The Global Industrial Gas Turbine Market was valued at USD 7.3 billion in 2024 and is estimated to grow at a CAGR of 5.1% to reach USD 12.2 billion by 2034.
As renewable energy sources continue to expand, the need for rapid response backup power is fueling demand for gas turbines capable of quick ramp-ups. These turbines play a critical role in ensuring grid stability when solar and wind output is inconsistent. The gradual phase-out of coal plants, combined with the availability of legacy infrastructure, is expected to accelerate turbine replacement and repowering projects, particularly across developing economies. Their ability to provide firm, flexible generation makes gas turbines a strategic asset in modern energy systems increasingly defined by variability.
Industrial gas turbines are high-performance engines built to deliver electricity or mechanical power across various industrial sectors. They operate on the Brayton cycle by compressing air, mixing it with fuel, and combusting it to create high-speed gas flow through turbine blades, producing rotational energy. The rising demand for grid-stabilizing assets due to electrification trends in heating and transport sectors is advancing investments in flexible gas turbine solutions. The ongoing surge in data center development and urban power congestion also supports turbine installations at commercial or industrial sites where uptime is vital. Meanwhile, growing support for hydrogen as a cleaner fuel alternative and upgrades enabling turbines to run on hydrogen or blended fuels are strengthening the case for advanced, future-ready gas turbine technologies.
The turbines with 70 MW capacity held 38.6% share in 2024 and is anticipated to grow at a CAGR of 5% through 2034. This segment benefits from rising interest in distributed power solutions aimed at delivering electricity to localized zones, including industrial parks and remote communities. Increased deployment in peak-load and standby generation roles is also contributing to segment expansion, especially among small-scale utility providers and industrial operators.
The combined cycle segment held 82.5% share in 2024 and is forecast to grow at 4.5% CAGR from 2025 to 2034. The shift toward open cycle turbines is notable in regions with high renewable integration, as they provide fast-start capabilities to help stabilize the grid during periods of renewable intermittency. Their operational flexibility makes them an indispensable tool for balancing short-term supply and demand fluctuations, especially as clean energy sources scale.
United States Industrial Gas Turbine Market held a 53.3% share, generating USD 573.9 million in 2024. Utilities in the country are increasingly turning to gas turbines to reinforce power reliability and respond to fluctuating renewable output. The trend of replacing old coal assets with gas-fired systems continues to gain momentum, particularly in states pursuing aggressive decarbonization goals. Aeroderivative turbines are also seeing increased demand for decentralized power generation across military installations, airports, and industrial facilities where grid independence is a growing concern.
Major players shaping the Global Industrial Gas Turbine Market include Siemens Energy, Doosan, Vericor, MAN Energy Solutions, Flex Energy Solutions, Mitsubishi Heavy Industries, MTU Aero Engines, Solar Turbines, Wartsila, IHI Corporation, Harbin Electric, Baker Hughes, GE Vernova, JSC United Engine, Bharat Heavy Electricals, Destinus Energy, Rolls Royce, Ansaldo Energia, Capstone Green Energy, Kawasaki Heavy Industries, and Nanjing Turbine and Electric Machinery. Leading companies in the industrial gas turbine market are accelerating innovation through hydrogen-compatible technologies and fuel-flexible turbine systems. Strategic investments are focused on R&D for low-emission combustion systems and digital performance optimization platforms. OEMs are also engaging in retrofitting older turbine fleets with upgraded burners and control systems to meet clean energy targets. Partnerships with utilities and government bodies enable access to demonstration projects showcasing hydrogen and ammonia-based solutions. Further, companies are expanding their global service networks to offer long-term maintenance and performance contracts, increasing customer retention.
This product will be delivered within 2-4 business days.
As renewable energy sources continue to expand, the need for rapid response backup power is fueling demand for gas turbines capable of quick ramp-ups. These turbines play a critical role in ensuring grid stability when solar and wind output is inconsistent. The gradual phase-out of coal plants, combined with the availability of legacy infrastructure, is expected to accelerate turbine replacement and repowering projects, particularly across developing economies. Their ability to provide firm, flexible generation makes gas turbines a strategic asset in modern energy systems increasingly defined by variability.
