swiftly respond to fluctuations in demand becomes paramount. Gas turbines play a pivotal role in this scenario, renowned for their inherent flexibility and rapid start-up capabilities. They emerge as essential assets in supporting renewable energy integration, providing grid stability as peaking plants that can quickly ramp up or down to match the variable output of renewables. Moreover, gas turbines excel in load-following operations, adjusting their output in real-time to match changes in electricity demand. This adaptability ensures a stable and reliable power supply, making gas turbines indispensable for industries with dynamic operational requirements and for addressing the challenges posed by the intermittent nature of renewable energy.

Rising Global Energy Consumption and Industrialization

The escalating demand for energy on a global scale, driven by rapid industrialization, is a key driver for the Gas Turbine market. As nations undergo substantial industrial growth and urbanization, the need for efficient and scalable power generation solutions becomes paramount. Gas turbines, particularly heavy-duty turbines, play a crucial role in meeting the energy needs of large-scale industrial complexes and utility-scale power plants. Their ability to deliver substantial power output makes them indispensable in addressing the energy requirements of growing urban centers and industrial hubs. This driver highlights the role of gas turbines in providing reliable and efficient power to sustain the industrialization process and meet the energy demands of a burgeoning global population.

Commitment to Environmental Sustainability

The growing emphasis on environmental sustainability is a significant driver shaping the Gas Turbine market. Governments and regulatory bodies worldwide are increasingly incentivizing the adoption of cleaner technologies to address climate change and reduce air pollution. Gas turbines, especially in combined cycle configurations, offer environmental benefits by optimizing efficiency and reducing emissions. They align with global efforts to transition towards cleaner and more sustainable energy solutions. The economic viability of gas turbines further underscores their role in achieving sustainability goals, creating a synergy between environmental stewardship and efficient power generation. This driver reflects the pivotal role of gas turbines in contributing to a more sustainable and eco-friendly energy landscape.

Continuous Technological Advancements

The Gas Turbine market is characterized by continuous technological advancements that drive innovation and efficiency. Ongoing research and development efforts focus on enhancing combustion processes, materials, and digital controls, ensuring that gas turbines remain at the forefront of technological progress. The adaptability of gas turbines to new fuel sources showcases their versatility in addressing evolving energy needs. Technological advancements play a crucial role in improving the efficiency, reliability, and environmental performance of gas turbines, making them more competitive and aligned with the demands of a rapidly changing energy landscape. This driver underscores the dynamic nature of the gas turbine market, where innovation is a key differentiator.

Dominance of Combined Cycle Configurations

A pivotal driver in the Gas Turbine market is the dominance of Combined Cycle configurations. These systems, integrating gas and steam turbines, significantly enhance overall efficiency by utilizing waste heat from the gas turbine cycle to drive a secondary steam turbine. This dual-stage process maximizes energy extraction from the fuel, resulting in higher power output for a given amount of fuel consumed compared to simple cycle configurations. The economic advantages of Combined Cycle systems contribute to their market dominance, as the initial capital investment is offset by long-term operational cost savings and increased efficiency. Moreover, these configurations align with global efforts to reduce emissions, making them environmentally attractive. The dominance of Combined Cycle gas turbines underscores their pivotal role in providing optimized efficiency and reducing the environmental impact of power generation.

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Key Market Challenges

Stringent Emissions Regulations

A significant challenge facing the global Gas Turbine market is the imposition of stringent emissions regulations. Governments and environmental agencies worldwide are increasingly focused on reducing air pollution and mitigating climate change. Gas turbines, while efficient in power generation, emit pollutants such as nitrogen oxides (NOx) and carbon dioxide (CO2). Adhering to stringent emissions standards requires gas turbine manufacturers to invest in advanced technologies for emission control, adding complexity and cost to the production process. Meeting these regulatory requirements without compromising the economic viability of gas turbines poses a substantial challenge for the industry, necessitating continuous innovation in emission abatement technologies and combustion processes.

