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The Gas Turbines Market size was estimated at USD 20.68 billion in 2023, USD 21.59 billion in 2024, and is expected to grow at a CAGR of 4.62% to reach USD 28.37 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
A gas turbine is an engine that converts the energy from fuel combustion into mechanical energy. The system is widely used across power generation, manufacturing, and oil & gas industries due to its highly reliable machine-run capacity. Increasing demand for electricity driven by industrial growth and infrastructure development are the major factors accelerating the use of gas turbines. With the shift to renewable energy sources in support of government initiatives, the need for high-performing gas turbines has expanded. However, gas turbines' functional limitations and environmental impact impede product penetration. Market players are working on building more advanced gas turbines while focusing on predictive maintenance facilities to enable flexible and more effective operations of gas turbines. Moreover, several investments have been made in distributed and decentralized power generation activities across emerging economies, creating new opportunities for deploying modern gas turbines. The aging power generation infrastructure in many countries has also required gas turbines for replacement due to their operational flexibility and resilience.
Regional Insights
The Americas region has observed a growing market for gas turbines, driven by their rising power generation activities, shale gas exploration, and industrial applications. The U.S. and Canada share the presence of established companies working on offering highly-efficient gas turbines to their long-term industrial clients. The Asian market is denoted by rising urbanization, investments in power generation, and renewable energy, backed by the government's current focus on optimizing its energy mix. China, India, Japan, and South Korea observed increased use of gas turbines in power plants and combined heat & power systems, which has witnessed a recent rise in deployment. The market in Europe is driven by the growing focus of market players on renewable energy integration and grid stability supporting the country's energy transition. Germany, the UK, and the Netherlands have a mature gas turbine market, with players focused on expanding their production facilities and introducing energy-efficient systems. The Middle East & Africa has abundant oil & gas reserves, particularly across the UAE, Saudi Arabia, South Africa, Nigeria, and Egypt, to meet their increasing energy needs, driving the adoption of gas turbines in the region.FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Gas Turbines Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Gas Turbines Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Key Company Profiles
The report delves into recent significant developments in the Gas Turbines Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Ltd., Danfoss A/S, Doosan Enerbility Co., Ltd., General Electric Company, GKN PLC, Harbin Electric Corporation, Hindustan Aeronautics Limited, Honeywell International Inc., IHI Corporation, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, MAPNA Group, Mitsubishi Heavy Industries, Ltd., MTU Aero Engines AG, Nidec Corporation, OPRA Turbines BV, Power Machines, Regal Rexnord Corporation, Rolls-Royce PLC, Siemens AG, Solar Turbines Incorporated, TECO-Westinghouse, Toshiba Corporation, Vericor Power Systems, WEG S.A., and Wärtsilä Corporation.Market Segmentation & Coverage
This research report categorizes the Gas Turbines Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Aero-Derivative Gas Turbines
- Heavy-Duty Gas Turbines
- Industrial Gas Turbines
- Technology
- Closed Cycle
- Combined Cycle
- Open Cycle
- Rating Capacity
- 120–300 MW
- 40–120 MW
- Above 300 MW
- Less than 40 MW
- Application
- Aviation
- Manufacturing
- Oil & Gas
- Power Generation
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Gas Turbines Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Gas Turbines Market?
- What are the technology trends and regulatory frameworks in the Gas Turbines Market?
- What is the market share of the leading vendors in the Gas Turbines Market?
- Which modes and strategic moves are suitable for entering the Gas Turbines Market?
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Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Gas Turbines Market, by Type
7. Gas Turbines Market, by Technology
8. Gas Turbines Market, by Rating Capacity
9. Gas Turbines Market, by Application
10. Americas Gas Turbines Market
11. Asia-Pacific Gas Turbines Market
12. Europe, Middle East & Africa Gas Turbines Market
13. Competitive Landscape
14. Competitive Portfolio
15. Appendix
List of Figures
List of Tables
Companies Mentioned
- ABB Ltd.
- Ansaldo Energia S.p.A.
- Bharat Heavy Electricals Limited
- Capstone Green Energy Corporation
- Centrax Ltd.
- Danfoss A/S
- Doosan Enerbility Co., Ltd.
- General Electric Company
- GKN PLC
- Harbin Electric Corporation
- Hindustan Aeronautics Limited
- Honeywell International Inc.
- IHI Corporation
- Kawasaki Heavy Industries, Ltd.
- MAN Energy Solutions
- MAPNA Group
- Mitsubishi Heavy Industries, Ltd.
- MTU Aero Engines AG
- Nidec Corporation
- OPRA Turbines BV
- Power Machines
- Regal Rexnord Corporation
- Rolls-Royce PLC
- Siemens AG
- Solar Turbines Incorporated
- TECO-Westinghouse
- Toshiba Corporation
- Vericor Power Systems
- WEG S.A.
- Wärtsilä Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 188 |
| Published | March 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 21.59 Billion |
| Forecasted Market Value ( USD | $ 28.37 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
