According to projections, the gas turbine market is anticipated to see substantial growth, reaching a valuation of US$ 61.1 billion by the year 2033, a significant increase from its value of US$ 40.8 billion in 2023. Over the span of a decade, from 2023 to 2033, experts estimate the market will maintain a steady growth trajectory, boasting a compound annual growth rate (CAGR) of 4.1%.
The gas turbine market is poised to witness steady growth over the upcoming years. The surging demand for electricity propelled by rapid urbanization and robust construction activities has been augmenting the market growth. In addition to this, industrialization in developing countries is also rising. In several economies, the initiation of many smart building and smart city projects is accelerating the electricity demand.
To meet the heightened electricity demand, the private as well as public sectors are enhancing their power plant capacity by extending their power plant capacity or by installing additional new power plants. The new infrastructural development projects are chiefly considering installing these turbines as they are less harmful and more efficient.
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The global gas turbine market is positively influenced by the robust technological advancements occurring in the energy sector. This, in addition to an enhanced focus on distributed power generation technology, is aiding the market growth. Further, increasing government support for power generation technologies that help reduce GHG emissions, is fueling the market development.
Key Highlights of the Gas Turbine Industry:
- The United States is projected to hold a huge chunk of the global gas turbine market share. The market is anticipated to account for a US$ 10.5 billion market valuation by 2033, expanding at a CAGR of 4.8% over the forecast period.
- China is predicted to be a significant market for gas turbines in the Asia Pacific region. The market is estimated to hold US$ 4.7 billion by 2033, registering a CAGR of 4.3%from 2023 to 2033. The paradigm shift to gas-based power generation, from the previously used coal-based power generation, is propelling market growth.
- The United Kingdom is assessed to atta in US$ 4.3 billion by 2033. The market is expected to expand at a CAGR of 4.8% in the coming years.
- The combined cycle technology is predicted to expand at a CAGR of 4.2% over the forecast period, up from the CAGR of 3.4% witnessed in the historical period.
News Featuring Market Developments by Key Players of the Gas Turbine Market:
- In March 2021, General Electric declared that it would provide the United Arab Emirates, with the first two HA gas turbines. These gas turbines are anticipated to be the most effective power plants in the utility sector of the Middle East region. General Electric has been estimated to supply a total of three 9HA.01 gas-fueled turbines.
- In May 2021, MITSUBISHI HEAVY INDUSTRIES, LTD. revealed that it has launched a new turbine, which is working in a gas business in Dubai. This new gas turbine combined cycle unit focuses on the J-Series Air-cooled gas-based turbine that is capable of operating on a blend of 30% hydrogen and 70% natural gas.
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Market Segments
By Type:
- Heavy-duty Gas Turbines
- Industrial Gas Turbines
- Aero Derivative Gas Turbines
By Capacity:
- Less than 40 MW
- 40–120 MW
- 120–300 MW
- Above 300 MW
By Application:
- Power Generation
- Aviation
- Oil & Gas
- Industrial
By Technology:
- Open Cycle
- Combined Cycle
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- The Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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