Economic Viability and Initial Capital Costs

The economic viability of gas turbines poses a considerable challenge, particularly in terms of the initial capital costs associated with their deployment. While gas turbines offer long-term operational efficiency and cost savings, the upfront investment can be substantial. This challenge is particularly relevant for emerging economies or projects with budget constraints. Balancing the need for high-performance turbines with the financial constraints of potential buyers remains a critical hurdle for the Gas Turbine market. Manufacturers and stakeholders must navigate these economic challenges to ensure that gas turbines remain competitive and accessible in diverse global markets.

Intermittency of Renewable Energy Integration

The growing emphasis on renewable energy integration presents a unique challenge for the Gas Turbine market. Renewable sources, such as solar and wind, exhibit intermittency in their power generation, creating a need for backup power systems to ensure grid stability. While gas turbines excel in providing flexible power generation, the intermittent nature of renewables can impact the overall utilization and efficiency of gas turbines. Striking a balance between the variability of renewable energy and the consistent power supply required by gas turbines poses a complex challenge. The industry must innovate to enhance the compatibility and integration of gas turbines within hybrid energy systems.

Competition from Alternative Technologies

The Gas Turbine market faces stiff competition from alternative technologies that are vying for a share in the evolving energy landscape. Advanced energy storage systems, fuel cells, and emerging technologies in the renewables sector are gaining traction as viable alternatives to traditional gas turbine solutions. The challenge lies in positioning gas turbines as competitive options amid a diverse array of innovative technologies. Addressing this challenge requires continuous research and development to enhance the efficiency, environmental performance, and versatility of gas turbines, ensuring their relevance and competitiveness in the face of evolving energy solutions.

Geopolitical Instabilities and Supply Chain Risks

The Gas Turbine market is susceptible to geopolitical instabilities and supply chain risks, which can impact the availability and cost of critical components. Political tensions, trade disputes, and disruptions in the supply chain due to events such as natural disasters can lead to delays in manufacturing and delivery. Such uncertainties pose challenges for gas turbine manufacturers in maintaining a reliable and cost-effective supply chain. Addressing geopolitical risks requires strategic planning, diversification of suppliers, and collaborative efforts within the industry to ensure a resilient and stable global market for gas turbines. Navigating these challenges is crucial to sustaining the growth and competitiveness of the Gas Turbine market in a rapidly changing geopolitical landscape.

Key Market Trends

Transition to Sustainable Aviation Fuels

One prominent trend shaping the global Gas Turbine market is the transition to sustainable aviation fuels (SAFs). With the aviation industry seeking to reduce its carbon footprint, gas turbines used in aircraft are undergoing a transformation. Manufacturers are increasingly exploring and adopting SAFs, which are derived from renewable feedstocks, as an alternative to traditional aviation fuels. This trend aligns with global efforts to decarbonize the aviation sector and addresses environmental concerns. As the demand for more sustainable air travel grows, the Gas Turbine market is witnessing a shift towards cleaner fuel sources, promoting a more eco-friendly and sustainable aviation industry.

Digitalization and Smart Technologies Integration

Digitalization and the integration of smart technologies are emerging as transformative trends in the Gas Turbine market. Advanced sensors, data analytics, and artificial intelligence are being incorporated into gas turbine systems to enhance operational efficiency, predictive maintenance, and overall performance. This trend enables real-time monitoring, diagnostics, and optimization of gas turbine operations, leading to improved reliability and reduced downtime. The deployment of digital twin technology, which creates virtual replicas of physical turbines for simulation and analysis, further contributes to the industry's evolution towards more intelligent and data-driven gas turbine solutions.

Hybrid Power Plants and Energy Storage Integration

The integration of gas turbines in hybrid power plants, combined with energy storage systems, is gaining momentum as a trend in the Gas Turbine market. Hybrid power plants combine different energy sources, such as renewables and gas turbines, to optimize power generation and grid stability. Gas turbines play a crucial role in providing flexible and rapid-response power, complementing the intermittent nature of renewable energy sources. Additionally, the integration of energy storage systems enhances the overall efficiency and reliability of power generation. This trend reflects the industry's response to the evolving energy landscape, where hybrid solutions offer a balanced approach to address variability in demand and supply.

