North America Gas Turbine Market Size (2024 - 2029)

The North American gas turbine market is poised for growth, driven by increased shale gas exploration and the expansion of industrial gas turbine capacities. The region's market size is bolstered by the rising demand for electricity, although the shift towards renewable energy sources like solar and wind poses challenges. The power generation sector is anticipated to be the primary contributor to the market's expansion. Technological advancements in the oil and gas industry are expected to offer significant opportunities for gas turbine manufacturers. The United States is projected to lead the market in North America, reflecting its demand for clean and efficient power generation solutions.

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Market Size of North America Gas Turbine Industry

North America Gas Turbine Market -Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.50 %

Major Players

North America Gas Turbine Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Gas Turbine Market Analysis

The North American gas turbine market is expected to register a CAGR of over 4.5% during the forecast period of 2020-2025.

  • North America is expected to hold a dominant section of the gas turbine market share, owing to rising shale gas exploration activities and rapid enhancement of industrial gas turbine capacities in the region. Therefore, the increasing growth in shale gas production and the increasing demand for electricity is expected to drive the demand for gas turbines during the forecast period. However, increasing shift toward renewable energies, such as solar and wind for power generation, is expected to restrain the growth of the market.
  • The power generation application segment is expected to be the dominating segment in the market.
  • Advancements in technology in the oil and gas industry, resulting in growing per well recoveries and an increase in the production of shale gas, which, in turn, are expected to create a significant amount of opportunities to the gas turbine manufacturers in the near future.
  • The United States is expected to be the leading market for gas turbine in North America, owing to the increasing demand for clean and efficient power generation in the country.

North America Gas Turbine Industry Segmentation

The North American gas turbine market report include:

Capacity
Less than 30 MW
31 to 120 MW
Above 120
Type
Combined Cycle
Open Cycle
End-User Industries
Power
Oil and Gas
Other End-User Industries
Geography
United States
Canada
Restof North America
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North America Gas Turbine Market Size Summary

The North American gas turbine market is poised for significant growth, driven by the region's robust shale gas exploration activities and the rapid expansion of industrial gas turbine capacities. The increasing demand for electricity, coupled with advancements in technology within the oil and gas sector, is expected to create substantial opportunities for gas turbine manufacturers. Despite the growing shift towards renewable energy sources like solar and wind, the power generation segment remains the dominant application for gas turbines. The United States is anticipated to lead the market, fueled by its need for clean and efficient power generation solutions.

The market's expansion is further supported by the anticipated increase in natural gas production, which is expected to lower natural gas prices and enhance the share of power generated through this source. Combined cycle power plants, known for their efficiency and lower carbon emissions, are expected to drive the demand for gas turbines. Upcoming gas-based power plants, such as the Cascade Combined-Cycle Gas Turbine Power Plant in Alberta and South Field Energy's Combined-Cycle Power Plant in Ohio, are set to contribute to market growth. The United States, as a major gas consumer and producer, is projected to see a significant rise in natural gas-fired generating capacity, further propelling the demand for gas turbines in the region. The market is moderately consolidated, with key players including General Electric Company, Rolls-Royce Holding PLC, and Mitsubishi Heavy Industries Ltd, among others.

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North America Gas Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Assessment of the COVID-19 Impact on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Capacity

      1. 2.1.1 Less than 30 MW

      2. 2.1.2 31 to 120 MW

      3. 2.1.3 Above 120

    2. 2.2 Type

      1. 2.2.1 Combined Cycle

      2. 2.2.2 Open Cycle

    3. 2.3 End-User Industries

      1. 2.3.1 Power

      2. 2.3.2 Oil and Gas

      3. 2.3.3 Other End-User Industries

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Restof North America

North America Gas Turbine Market Size FAQs

The North America Gas Turbine Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

General Electric Company , Rolls-Royce Holding PLC, Mitsubishi Hitachi Power Systems Americas, Inc, Capstone Turbine Corporation and Solar Turbines Inc. are the major companies operating in the North America Gas Turbine Market.

North America Gas Turbine Market Report Snapshots

North America Gas Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)