Gas Turbine Market Size to grow by USD 2650.24 million between 2024-2028
According to a research report “ Gas Turbine Market” by Product (Heavy-duty gas turbine, Aeroderivative gas turbine) Technology (CCGT, OCGT) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2650.24 million, at a CAGR of 1.86% during the forecast period. The gas turbine market is poised for growth due to the rising demand for these technologies, driven by their enhanced efficiency, compliance with stringent carbon emission regulations, and cost-effective power generation. Leading manufacturers, including General Electric and Siemens, are investing substantially in the development of high-performing gas turbines, such as the 9HA/7HA series CCGT from General Electric Power and Water division and the SGT5-8000H from Siemens. Both these gas turbines, belonging to the H class, offer superior efficiency in a combined-cycle configuration. The continuous pursuit of improved efficiency levels by manufacturers will fuel the expansion of the global gas turbine market throughout the forecast period..
Browse market data tables, figures, and in-depth TOC on “Gas Turbine Market” by Product (Heavy-duty gas turbine, Aeroderivative gas turbine) Technology (CCGT, OCGT) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Product, the Heavy-duty gas turbine segment is projected to dominate the market size in 2024
In the power generation sector, heavy-duty gas turbines play a pivotal role in large-scale facilities due to the rising global power consumption and the anticipated growth in power generation activities, particularly in developing nations, during the forecast period. The increasing focus on environmental sustainability is driving the shift from coal-based power generation to gas-based power generation, thereby fueling the demand for gas turbines. High-baseload power plants, requiring turbines with a capacity exceeding 300 MW, are expected to significantly contribute to the expansion of the global gas turbine market over the forecast period.
By Technology, CCGT segment is expected to hold the largest market size for the year 2024
In the global energy sector, there is a growing business imperative to address environmental concerns and optimize resource utilization, leading to the widespread adoption of combined-cycle gas turbine (CCGT) technology. This shift from coal-fired power generation is driven by the significant reduction in carbon emissions offered by CCGTs. For instance, the latest CCGT models from industry leaders like General Electric and Siemens deliver a 50% reduction in carbon dioxide emissions and an 80-90% decrease in nitrogen oxides (NOx) and sulfur dioxide (SO2) emissions compared to coal-fired power plants. This not only addresses environmental concerns but also enhances the overall efficiency and profitability of energy production.
APAC is forecasted to hold the largest market size by region in 2024
The gas turbine market in the Asia Pacific (APAC) region is projected to experience significant growth during the forecast period. The APAC area is undergoing rapid industrialization and urbanization, particularly in countries such as China, India, and Southeast Asian nations. This trend is driving a surging demand for electricity to fuel industrial and urban development. Gas turbines, as efficient and dependable power generation solutions, are increasingly in demand to meet this escalating energy requirement. With energy demand in APAC being among the fastest-growing globally, gas turbines play a pivotal role in supplying power, particularly in industrial zones, urban centers, and remote locations that necessitate reliable and adaptable power generation solutions.
The Gas Turbine Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Gas Turbine Market plays a significant role in the electricity generation segment of the energy sector, providing electricity through the Brayton cycle, a mechanical device that converts the energy contained in a flow of combustion gas into mechanical power. The working fluid in a gas turbine is typically air, which is compressed, heated in a combustor, and then expanded through a turbine to generate electricity. Gas turbines are increasingly being used in combined cycle plants, which also include steam turbine generators and gas-fired reciprocating engines, to improve efficiency and reduce emissions. Renewable capacity additions from wind and solar sources are driving the need for flexible and efficient gas turbines to balance the grid. The gas turbine industry continues to grow, with increasing orders for new GT capacity driven by natural gas reserves and emission norms that favor cleaner burning fuels. Gas turbines are also used in jet engines and for mechanical drive applications. The electricity production from gas turbines is expected to continue to grow, despite the increasing focus on renewable energy sources, due to their flexibility and efficiency. However, the industry faces challenges from carbon dioxide emissions and the need to reduce emissions to meet stricter norms.
Market Research Overview
The Gas Turbine Market is witnessing significant growth due to increasing power demand across various sectors, including process plants, aerospace, and marine applications. Gas turbines, which function based on the Brayton cycle, are mechanical devices that convert the energy contained in a working fluid into mechanical power. Two common types of gas turbines are open cycle technology and combined cycle technology. Key gas turbine OEMs include Cryostar, Zorya-Mashproekt, Centrax Gas Turbines, OPRA Turbines, Wartsila, IHI Corporation, Capstone Green Energy, Ansaldo Energia, Solar Turbines, and various others. The market is driven by the electricity generation needs of the energy sector, with gas turbines being used for peaking power and in combined cycle plants. Regulations and climate change initiatives are also influencing the market, with a shift towards renewable energy sources and the retirement of coal-fired generation. Gas turbines are being used in conjunction with solar and wind energy to provide backup power and stability to the grid. The gas turbine industry is experiencing increased demand for aeroderivative gas turbines due to their flexibility and lower installation costs. Ancillary systems, overhaul and repair, and active fleet management are also key areas of focus. The market is expected to grow due to economic growth, urbanization, and increasing electricity demand. Major players in the market include IHI Corporation, GE, Siemens, Mitsubishi Heavy Industries, and Rolls-Royce. The market is also influenced by factors such as equipment pricing, project financing, MW demand, power plant technologies, and emission norms. The future of the gas turbine market lies in the development of advanced gas turbine designs, carbon emissions reduction, and the use of hydrogen fuel blends.
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