Increased Focus on Decentralized Power Generation

An increasing focus on decentralized power generation is influencing the Gas Turbine market. Traditionally centralized power plants dominated, but there is a growing shift towards distributed energy systems, where gas turbines play a vital role. Decentralized power generation, often in the form of combined heat and power (CHP) systems, allows for localized energy production, reducing transmission losses and enhancing overall energy efficiency. Gas turbines, with their scalability and adaptability, are well-suited for decentralized applications, providing on-site power generation for industries, commercial establishments, and residential complexes. This trend reflects a broader paradigm shift towards more resilient and localized energy infrastructures.

Advancements in Additive Manufacturing and Materials

Advancements in additive manufacturing and materials represent a significant trend in the Gas Turbine market. Innovations in 3D printing technology enable the production of complex and high-performance components with enhanced durability and efficiency. Additive manufacturing allows for intricate designs and precise customization of turbine parts, contributing to overall improvements in gas turbine performance. Additionally, the use of advanced materials, such as high-temperature alloys and ceramics, enhances the durability and operating temperature range of gas turbines. This trend signifies a continuous effort to push the technological boundaries of gas turbines, making them more resilient, efficient, and adaptable to diverse operating conditions.

Segmental Insights

Capacity Insights

>200 MW segment dominates in the global gas turbine market in 2022. Gas turbines with a capacity exceeding 200 MW are particularly favored for their ability to deliver substantial power output, making them indispensable in meeting the energy needs of mega-scale industrial complexes, large utility power plants, and grid applications. Their dominance is most pronounced in regions experiencing rapid industrialization, urbanization, and a surge in electricity consumption. The inherent scalability and efficiency of >200 MW gas turbines position them as cornerstone components in power generation systems that aim for optimal performance at an extensive scale.

One key driver of the dominance of the >200 MW segment is the efficiency gains achieved with larger turbines. Higher capacity gas turbines often exhibit superior thermal efficiency, converting a larger proportion of the input fuel into electricity. This efficiency advantage not only contributes to cost-effectiveness but also aligns with global initiatives to enhance energy efficiency and reduce carbon emissions.

Furthermore, the >200 MW gas turbines are well-suited for applications where large-scale, continuous, and reliable power generation is paramount. Sectors such as heavy industry, manufacturing, and utilities require a robust and consistent energy supply to sustain their operations. Gas turbines in this capacity range provide a reliable solution for base-load power generation and serve as critical assets in ensuring grid stability, particularly in regions with fluctuating electricity demand.

The dominance of the >200 MW segment is also reinforced by advancements in combined cycle technology, where the waste heat from the initial gas turbine cycle is harnessed to drive a steam turbine, further boosting overall efficiency. This combined cycle configuration is particularly prevalent in power plants with capacities exceeding 200 MW, emphasizing the integral role these turbines play in achieving enhanced performance and cost savings.

Technology Insights

Heavy Duty segment dominates in the global gas turbine market in 2022. Heavy-duty gas turbines, characterized by their large size, high power output, and extended operational capabilities, stand at the forefront of the global gas turbine landscape. These turbines typically find deployment in scenarios requiring substantial power generation, such as utility-scale power plants, industrial complexes, and large manufacturing facilities. The sheer scale and power output of heavy-duty gas turbines position them as primary contenders in addressing the escalating energy demands of burgeoning urban centers and industrial hubs worldwide.

One of the primary drivers of the dominance of the Heavy-Duty segment is its ability to deliver continuous and stable power over extended operational periods. Designed for base-load power generation, heavy-duty gas turbines are well-suited for applications where a consistent and reliable power supply is paramount. Their operational efficiency, coupled with the capability for sustained output, makes them indispensable in meeting the demands of energy-intensive industries and utility-scale power plants.

