Global Gas Turbine Market

Global Gas Turbine Market Size, Share, Growth Analysis, By Technology(Open cycle and combined cycle), By Capacity(≤200 MW and >200 MW), By End-User(Power & utility and industrial) - Industry Forecast 2023-2030


Report ID: SQMIG55B2003 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 84 | Figures: 76

Global Gas Turbine Market Insights

Gas Turbine Market size was valued at USD 22.17 billion in 2021 and is poised to grow from USD 23.98 billion in 2022 to USD 38.8 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).

Growing worries about GHG emissions as a result of stringent government rules requiring the use of gas-fired turbines over traditional power generating units are likely to drive the expansion of the gas turbine market. Rising energy demand in developing countries, as well as increasing adoption of renewables over traditional fuels, are expected to increase product integration. Technology advancement has resulted in an increase in shale gas production, and various nations' plans to phase out coal-based power generation and replace it with gas-fired power plants are projected to fuel market expansion in the coming years. 

It is expected that electricity demand will increase by over one-third in the future years. The main gas-producing regions, including the United States, the Middle East, and Russia, are undergoing a major overhaul of their electricity generation infrastructure in order to quickly adapt gas-based power generation. There are additional notable installations in Latin America, Southeast Asia, and Africa. As a result of these improvements, demand for gas turbines in these regions may expand during the projection period. However, rising renewable deployment due to renewable-based power generation's higher competency may hamper the growth of the Gas Turbine Market in the approaching years.

US Gas Turbine Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 22.17 billion

Largest Segment

Power & utility

Fastest Growth

Power & utility

Growth Rate

6.2% CAGR

Global Gas Turbine Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Gas Turbine Market By End User ($ Bn)
Global Gas Turbine Market By End User (%)

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Global Gas Turbine Market Segmental Analysis

Global gas turbine market is segmented on the basis of technology, capacity, end-user, and region. By technology, the Gas Turbine Market is segmented into open cycle and combined cycle. By capacity, Gas Turbine Market is segmented into ≤200 MW and >200 MW. By end-user, Gas Turbine Market is segmented into power & utility and industrial. By region, the Gas Turbine Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Gas Turbine Market Analysis by Capacity

>200 MW emerged as one of the most important segments in this market, accounting for more than 65.0% of total revenue in 2021. During the forecast period, it is likely to be the fastest-growing segment. Rising power generation operations around the world, as well as the transition from coal to gas-based power plants in some of the world's major countries, are increasing demand in this segment.

The need for power generating is growing as a consequence of an increase in power generation operations around the world as a result of increased energy demand due to population growth and rapid urbanization. The expansion of the power generation industry, combined with a greater emphasis on generating electricity from renewable sources, is the key impetus for gas turbines, particularly those with capacities more than 200 MW.

The smaller size of the turbine allows for better maintenance and operation, which is critical to the performance of the 200 MW turbines. Because of its lower size, the product is lighter, making it ideal for offshore areas where the power-to-weight ratio is an important consideration when deciding whether or not to build a turbine unit. The oil and gas industry is projected to pick up steam in the near future. Small turbines are often utilized in the oil and gas industry due to their compliance with operational and environmental conditions.

Gas Turbine Market Analysis by End-User

In 2021, the power and utilities industry had the highest revenue share of roughly 80.0%. Increased demand for power generation is being driven by global population growth and urbanization, which is increasing the use of gas turbines in the power and utility sectors. The focus on producing an environmentally acceptable form of power generation is another major motivator for the gas turbine company in the power generation sector.

The industrial sector includes heavy industries, specialty chemical production, glass and cement manufacturing, pharmaceuticals, and sugar mills. These are in high demand in the industrial sector due to tight environmental restrictions. Low natural gas prices are also boosting demand for gas turbines in industrial applications. The demand is mostly driven by previous advances in global industrial activity.

