Gas Turbine Market Size, Share, and Industry Analysis 2022-2029

 

The Gas Turbine Market is expected to reach USD 24.9 billion by 2029, exhibiting at a CAGR of 3.1% over the forecast period (2022-2029).

The factors driving the growth of Gas Turbine Market includes rise in the consumption of electricity around the world, growing focus on utilizing renewable sources of energy, regulations imposed by Governments to reduce greenhouse gas emissions and shift from coal-based power generation to gas-based power generation. Moreover, growing adoption of advanced technologies in the energy sector, rising demand for energy decarbonization and increase in the number of smart cities across the globe, are some of the additional factors supplementing the Gas Turbine Market share. In addition, increasing investments by major companies on research and development, rapid urbanization, rising disposable incomes, improvements in the living standards and growing population growth rates, are further contributing towards the market growth.

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However, growth of the Gas Turbine Market is hindered attributed to variations in the prices of natural gas.

The prominent players operating in the market are Bharat Heavy Electricals Limited, Ansaldo Energia, Solar Turbines Incorporated, GENERAL ELECTRIC, Siemens Energy, Mitsubishi Power, Ltd., OPRA Turbines, MAN Energy Solutions, Kawasaki Heavy Industries, Ltd., and Centrax Gas Turbines.

Based on Technology, the Combined Cycle segment is predicted to grow at a higher CAGR during the forecast period

According to the Gas Turbine Market Outlook, combined cycle technology enhances operational efficiency and requires less fuel for producing energy along with rise in the number of power plants across the globe, are some of the factors responsible for the segment’s growth.

Based on Capacity, the 100 to <150 MW segment is projected to capture the largest market share over the forecast period

As per the Gas Turbine Market Research, shift towards coal-based power generation methods and growing demand for power in different industries, are propelling Gas Turbine Market size.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Gas Turbine Market Forecast, rise in the number of gas turbines across India, China, and Indonesia, increasing electricity consumption, growing emphasis on reducing greenhouse gas emissions, rapid urbanization, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

• In 2019, Siemens Energy and State Power Investment Corporation Limited entered into a partnership for developing heavy-duty gas turbines.

Market Segmentation

Segmentation by Technology

• Open cycle
• Combined Cycle

Segmentation by End-Use

• Power & Utility
• Industrial

Segmentation by Capacity

• 50 to <100 MW
• 100 to <150 MW
• 150 to <250 MW
• 250 to <500 MW
• Others

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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