Moreover, heavy-duty gas turbines play a critical role in combined cycle power plants, a configuration that enhances overall efficiency by harnessing the waste heat from the gas turbine cycle to drive a steam turbine. This combined cycle technology, often associated with large-scale power generation, further amplifies the economic viability and environmental performance of heavy-duty gas turbines.

The dominance of the Heavy-Duty segment is also accentuated by its adaptability to a variety of fuel sources, including natural gas, diesel, and, increasingly, a focus on alternative fuels. This versatility aligns with global efforts to diversify energy sources and transition towards cleaner and more sustainable fuel options. Heavy-duty gas turbines, with their flexibility in fuel utilization, provide a strategic advantage in addressing environmental concerns and regulatory requirements.

Additionally, the Heavy-Duty segment benefits from continuous advancements in technology, including improvements in materials, combustion processes, and digital controls. These innovations enhance the efficiency, reliability, and environmental performance of heavy-duty gas turbines, reinforcing their position as the preferred choice for large-scale power generation projects.

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Regional Insights

Asia Pacific dominates the Global Gas Turbine Market in 2022. First and foremost, rapid economic expansion and industrial development in countries across Asia-Pacific have driven an unprecedented increase in energy consumption. As industries expand and urbanization accelerates, the demand for reliable and efficient power generation rises significantly. Gas turbines, known for their versatility, efficiency, and quick-start capabilities, have become a preferred choice to meet this escalating demand for electricity.

Additionally, the Asia-Pacific region is home to some of the world's most populous countries, including China and India, where burgeoning populations contribute to a substantial increase in electricity requirements. Gas turbines offer a scalable solution that can be deployed to match varying demand levels, making them suitable for the dynamic energy needs of densely populated urban areas and industrial hubs.

Furthermore, the commitment of many Asia-Pacific nations to diversify their energy mix and reduce dependency on traditional fossil fuels plays a pivotal role. Governments in the region recognize the importance of adopting cleaner and more efficient technologies to address environmental concerns and achieve sustainability goals. Gas turbines, particularly in combined cycle configurations, offer an energy-efficient solution with lower emissions compared to some conventional power generation technologies.

Strategic investments in infrastructure development and energy projects also contribute to the dominance of the Asia-Pacific region in the Gas Turbine Market. Countries in this region are investing heavily in modernizing their power generation infrastructure, constructing new power plants, and upgrading existing facilities. Gas turbines, with their capability for quick deployment and adaptability to various applications, align with the goals of modernizing energy infrastructure efficiently.

Recent Developments

In March 2023, GE’s latest high-efficiency gas turbine will cover less natural gas, which will be implemented in the 435-megawatt Tallawarra power station in Sydney, Australia.
January 2023, Mitsubishi Power accepts an order for H-25 Gas Turbine for Taiwan’s Chang Chun petrochemical project; additionally, conversion of the cogeneration system at the Miaoli Factory in Miaoli City to a High Power-Efficient Gas-Fired System to Decrease CO2 Emissions.
January 2022, GE Digital’s Autonomous Tuning Speed up the Energy Transition with Machine Learning and Artificial Intelligence, which will reduce harmful emissions and fuel consumption for gas turbines. Additionally, this will cost lower machinery and operational flexibility.
March 2021, General Electric declared to deliver the first two HA gas turbines to the UAE, which will likely be the most effective power plant in the middle east utility sector. General Electric will source in total three 9HA.01 gas-driven turbines.