Global Gas Turbine Market By End User, 2021 (%)

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Global Gas Turbine Market Regional Insights

As of 2021, Asia Pacific has the greatest Gas Turbine Market share of more than 31.0% in the gas turbine market in terms of revenue. The region led by China, Japan, Indonesia, Thailand, and India is expected to grow at the fastest rate during the forecast period. Rapid urbanization and the growth of the middle class are driving the Asia Pacific region's regional need for power. The presence of developing economies like India and China, as well as low-cost raw materials and labor, are enticing international corporations to extend their operations in this region.

North America, led by the United States, Mexico, and Canada, is expected to grow at a rapid pace during the forecast period. The shale gas reserve and technological advancements in extraction and mining technology, which are continually lowering the operational cost of gas extraction in the region, are driving demand. Also, large-scale gas-based power plant commissioning has occurred in the North American region.

Because of technological advances in completion methods like as multistage hydraulic fracturing and drilling techniques such as horizontal wellbores, oil and gas firms have been able to create shale gas on a commercial scale. According to trends, the above technological developments, as well as commercial shale gas production, are expected to drive the regional market in the near future. Saudi Arabia is a major end-user of gas turbines in the Middle East and Africa region. As a result, the country now has a huge number of providers, all of whom are vying for a larger market share. Major OEMs such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd. supply gas turbines throughout the country.

Global Gas Turbine Market By Region, 2023-2030
  • Largest
  • Fastest

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Global Gas Turbine Market Dynamics

Gas Turbine Market Drivers

Increased efficiency and durability of gas turbines

  • The enhanced efficiency of gas turbines, the introduction of tough carbon emission rules, and the reduction in the cost of power generation utilizing these turbines are all predicted to drive up demand for them. Several major manufacturers, including General Electric and Siemens, are making significant investments in the development of high-efficiency gas turbines. The General Electric Power and Water division's 9HA/7HA CCGT series and Siemens' SGT5-8000H are two examples of gas turbines with excellent efficiency levels in a combined-cycle arrangement.

High durability of gas turbines

  • Since gas turbine failure results in significant financial losses, particularly for capital-intensive operations, durability is another area of concern for the producers. Modern gas turbines are extremely durable and considerably extend the time between planned maintenance services. Thus, increased efficiency and durability will lower running costs and provide operational benefits, which will enable increased adoption of these turbines, particularly in power production, during the forecast period.

Gas Turbine Market Restraints

Inherent difficulties in managing natural gas

  • While gas-fired power plants are more efficient than coal-fired power plants, there is a risk of gas leaking into the atmosphere. Natural gas is composed of methane, which is odorless and 82 times more potent in terms of global warming potential than carbon dioxide. Typically, methane leaks go undetected. Natural gas leakage occurrences are a key source of concern for environmentalists who monitor global warming. This could have an adverse effect on natural gas-fired power plants. As a result, governments in various countries are projected to enact rigorous gas storage requirements for natural gas-powered gas turbine power plants, hampering market growth over the forecast period.

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Global Gas Turbine Market Competitive Landscape

The global gas turbine market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.

Gas Turbine Market Top Player’s Company Profiles

  • General Electric

  • Mitsubishi Heavy Industries

  • Ansaldo Energia

  • Bharat Heavy Electricals Limited

  • Doosan Heavy Industries & Construction

  • Toshiba Energy Systems & Solutions Corporation

  • MAN Energy Solutions

  • Wärtsilä Corporation

  • Caterpillar Inc.

  • Rolls-Royce Holdings plc

  • Alstom SA

  • ABB Group

  • Solar Turbines Inc.

  • Honeywell International Inc.

  • Kawasaki Gas Turbine Asia Sdn Bhd

  • Vericor Power Systems

  • Elliott Group.

