USD 22.17 billion
Report ID: SQMIG55B2003 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 84 | Figures: 76
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.
Global Market Size
USD 22.17 billion
Power & utility
Power & utility
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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.
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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.
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Gas Turbine Market Drivers
Increased efficiency and durability of gas turbines
High durability of gas turbines
Gas Turbine Market Restraints
Inherent difficulties in managing natural gas
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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
Mitsubishi Heavy Industries
Bharat Heavy Electricals Limited
Doosan Heavy Industries & Construction
Toshiba Energy Systems & Solutions Corporation
MAN Energy Solutions
Rolls-Royce Holdings plc
Solar Turbines Inc.
Honeywell International Inc.
Kawasaki Gas Turbine Asia Sdn Bhd
Vericor Power Systems
Gas Turbine Market Recent Developments
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.
|Market size value in 2021
|USD 22.17 billion
|Market size value in 2030
|USD 38.8 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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