Key Market Players

Mitsubishi Heavy Industries, Ltd.
Siemens Energy AG
General Electric (GE)
Ansaldo Energia S.p.A.
Kawasaki Heavy Industries, Ltd.
Baker Hughes Company
Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
Bharat Heavy Electricals Limited
Solar Turbines Inc.
Dongfang Electric Corporation Limited

By Capacity	By Technology	By Cycle	By Sector	By Region
200 MW >200 MW	Heavy Duty Light Industrial Aeroderivative	Simple Cycle Combined Cycle	Power Utilities Oil & Gas Manufacturing Aviation Others	North America Europe South America Middle East & Africa Asia Pacific

Report Scope:

In this report, the Global Gas Turbine Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Gas Turbine Market, By Capacity:

o 200 MW

o >200 MW

Gas Turbine Market, By Technology:

o Heavy Duty

o Light Industrial

o Aeroderivative

Gas Turbine Market, By Cycle:

o Simple Cycle

o Combined Cycle

Gas Turbine Market, By Sector:

o Power Utilities

o Oil & Gas

o Manufacturing

o Aviation

o Others

Gas Turbine Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ Germany

§ France

§ United Kingdom

§ Italy

§ Spain

o South America

§ Brazil

§ Argentina

§ Colombia

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Australia

o Middle East & Africa

§ Saudi Arabia

§ UAE

§ South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Gas Turbine Market.

Available Customizations:

Global Gas Turbine Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

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Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Impact of COVID-19 on Global Gas Turbine Market

5. Voice of Customer

6. Global Gas Turbine Market Overview

7. Global Gas Turbine Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Capacity (200 MW, >200 MW)

7.2.2. By Technology (Heavy Duty, Light Industrial, Aeroderivative)

7.2.3. By Cycle (Simple Cycle, Combined Cycle)

7.2.4. By Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, Others)

7.2.5. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3. By Company (2022)

