Gas Turbine Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gas Turbine Market Analysis
The gas turbine market is expected to register a CAGR of approximately 3.8% during the forecast period. Global electricity demand is increasing, and it doubled within the last two decades. It is expected to grow at twice the pace of energy demand as a whole, in the next 25 years. Moreover, the advancement in technology leading to the increase in shale gas production, along with the plans of various countries to phase out coal-based power generation and replace them with the gas-fired power plant, is likely to act as a driver for the market. However, the increase in renewable deployment due to the enhanced efficiency of renewable-based power generation is expected to restrain the growth of the market.
- Generally, the turbine with a capacity above 120 MW is used for power generation. Turbines with a capacity of more than 120 MW are likely to dominate the market during the forecast period, with the demand for electricity expected to increase further.
- Moreover, the threat associated with the nuclear power plant is likely to promulgate the government's decision to prefer gas-based power generation over the nuclear power plant, which can provide an opportunity for the market growth during the forecast period.
- Asia-Pacific was the dominant region for the market in 2018, owing to the increasing reliance on gas-based power generation and an increase in oil and gas activities.
Gas Turbine Market Trends
This section covers the major market trends shaping the Gas Turbine MRO Market according to our research experts:
Increasing Demand for Turbine for Power Generation
- After a few years of constant carbon emissions, the emissions rose again in 2018, raising concerns about the use of coal-based power plants across the world. The governments all over the world are now putting in efforts to reduce the share of coal-based power plants, which have the potential to render opportunities for the increase in demand for gas turbines for power generation over the forecast period.
- Final investment decisions for the gas-based power generation in China grew by 70%, and for the first time, more gas-fired power capacity was sanctioned than that of coal.
- Moreover, the gas-based power generation is cheaper to install than the nuclear power plant; on the other hand, the gas-based power generation is a more reliable source as compared to renewables. These benefits clubbed with the urgency to reduce the carbon emission have fostered the increase in demand for gas turbines across the world.
- The EU policymakers consider gas turbines as little more than a bridging technology to achieve the 2030 targets until other technologies mature. It is likely to drive the demand for gas turbines during the forecast period. However, the emission of methane and other harmful gases can create a threat to the growth of the market.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the gas turbine market with gas-based power generation increasing by 3.04% in 2018 compared to that in 2017, and gas consumption over the same period increased by 7.41% in Asia-Pacific. The Asia-Pacific market is driven by several factors, such as the rising demand for energy, low environmental impact, and increasing flexibility and efficiency.
- Due to technological advancement and the decreasing cost of shale gas production, natural gas production increased by 18.75% during 2011-2018, globally. Rapid industrialization and urbanization are driving an enormous and ever-growing power demand in the region, which necessitates the development of numerous power generation projects. This, in turn, is driving the demand for gas turbines in China.
- India's power sector is dominated by coal-based generation, accounting for 54.7% of the total installed capacity in December 2018. The country identified the potential of renewable energy and gas-based generation for decarbonizing the economy and meeting the targets as per the Paris Agreement. With the increasing share of gas-based generation, the demand for gas turbines is expected to increase.
- Countries, like Japan, with a growing social consensus against nuclear power, are prospective markets in this regard, especially as the country is also one of the world's largest power consumers.
Gas Turbine Industry Overview
The gas turbine Market is fragmented. The key companies in market under consideration are General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd, and Bharat Heavy Electricals Limited.
Gas Turbine Market Leaders
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General Electric Company
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Siemens AG
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Mitsubishi Heavy Industries Ltd
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Mitsubishi Heavy Industries Ltd
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Kawasaki Heavy Industries, Ltd
*Disclaimer: Major Players sorted in no particular order
Gas Turbine Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the report
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
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4.4 Market Dynamics
- 4.4.1 Drivers
- 4.4.2 Restraints
- 4.5 Supply-Chain Analysis
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4.6 Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Suppliers
- 4.6.2 Bargaining Power of Consumers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitute Products and Services
- 4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Capacity
- 5.1.1 Less than 30 MW
- 5.1.2 31-120 MW
- 5.1.3 Above 120 MW
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5.2 Types
- 5.2.1 Combined Cycle
- 5.2.2 Open Cycle
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5.3 End-User Industry
- 5.3.1 Power
- 5.3.2 Oil and Gas
- 5.3.3 Others
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.2 North America
- 5.4.3 Europe
- 5.4.4 South America
- 5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 General Electric Company
- 6.3.2 Siemens AG
- 6.3.3 Mitsubishi Heavy Industries Ltd
- 6.3.4 Harbin Electric International Company Limited
- 6.3.5 Bharat Heavy Electricals Limited
- 6.3.6 Kawasaki Heavy Industries Ltd
- 6.3.7 Ansaldo Energia SpA
- 6.3.8 Solar Turbines
- 6.3.9 Man Diesel and Turbo SE
- 6.3.10 MTU Aero Engines Ag / Vericor Power Systems LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityGas Turbine Industry Segmentation
The gas turbine market report includes:
| Capacity | Less than 30 MW |
| 31-120 MW | |
| Above 120 MW | |
| Types | Combined Cycle |
| Open Cycle | |
| End-User Industry | Power |
| Oil and Gas | |
| Others | |
| Geography | Asia-Pacific |
| North America | |
| Europe | |
| South America | |
| Middle-East and Africa |
Gas Turbine Market Research FAQs
What is the current Gas Turbine Market size?
The Gas Turbine Market is projected to register a CAGR of 3.80% during the forecast period (2024-2029)
Who are the key players in Gas Turbine Market?
General Electric Company, Siemens AG , Mitsubishi Heavy Industries Ltd , Mitsubishi Heavy Industries Ltd and Kawasaki Heavy Industries, Ltd are the major companies operating in the Gas Turbine Market.
Which is the fastest growing region in Gas Turbine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gas Turbine Market?
In 2024, the Asia Pacific accounts for the largest market share in Gas Turbine Market.
What years does this Gas Turbine Market cover?
The report covers the Gas Turbine Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Gas Turbine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gas Turbine Industry Report
Statistics for the 2024 Gas Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gas Turbine analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
