Gas Turbine Market Share, Size, Trends, Industry Analysis Report, By Capacity (?200 MW, >200 MW); By Technology (Open Cycle, Combined Cycle); By End-Use (Power & Utility, Industrial); By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 112
- Format: PDF
- Report ID: PM2455
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global gas turbine market was valued at USD 22.25 billion in 2021 and is expected to grow at a CAGR of 6.3% during the forecast period. The growing use of the technology in several different modes in vital industries such as oil & gas, power generation, process plants, aviation, as well domestic and smaller related industries is anticipated to drive the growth of the industry.
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The functioning of the product involves the engine wherein it extracts the chemical energy from fuel and converts it into mechanical energy using the gaseous energy of the working fluid (air) to drive the engine and propeller. Furthermore, the demand for the industry is associated with the several benefits associated with the product, such as a high power-to-weight ratio as well as low operations pressure. This possesses a high-power rating despite being small in size. They release fewer emissions into the air compared to other engines and lead to reduced carbon emissions.
The outbreak of the Covid-19 pandemic had a negative impact on the overall gas turbine market. The outbreak of the COVID-19 has led the global industry to battle an economic crisis. This pandemic has exhibited a huge impact on the various sectors of the global economy, resulting in a halt in production.
Consequently, the industry has also witnessed a significant downfall in industry growth owing to the worldwide lockdowns and limited availability of raw materials and labor force. Moreover, decreased demand from the oil & gas sector, along with the reduced consumption of electricity across the globe, has also hindered the growth of the industry.
Industry Dynamics
Growth Drivers
The rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are projected to stimulate the growth of the industry over the forecast period. Additionally, the integration of product technology into other systems in order to offer innovative solutions is further contributing to the demand for the market. In addition, the growing initiatives of government towards the development of the technology coupled with the rising need for addressing a strong demand for energy decarbonization around the world is significantly leading to the higher growth prospects for the industry.
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Report Segmentation
The market is primarily segmented on the basis of capacity, technology, end-use, and region.
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By Capacity |
By Technology |
By End-Use |
By Region |
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Insight by Technology
The combined cycle market is expected to account for the largest revenue share over the forecast period. The GTCC power plants use natural gas to deliver one of the cleanest and most efficient forms of power, which in turn, is expected to fuel the growth of the industry. The GTCC has become the dominant technology for gas-fired power owing to its higher efficiency, low operating cost, and low emission over the decade.
Furthermore, the open cycle segment is likely to witness significant growth in the global market. The demand for the segment is driven by the rising application of open-cycle gas turbines in several applications including aviation, to provide motive power, especially for jet propulsion, generation of electric power, certain industrial processes, propulsion of marine, automotive & locomotive, mechanical drive, and many others.
Insight by End-Use
The power & utility sector is likely to account for the largest share in the global gas turbine market. The high market share is attributed to the rapid urbanization across the globe leading to the increased demand for electricity consumption. A turbine power station widely uses gas turbines as a prime mover for generating electrical energy; this is likely to boost the growth of the industry.
In addition, the industry for the product is likely to grow with the rising industrial applications of turbines, include driving compressors for pumping natural gas through pipelines, where a small part of the pumped gas serves as the fuel.
Geographic Overview
Asia Pacific is expected to account for the largest revenue share in the global gas turbine market. The rising spending on technological developments, and increasing investment in R&D activities, coupled with the rising demand for electricity consumption from economies such as China and India, are likely to bolster regional industry growth.
In addition, the rapid evolution of the electricity landscape across the region is projected to lead to increased demand for the industry. The rising number of initiatives undertaken by the regional government for encouraging efficient ways of generating electricity is further creating growth prospects in the regional market growth.
Furthermore, North America is likely to witness a significant share in the global market. The factors contributing to the increased demand for the market are the rising number of initiatives by the companies along with the development of the new projects across the region. There are projects that are being undertaken by General Electric (GE) and Mitsubishi Power in the U.S., which are likely to witness increasing proportions of hydrogen being used in fuel for the product.
Competitive Insight
Some of the major players operating in the global market include Ansaldo Energia, Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Gas Turbine, General Electric, IHI Corporation, Kawasaki Heavy Industries, Ltd., Mapna Group, Mitsubishi Heavy Industries, Ltd., Mtu Aero Engines AG, Opra Turbines, Rolls-Royce Plc, Siemens Energy, Solar Turbines Incorporated, and United Engine Corporation.
Gas Turbine Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 22.25 Billion |
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Revenue forecast in 2030 |
USD 37.90 Billion |
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CAGR |
6.3% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2022 to 2030 |
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Segments covered |
By Capacity, By Technology, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Ansaldo Energia, Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Gas Turbine, General Electric, IHI Corporation, Kawasaki Heavy Industries, Ltd., Mapna Group, Mitsubishi Heavy Industries, Ltd., Mtu Aero Engines AG, Opra Turbines, Rolls-Royce Plc, Siemens Energy, Solar Turbines Incorporated, and United Engine Corporation |
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