7.4. Market Map

8. North America Gas Turbine Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Capacity

8.2.2. By Technology

8.2.3. By Cycle

8.2.4. By Sector

8.2.5. By Country

8.2.5.1. United States Gas Turbine Market Outlook

8.2.5.1.1. Market Size & Forecast

8.2.5.1.1.1. By Value

8.2.5.1.2. Market Share & Forecast

8.2.5.1.2.1. By Capacity

8.2.5.1.2.2. By Technology

8.2.5.1.2.3. By Cycle

8.2.5.1.2.4. By Sector

8.2.5.2. Canada Gas Turbine Market Outlook

8.2.5.2.1. Market Size & Forecast

8.2.5.2.1.1. By Value

8.2.5.2.2. Market Share & Forecast

8.2.5.2.2.1. By Capacity

8.2.5.2.2.2. By Technology

8.2.5.2.2.3. By Cycle

8.2.5.2.2.4. By Sector

8.2.5.3. Mexico Gas Turbine Market Outlook

8.2.5.3.1. Market Size & Forecast

8.2.5.3.1.1. By Value

8.2.5.3.2. Market Share & Forecast

8.2.5.3.2.1. By Capacity

8.2.5.3.2.2. By Technology

8.2.5.3.2.3. By Cycle

8.2.5.3.2.4. By Sector

9. Europe Gas Turbine Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Capacity

9.2.2. By Technology

9.2.3. By Cycle

9.2.4. By Sector

9.2.5. By Country

9.2.5.1. Germany Gas Turbine Market Outlook

9.2.5.1.1. Market Size & Forecast

9.2.5.1.1.1. By Value

9.2.5.1.2. Market Share & Forecast

9.2.5.1.2.1. By Capacity

9.2.5.1.2.2. By Technology

9.2.5.1.2.3. By Cycle

9.2.5.1.2.4. By Sector

9.2.5.2. France Gas Turbine Market Outlook

9.2.5.2.1. Market Size & Forecast

9.2.5.2.1.1. By Value

9.2.5.2.2. Market Share & Forecast

9.2.5.2.2.1. By Capacity

9.2.5.2.2.2. By Technology

9.2.5.2.2.3. By Cycle

9.2.5.2.2.4. By Sector

9.2.5.3. United Kingdom Gas Turbine Market Outlook

9.2.5.3.1. Market Size & Forecast

9.2.5.3.1.1. By Value

9.2.5.3.2. Market Share & Forecast

9.2.5.3.2.1. By Capacity

9.2.5.3.2.2. By Technology

9.2.5.3.2.3. By Cycle

9.2.5.3.2.4. By Sector

9.2.5.4. Italy Gas Turbine Market Outlook

9.2.5.4.1. Market Size & Forecast

9.2.5.4.1.1. By Value

9.2.5.4.2. Market Share & Forecast

9.2.5.4.2.1. By Capacity

9.2.5.4.2.2. By Technology

9.2.5.4.2.3. By Cycle

9.2.5.4.2.4. By Sector

9.2.5.5. Spain Gas Turbine Market Outlook

9.2.5.5.1. Market Size & Forecast

9.2.5.5.1.1. By Value

9.2.5.5.2. Market Share & Forecast

9.2.5.5.2.1. By Capacity

9.2.5.5.2.2. By Technology

9.2.5.5.2.3. By Cycle

9.2.5.5.2.4. By Sector

10. South America Gas Turbine Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Capacity

10.2.2. By Technology

10.2.3. By Cycle

10.2.4. By Sector

10.2.5. By Country

10.2.5.1. Brazil Gas Turbine Market Outlook

10.2.5.1.1. Market Size & Forecast

10.2.5.1.1.1. By Value

10.2.5.1.2. Market Share & Forecast

10.2.5.1.2.1. By Capacity

10.2.5.1.2.2. By Technology

10.2.5.1.2.3. By Cycle

10.2.5.1.2.4. By Sector

10.2.5.2. Colombia Gas Turbine Market Outlook

10.2.5.2.1. Market Size & Forecast

10.2.5.2.1.1. By Value

10.2.5.2.2. Market Share & Forecast

10.2.5.2.2.1. By Capacity

10.2.5.2.2.2. By Technology

10.2.5.2.2.3. By Cycle

10.2.5.2.2.4. By Sector

10.2.5.3. Argentina Gas Turbine Market Outlook

10.2.5.3.1. Market Size & Forecast

10.2.5.3.1.1. By Value

10.2.5.3.2. Market Share & Forecast

10.2.5.3.2.1. By Capacity

10.2.5.3.2.2. By Technology

10.2.5.3.2.3. By Cycle

10.2.5.3.2.4. By Sector

11. Middle East & Africa Gas Turbine Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Capacity

11.2.2. By Technology

11.2.3. By Cycle

11.2.4. By Sector

11.2.5. By Country

11.2.5.1. Saudi Arabia Gas Turbine Market Outlook

11.2.5.1.1. Market Size & Forecast

11.2.5.1.1.1. By Value

11.2.5.1.2. Market Share & Forecast

11.2.5.1.2.1. By Capacity

11.2.5.1.2.2. By Technology

11.2.5.1.2.3. By Cycle

11.2.5.1.2.4. By Sector

11.2.5.2. UAE Gas Turbine Market Outlook

11.2.5.2.1. Market Size & Forecast

11.2.5.2.1.1. By Value

11.2.5.2.2. Market Share & Forecast

11.2.5.2.2.1. By Capacity

11.2.5.2.2.2. By Technology

11.2.5.2.2.3. By Cycle

11.2.5.2.2.4. By Sector

11.2.5.3. South Africa Gas Turbine Market Outlook

11.2.5.3.1. Market Size & Forecast

11.2.5.3.1.1. By Value

11.2.5.3.2. Market Share & Forecast

11.2.5.3.2.1. By Capacity

11.2.5.3.2.2. By Technology

11.2.5.3.2.3. By Cycle

11.2.5.3.2.4. By Sector

12. Asia Pacific Gas Turbine Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value

12.2. Market Size & Forecast

12.2.1. By Capacity

12.2.2. By Technology

12.2.3. By Cycle

12.2.4. By Sector

12.2.5. By Country

12.2.5.1. China Gas Turbine Market Outlook