Gas Turbine Market Recent Developments

  • In April 2022, Edra Energy's 2.2 GW combined cycle power plant in Alor Gajah, Malacca, Malaysia, began operating, making it the country's biggest gas-based power plant. The new plant is made up of three generating blocks, each with a GE 9HA.02 gas turbine, an STF-D650 steam turbine, a W88 generator, and a Heat Recovery Steam Generator capable of generating over 745 MW (HRSG).
  • In February 2022, the Mexican Comisión Federal de Electricidad (CFE) granted a contract to a consortium formed by the Spanish businesses Técnicas Reunidas and TSK for the design and construction of combined cycle facilities in Valladolid and Mérida. These facilities are expected to have a combined capacity of 1,000 MW and 500 MW.
  • In June 2021, Quanta and OPRA Turbines signed a contract. This collaboration enables Quanta to become an OPRA Turbines reseller in the North Sea offshore oil and gas industry.
  • In May 2021, Mitsubishi Power announced the installation of a new turbine for the gas business in Dubai. This new gas-driven turbine combined cycle unit will sell a J-Series Air-cooled gas-driven turbine that can run on a mixture of 70% natural gas and 30% hydrogen.
  • In March 2021, GE announced the delivery of the first two HA gas turbines to the United Arab Emirates. These turbines are now being installed and tested at the 1.8 GW Hamriyah Independent Power Plant. They will be the most energy-efficient power plants in the Middle East utility industry. GE will deliver three 9HA.01 gas-powered turbines.

Global Gas Turbine Key Market Trends

  • Growing aviation industry and rising electricity consumption is a key trend that drives market growth. Global electricity consumption is increasing, and governments are focusing their efforts on limiting the use of fossil fuels, which are contributing to increased global emissions. Several countries are using such turbines to replace coal-fired steam facilities and combined-cycle power plants. Natural gas is the primary fuel for these turbines. Electricity generated by gas generates fewer greenhouse gases. The aviation industry is rapidly expanding around the world, creating an excellent opportunity for this sector. Emerging markets are focusing their efforts on improving the aviation industry. Rising aviation investment is expected to create an opportunity for this market. Furthermore, as a result of rising urbanization and infrastructure development, worldwide electricity demand is increasing. Industrialization is spreading throughout the developing world. Many countries have launched smart building and smart city initiatives, which have raised power demand. To satisfy increased energy demand, both the public and private sectors are increasing power plant capacity, either by constructing new plants or expanding existing ones. Because they are both efficient and environmentally beneficial, these turbines are frequently employed in such projects. Governments have also set stringent pollution rules, encouraging large-scale conversions to gas-powered turbines. As a result, this factor is projected to propel market growth in the next years.
  • The construction of new power plants will drive the global gas turbine market ahead. These are widely utilized in gas-fired power facilities that employ an internal combustion engine. The increasing number of power plant projects around the world is a primary element driving market expansion. China and India are two major players in the electricity infrastructure market. These countries are investing heavily in the development of power plant infrastructure. Some of the upcoming power plants in these countries include India's Patratu Super Thermal Power Project, Shandong Shenglu Power Project, and China's Fujian Luoyuanwan Power Project. Mobile power plants are becoming increasingly popular in a variety of countries. The improving efficiency and durability of mobile power plants are variables influencing their demand, which raises demand for mobile gas turbines. Many government agencies use mobile power plants to synchronize their electricity operations.

Global Gas Turbine Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global gas turbine market analysis, more than 200 MW capacities emerged as one of the most important segments in this market, accounting for more than 65.0% of total revenue in 2021. By end-user, the power and utilities business had the biggest revenue share of approximately 80.0% in 2021. Global population growth and urbanization are driving up demand for power generation, which is increasing the use of these turbines in the power and utility sectors. In terms of revenue, Asia Pacific will have the largest market share of more than 31.0% in the market in 2021. During the projected period, the region led by China, Japan, Indonesia, Thailand, and India is expected to grow at the fastest rate. In the Middle East and Africa region, Saudi Arabia is a major end-user of gas turbines. As a result, the country now has various providers vying for a larger market share. A key trend driving market expansion is the expanding aviation industry and increased electricity usage.