Industrial gas turbines are high-performance engines built to deliver electricity or mechanical power across various industrial sectors. They operate on the Brayton cycle by compressing air, mixing it with fuel, and combusting it to create high-speed gas flow through turbine blades, producing rotational energy. The rising demand for grid-stabilizing assets due to electrification trends in heating and transport sectors is advancing investments in flexible gas turbine solutions. The ongoing surge in data center development and urban power congestion also supports turbine installations at commercial or industrial sites where uptime is vital. Meanwhile, growing support for hydrogen as a cleaner fuel alternative and upgrades enabling turbines to run on hydrogen or blended fuels are strengthening the case for advanced, future-ready gas turbine technologies.
The turbines with 70 MW capacity held 38.6% share in 2024 and is anticipated to grow at a CAGR of 5% through 2034. This segment benefits from rising interest in distributed power solutions aimed at delivering electricity to localized zones, including industrial parks and remote communities. Increased deployment in peak-load and standby generation roles is also contributing to segment expansion, especially among small-scale utility providers and industrial operators.
The combined cycle segment held 82.5% share in 2024 and is forecast to grow at 4.5% CAGR from 2025 to 2034. The shift toward open cycle turbines is notable in regions with high renewable integration, as they provide fast-start capabilities to help stabilize the grid during periods of renewable intermittency. Their operational flexibility makes them an indispensable tool for balancing short-term supply and demand fluctuations, especially as clean energy sources scale.
United States Industrial Gas Turbine Market held a 53.3% share, generating USD 573.9 million in 2024. Utilities in the country are increasingly turning to gas turbines to reinforce power reliability and respond to fluctuating renewable output. The trend of replacing old coal assets with gas-fired systems continues to gain momentum, particularly in states pursuing aggressive decarbonization goals. Aeroderivative turbines are also seeing increased demand for decentralized power generation across military installations, airports, and industrial facilities where grid independence is a growing concern.
Major players shaping the Global Industrial Gas Turbine Market include Siemens Energy, Doosan, Vericor, MAN Energy Solutions, Flex Energy Solutions, Mitsubishi Heavy Industries, MTU Aero Engines, Solar Turbines, Wartsila, IHI Corporation, Harbin Electric, Baker Hughes, GE Vernova, JSC United Engine, Bharat Heavy Electricals, Destinus Energy, Rolls Royce, Ansaldo Energia, Capstone Green Energy, Kawasaki Heavy Industries, and Nanjing Turbine and Electric Machinery. Leading companies in the industrial gas turbine market are accelerating innovation through hydrogen-compatible technologies and fuel-flexible turbine systems. Strategic investments are focused on R&D for low-emission combustion systems and digital performance optimization platforms. OEMs are also engaging in retrofitting older turbine fleets with upgraded burners and control systems to meet clean energy targets. Partnerships with utilities and government bodies enable access to demonstration projects showcasing hydrogen and ammonia-based solutions. Further, companies are expanding their global service networks to offer long-term maintenance and performance contracts, increasing customer retention.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter’s Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
This product will be delivered within 2-4 business days.
Table of Contents
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive Landscape, 2025
Chapter 5 Market Size and Forecast, by Capacity, 2021-2034 (USD Million & MW)
Chapter 6 Market Size and Forecast, by Product, 2021-2034 (USD Million & MW)
Chapter 7 Market Size and Forecast, by Technology, 2021-2034 (USD Million & MW)
Chapter 8 Market Size and Forecast, by Application, 2021-2034 (USD Million & MW)
Chapter 9 Market Size and Forecast, by Region, 2021-2034 (USD Million & MW)
Chapter 10 Company Profiles
Companies Mentioned
The key companies profiled in this Industrial Gas Turbine market report include:- Ansaldo Energia
- Baker Hughes
- Bharat Heavy Electricals
- Capstone Green Energy
- Destinus Energy
- Doosan
- Flex Energy Solutions
- GE Vernova
- Harbin Electric
- IHI Corporation
- JSC United Engine
- Kawasaki Heavy Industries
- MAN Energy Solutions
- Mitsubishi Heavy Industries
- MTU Aero Engines
- Nanjing Turbine and Electric Machinery
- Rolls Royce
- Siemens Energy
- Solar Turbines
- Vericor
- Wartsila
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | August 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 7.3 Billion |
| Forecasted Market Value ( USD | $ 12.2 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 22 |
