Gas Turbine Market

SPECIAL OFFER : 25% Super Discount For All !

Gas Turbine Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Design Type (Heavy Duty, Aeroderivative), By Technology (Open Cycle, Combined Cycle), By Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW), By End-User (Power Generation, Oil & Gas, Other Industries), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

  • Published Date: April 2022
  • Report ID: BWC22135
  • Available Format: PDF
  • Page: 186

Report Overview

The global gas turbine market is growing owing to the factors such as rising demand for electricity supply due to increasing population and expanding economic activities along with extensive research and development activities to develop efficient gas turbines...

Global Gas Turbine Market- Industry Trends & Forecast Report 2028

The global gas turbine market was worth USD 19.0 billion in 2021 and is further projected to reach USD 24.3 billion by the year 2028, growing at a CAGR of 3.60% over the forecast period. The market is growing owing to the factors such as rising demand for electricity supply due to increasing population and expanding economic activities. Furthermore, extensive research and development activities to develop efficient gas turbines that consume less fuel to operate are also anticipated to present lucrative growth opportunities to the global gas turbine market.

Gas Turbine Market

Gas Turbine - Overview

A gas turbine or combustion turbine is used to convert natural gas or other liquid fuels to mechanical energy. These engines are most commonly used in wind power, hydropower, in heat engines, and propulsion. A gas turbine plays a crucial factor in producing electricity by turning mechanical energy from a turbine into electrical energy via a generator. The major benefits of using gas turbines are that they are efficient as well as durable with less operational failure and downtime.

Global Gas Turbine Market Forecast and Trends

Growth Drivers

Rising Demand for Electricity Globally

The rising demand for electricity globally is emerging as a major driving factor for the growth of the global gas turbines market. Global electricity consumption is increasing at a high rate due to rising household incomes, with the electrification of transport and heat and growing demand for digitally connected devices and air conditioning, according to a report by the International Energy Agency. As a result, the countries are setting up new power plants to generate electricity, which is propelling the demand for gas turbines.

Increasing Number of Carbon-Capture Projects

According to a report published on ScienceDirect, “the gas turbine used in electricity production plants can be considered as a carbon dioxide source which yields to the capture of the pure CO2 with a high efficiency of 80%.” Several private players are investing in carbon capture products, which is anticipated to fuel the demand for gas turbines in the forecast period. For instance, GE Gas Power recently announced a multi-company carbon capture project which is being funded by the US Department of Energy.

Restraints

Increasing Demand for Renewable Energy

The depleting levels of natural gas reserves are emerging as a concerning matter for the growth of the gas turbine market. The increasing cost of electricity is prompting consumers to shift to renewable energy sources such as solar or wind power. This shift is further influencing the government to invest in solar and wind power plant infrastructures. Due to this, the demand for a gas turbine is projected to decline, hindering the overall market growth.

Impact of COVID-19 on Global Gas Turbine Market

The COVID-19 pandemic outbreak halted the growth of the global gas turbine market. The lockdown imposed in several countries to mitigate the virus spread resulted in a huge shortage of human resources due to which the establishment of new power plants resulted in a decline in the demand for gas turbines in the market. Furthermore, the maintenance activities were also paused during the lockdown period which also affected the business of the industry players dealing with gas turbines.

Global Gas Turbine Market - By Design Type

Based on design type, the global gas turbine market is segmented into heavy-duty and aeroderivative. The aeroderivative segment holds the largest share in the global gas turbine market due to its use in combined cycle technology during power generation. Furthermore, aeroderivative gas turbines are light-weighted, easy to installation as well as offer faster startup time. However, heavy-duty gas turbines also cover a substantial market share owing to their use in high-capacity operations.

Global Gas Turbine Market - By Rated Capacity

Based on rated capacity, the global gas turbine market is segmented into 1–40 MW, 40–120 MW, 120–300 MW, and above 300 MW. The 120-300 MW segment holds the largest market share owing to its prominent use in power generation as the demand for electricity is surging globally. However, the above 300 MW segment is projected to register the highest growth rate during the forecast period due to its lower emissions compared to other rated capacities.

Global Gas Turbine Market - Regional Insights

Geographically, the global gas turbine market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global gas turbine market owing to the presence of emerging economies and rising investment towards low-cost electricity-generating infrastructures due to high population and rising economic development. However, North America also covers substantial market share owing to the presence of leading industry players and high investment towards research and development.

Competitive Landscape

The leading market players of the global gas turbine market are Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players. The market is highly competitive and concentrated among the global and regional industry players. The companies significantly invest in research and development activities to innovate their offerings and launch new products. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

  • In February 2022, Electricite de France (EDF), the French state-owned electric utility company, announced its plans to acquire General Electric’s French turbine unit that deals with turbines for nuclear power plants in France.
  • In February 2022, Moog Inc., a US-based aerospace and defense company, announced the acquisition of TEAM Accessories Ltd., an Ireland-based aerospace and industrial engineering business that also provides services in the Industrial gas turbine sector.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Design Type, By Technology, By Rated Capacity, By End-User, By Region
Key Players Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players.