Report Metric Details
Market size value in 2021 USD 22.17 billion
Market size value in 2030 USD 38.8 billion
Growth Rate 6.2%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Open cycle and combined cycle
  • Capacity
    • ≤200 MW and >200 MW
  • End-User
    • Power & utility and industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • General Electric

  • Mitsubishi Heavy Industries

  • Ansaldo Energia

  • Bharat Heavy Electricals Limited

  • Doosan Heavy Industries & Construction

  • Toshiba Energy Systems & Solutions Corporation

  • MAN Energy Solutions

  • Wärtsilä Corporation

  • Caterpillar Inc.

  • Rolls-Royce Holdings plc

  • Alstom SA

  • ABB Group

  • Solar Turbines Inc.

  • Honeywell International Inc.

  • Kawasaki Gas Turbine Asia Sdn Bhd

  • Vericor Power Systems

  • Elliott Group.

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Gas Turbine Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Gas Turbine Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Gas Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Gas Turbine Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Gas Turbine Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Gas Turbine Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQ's

Gas Turbine Market size was valued at USD 22.17 billion in 2021 and is poised to grow from USD 23.98 billion in 2022 to USD 38.8 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).

The global gas turbine market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Kawasaki Heavy Industries, Ltd.', 'Siemens Energy', 'Capstone Green Energy Corporation', ' General Electric ', ' Mitsubishi Heavy Industries ', ' Ansaldo Energia ', ' Bharat Heavy Electricals Limited ', ' Doosan Heavy Industries & Construction ', ' Toshiba Energy Systems & Solutions Corporation ', ' MAN Energy Solutions ', ' Wärtsilä Corporation ', ' Caterpillar Inc. ', ' Rolls-Royce Holdings plc ', ' Alstom SA ', ' ABB Group ', ' Solar Turbines Inc. ', ' Honeywell International Inc. ', ' Kawasaki Gas Turbine Asia Sdn Bhd ', ' Vericor Power Systems ', ' Elliott Group. '

The enhanced efficiency of gas turbines, the introduction of tough carbon emission rules, and the reduction in the cost of power generation utilizing these turbines are all predicted to drive up demand for them. Several major manufacturers, including General Electric and Siemens, are making significant investments in the development of high-efficiency gas turbines. The General Electric Power and Water division's 9HA/7HA CCGT series and Siemens' SGT5-8000H are two examples of gas turbines with excellent efficiency levels in a combined-cycle arrangement.

Growing aviation industry and rising electricity consumption is a key trend that drives market growth. Global electricity consumption is increasing, and governments are focusing their efforts on limiting the use of fossil fuels, which are contributing to increased global emissions. Several countries are using such turbines to replace coal-fired steam facilities and combined-cycle power plants. Natural gas is the primary fuel for these turbines. Electricity generated by gas generates fewer greenhouse gases. The aviation industry is rapidly expanding around the world, creating an excellent opportunity for this sector. Emerging markets are focusing their efforts on improving the aviation industry. Rising aviation investment is expected to create an opportunity for this market. Furthermore, as a result of rising urbanization and infrastructure development, worldwide electricity demand is increasing. Industrialization is spreading throughout the developing world. Many countries have launched smart building and smart city initiatives, which have raised power demand. To satisfy increased energy demand, both the public and private sectors are increasing power plant capacity, either by constructing new plants or expanding existing ones. Because they are both efficient and environmentally beneficial, these turbines are frequently employed in such projects. Governments have also set stringent pollution rules, encouraging large-scale conversions to gas-powered turbines. As a result, this factor is projected to propel market growth in the next years.

As of 2021, Asia Pacific has the greatest Gas Turbine Market share of more than 31.0% in the gas turbine market in terms of revenue. The region led by China, Japan, Indonesia, Thailand, and India is expected to grow at the fastest rate during the forecast period. Rapid urbanization and the growth of the middle class are driving the Asia Pacific region's regional need for power. The presence of developing economies like India and China, as well as low-cost raw materials and labor, are enticing international corporations to extend their operations in this region.

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Global Gas Turbine Market

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