The Gas Turbine Market is being driven by Enhanced efficiency and robustness of gas turbines
The Gas Turbine Market is expected to grow at a CAGR of 2.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3335.7 million. In the power generation sector, the expense of fuel for gas turbines represents a significant portion of the total cost, even in the most efficient facilities. The marine and industrial industries are increasingly adopting cost-effective alternatives to natural gas as fuel. Fuel flexibility is a key driver for innovation in new technologies and applications. One such technology is the aeroderivative gas turbine, which has been engineered for versatility in fuel usage. Historically, natural gas has been the primary fuel source for these systems, but other fuels and gases, such as biofuel and synthetic gas, are gaining traction due to their economic viability. However, the large-scale production of these alternative fuels is still in its infancy.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
246 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.2% |
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Market growth 2025-2029 |
USD 3335.7 million |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
2.1 |
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Key countries |
US, China, Japan, UK, Canada, India, South Korea, Germany, Brazil, and UAE |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The gas turbine industry plays a significant role in power generation through mechanical drive, supplying both jet engines for aviation and electricity production. Emission norms and focus on reducing carbon dioxide emissions have driven innovation in this sector. Natural gas reserves and combined cycle plants are key contributors to GT capacity. Renewable energy sources like solar and wind are increasing renewable capacity additions, but gas turbines continue to be crucial in the energy sector. A mechanical device utilizing the Brayton cycle, a gas turbine consists of a heater, compressor, turbine, and cooler, converting working fluid into electricity. Gas-fired reciprocating engines and steam turbine generators are alternative power solutions. Gas turbine orders remain strong in the electric power sector.
The gas turbine sector falls under the broader industrial machinery and supplies and components market, encompassing firms involved in the production of machinery and components, including gas turbines, compressors, and pollution control equipment. According to Technavio, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by manufacturers supplying equipment for industrial applications. Factors driving market expansion include increasing industrial production in developing countries, necessitating capacity expansions in process and discrete industries, and the subsequent demand for energy, chemicals, petrochemicals, pulp and paper, and processed food and beverages. Furthermore, stringent emission norms and the shift towards renewable energy sources, such as solar power plants and natural gas reserves, are also influencing market growth. The aviation sector, which utilizes gas turbines for jet engines, also contributes to market expansion. In summary, the global industrial machinery and supplies and components market, including the gas turbine sector, is poised for growth due to rising industrial output, expanding energy demands, and regulatory and technological advancements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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