12.2.5.1.1. Market Size & Forecast

12.2.5.1.1.1. By Value

12.2.5.1.2. Market Share & Forecast

12.2.5.1.2.1. By Capacity

12.2.5.1.2.2. By Technology

12.2.5.1.2.3. By Cycle

12.2.5.1.2.4. By Sector

12.2.5.2. India Gas Turbine Market Outlook

12.2.5.2.1. Market Size & Forecast

12.2.5.2.1.1. By Value

12.2.5.2.2. Market Share & Forecast

12.2.5.2.2.1. By Capacity

12.2.5.2.2.2. By Technology

12.2.5.2.2.3. By Cycle

12.2.5.2.2.4. By Sector

12.2.5.3. Japan Gas Turbine Market Outlook

12.2.5.3.1. Market Size & Forecast

12.2.5.3.1.1. By Value

12.2.5.3.2. Market Share & Forecast

12.2.5.3.2.1. By Capacity

12.2.5.3.2.2. By Technology

12.2.5.3.2.3. By Cycle

12.2.5.3.2.4. By Sector

12.2.5.4. South Korea Gas Turbine Market Outlook

12.2.5.4.1. Market Size & Forecast

12.2.5.4.1.1. By Value

12.2.5.4.2. Market Share & Forecast

12.2.5.4.2.1. By Capacity

12.2.5.4.2.2. By Technology

12.2.5.4.2.3. By Cycle

12.2.5.4.2.4. By Sector

12.2.5.5. Australia Gas Turbine Market Outlook

12.2.5.5.1. Market Size & Forecast

12.2.5.5.1.1. By Value

12.2.5.5.2. Market Share & Forecast

12.2.5.5.2.1. By Capacity

12.2.5.5.2.2. By Technology

12.2.5.5.2.3. By Cycle

12.2.5.5.2.4. By Sector

13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends and Developments

15. Company Profiles

15.1. Mitsubishi Heavy Industries, Ltd.

15.1.1. Business Overview

15.1.2. Key Revenue and Financials

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services Offered

15.2. Siemens Energy AG

15.2.1. Business Overview

15.2.2. Key Revenue and Financials

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services Offered

15.3. General Electric (GE)

15.3.1. Business Overview

15.3.2. Key Revenue and Financials

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services Offered

15.4. Ansaldo Energia S.p.A.

15.4.1. Business Overview

15.4.2. Key Revenue and Financials

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services Offered

15.5. Kawasaki Heavy Industries, Ltd.

15.5.1. Business Overview

15.5.2. Key Revenue and Financials

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services Offered

15.6. Baker Hughes Company

15.6.1. Business Overview

15.6.2. Key Revenue and Financials

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services Offered

15.7. Nanjing Turbine & Electric Machinery (Group) Co., Ltd.

15.7.1. Business Overview

15.7.2. Key Revenue and Financials

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services Offered

15.8. Bharat Heavy Electricals Limited

15.8.1. Business Overview

15.8.2. Key Revenue and Financials

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services Offered

15.9. Solar Turbines Inc.

15.9.1. Business Overview

15.9.2. Key Revenue and Financials

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services Offered

15.10.Dongfang Electric Corporation Limited

15.10.1. Business Overview

15.10.2. Key Revenue and Financials

15.10.3. Recent Developments

15.10.4. Key Personnel

15.10.5. Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the global gas turbine market in 2022?

The market size of the global gas turbine market was USD 17.51 Billion in 2022.

Which was the dominant segment in the global gas turbine market in 2022, by capacity?

>200 MW was the dominant segment in the global gas turbine market in 2022 by capacity.

What are the challenges in the global gas turbine market?

The challenges in the global gas turbine market include stringent emissions regulations, economic viability and initial capital costs, intermittency of renewable energy integration, competition from alternative technologies, etc.

What are the major drivers for the global gas turbine market?

The major drivers for the global gas turbine market include increasing demand for flexible power generation, rising global energy consumption and industrialization, commitment to environmental sustainability, continuous technological advancements, etc.

Related Reports

Parvati Sharma

Account Manager BD

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Press Release

Gas Turbine Market Expands with >200 MW Segment at a robust CAGR of 4.92%

Nov, 2023

The increasing global gas turbine market is driven by increasing demand for flexible power generation, rising global energy consumption and industrialization demand during the forecast period 2024-20