The global gas turbine market is expected to experience significant growth in the next decade, with projections indicating that the market will reach a value of USD 61.1 billion by 2033, up from USD 40.8 billion in 2023, marking a Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2033.
Key drivers behind this robust growth include significant technological advancements within the energy sector, a growing emphasis on distributed power generation, and increasing government support for environmentally friendly power generation technologies. Gas turbines, known for their high efficiency and ability to generate low-emission power, are playing an increasingly vital role in both industrial and power generation applications worldwide.
Market Growth Drivers
- Technological Advancements: Ongoing research and development initiatives are driving innovations in gas turbine technologies, enhancing efficiency, performance, and fuel flexibility.
- Government Policies: Promising government policies aimed at reducing carbon emissions are accelerating the adoption of gas turbines as an environmentally friendly alternative to traditional power generation methods.
- Energy Efficiency: The growing demand for reliable power, particularly in the power and utility sectors, is fueling the adoption of gas turbines that help minimize wastage and curtail energy losses.
- Distributed Power Generation: The rise of decentralized power generation solutions, which integrate distributed energy resources such as renewables and gas turbines, is contributing to market expansion.
Technology and Application Trends
- Heavy-duty Gas Turbines: As a dominant segment, heavy-duty gas turbines are expected to continue leading the market, with a 4.3% CAGR during the forecast period.
- Combined Cycle Technology: The combined cycle technology segment is predicted to grow at a 4.2% CAGR, driven by the replacement of old coal-fired power plants and the growing demand for more efficient, cleaner power generation solutions.
Regional Insights
- United States: Innovation and shale gas exploration are propelling the U.S. gas turbine market, with a focus on advanced emission-reducing technologies.
- United Kingdom: The UK continues to lead in gas turbine exports, particularly to markets in Asia and Europe, supporting steady market growth.
- China: Investment in large-scale gas-fired combined cycle plants and rising energy consumption make China a key player in the gas turbine market.
- India: India’s focus on gas-based generation for decarbonization and renewable energy goals is driving growth in the gas turbine market.
- Japan: Japan’s gas turbine market is growing steadily, supported by energy demand and an ongoing shift toward more efficient, cleaner power generation solutions.
KeyPlayers Operating in the Industry are
- General Electric
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Siemens Energy
- AnsaldoEnergia
- Kawasaki Heavy Industries, Ltd.
- Capstone Green Energy Corporation
- Rolls-Royce plc
- Harbin Electric Machinery Company Limited
- OPRA Turbines
- Others
Key developments:
- In October 2021, General Electric’s gas turbines were installed in California in response to the follow-up to the emergency order. The emergency order was issued to protect the state’s power grid.
- In April 2021, Siemens Energy came into an agreement with TSK, a Spanish EPC contractor, to supply efficient energy services and technology to Atinkou. Atinkou, owned by ATINKOU S.A., is a soon-to-be-developed combined cycle power plant in Jacqueville, Côte d’Ivoire. The power plant is going to have a capacity of 390 MW in the combined cycle. It is also likely to debut the first F-class gas turbine in Sub-Saharan Africa. The company announced that the plant is expected to begin operations in H2 2022.
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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
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