 

By Design Type

  • Heavy Duty
  • Aeroderivative

By Technology

  • Open Cycle
  • Combined Cycle

By Rated Capacity

  • 1–40 MW
  • 40–120 MW
  • 120–300 MW
  • Above 300 MW

By End-User

  • Power Generation
  • Oil & Gas
  • Other Industries

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Gas Turbine Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Gas Turbine Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
        1. Open Cycle
        2. Combined Cycle
      2. By Design Type
        1. Heavy Duty
        2. Aeroderivative
      3. By Rated Capacity
        1. 1–40 MW
        2. 40–120 MW
        3. 120–300 MW
        4. Above 300 MW
      4. By End User
        1. Power Generation
        2. Oil & Gas
      5. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Gas Turbine Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Design Type
      3. By Rated Capacity
      4. By End User
      5. By Country
        1. United States
        2. Canada
  7. Europe Gas Turbine Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Design Type
      3. By Rated Capacity
      4. By End User
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. Asia Pacific Gas Turbine Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Design Type
      3. By Rated Capacity
      4. By End User
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Gas Turbine Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Design Type
      3. By Rated Capacity
      4. By End User
      5. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. Middle East & Africa Gas Turbine Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Design Type
      3. By Rated Capacity
      4. By End User
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
  12. Impact of Covid-19 on Global Gas Turbine Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Kawasaki Heavy Industries, Ltd.
    2. Siemens Energy
    3. Capstone Green Energy Corporation
    4. General Electric
    5. Ansaldo Energia
    6. Mitsubishi Heavy Industries, Ltd.
    7. United Engine Corporation
    8. Rolls-Royce plc
    9. Harbin Electric Machinery Company Limited
    10. OPRA Turbines
    11. Solar Turbines Incorporated
    12. Bharat Heavy Electricals Limited
    13. Centrax Gas Turbine
    14. MTU Aero Engines AG
    15. IHI Corporation
    16. Wartsila
    17. Other prominent players

 

  1. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List Of Figures

 

Figure 1              Global Gas Turbine Segmentation

Figure 2              Global Gas Turbine Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4              Global Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 5              Global Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 6              Global Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 7              Global Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 8              Global Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 9              Global Gas Turbine Market Share, By Region, By Value, 2018-2028

Figure 10           North America Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 11           North America Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 12           North America Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 13           North America Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 14           North America Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 15           North America Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 16           Europe Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 17           Europe Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 18           Europe Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 19           Europe Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 20           Europe Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 21           Europe Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 22           Asia-Pacific Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 23           Asia-Pacific Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 24           Asia-Pacific Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 25           Asia-Pacific Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 26           Asia-Pacific Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 27           Asia-Pacific Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 28           Latin America Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 29           Latin America Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 30           Latin America Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 31           Latin America Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 32           Latin America Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 33           Latin America Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 34           Middle East & Africa Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 35           Middle East & Africa Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 36           Middle East & Africa Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 37           Middle East & Africa Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 38           Middle East & Africa Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 39           Middle East & Africa Gas Turbine Market Share, By Country, By Value, 2018-2028

 

List Of Tables

 

Table 1                Global Gas Turbine Market Size, By Technology, By Value, 2018-2028                                    

Table 2               Global Gas Turbine Market Size, By Design Type, By Value, 2018-2028                                  

Table 3               Global Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028                                            

Table 4               Global Gas Turbine Market Size, By End-User, By Value, 2018-2028                                         

Table 5               Global Gas Turbine Market Size, By Region, By Value, 2018-2028                                              

Table 6               North America Gas Turbine Market Size, By Technology, By Value, 2018-2028                                  

Table 7               North America Gas Turbine Market Size, By Design Type, By Value, 2018-2028                                               

Table 8               North America Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028                                         

Table 9               North America Gas Turbine Market Size, By End-User, By Value, 2018-2028                                      

Table 10        North America Gas Turbine Market Size, By Country, By Value, 2018-2028                         

Table 11        Europe Gas Turbine Market Size, By Technology, By Value, 2018-2028                    

Table 12        Europe Gas Turbine Market Size, By Design Type, By Value, 2018-2028                             

Table 13        Europe Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028                         

Table 14        Europe Gas Turbine Market Size, By End-User, By Value, 2018-2028                       

Table 15        Europe Gas Turbine Market Size, By Country, By Value, 2018-2028                         

Table 16        Asia-Pacific Gas Turbine Market Size, By Technology, By Value, 2018-2028                        

Table 17        Asia-Pacific Gas Turbine Market Size, By Design Type, By Value, 2018-2028                       

Table 18        Asia-Pacific Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028                   

Table 19        Asia-Pacific Gas Turbine Market Size, By End-User, By Value, 2018-2028                           

Table 20        Asia-Pacific Gas Turbine Market Size, By Country, By Value, 2018-2028                             

Table 21        Latin America Gas Turbine Market Size, By Technology, By Value, 2018-2028                     

Table 22        Latin America Gas Turbine Market Size, By Design Type, By Value, 2018-2028                    

Table 23        Latin America Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028                         

Table 24        Latin America Gas Turbine Market Size, By End-User, By Value, 2018-2028                        

Table 25        Latin America Gas Turbine Market Size, By Country, By Value, 2018-2028                          

Table 26        Middle East & Africa Gas Turbine Market Size, By Technology, By Value, 2018-2028                      

Table 27        Middle East & Africa Gas Turbine Market Size, By Design Type, By Value, 2018-2028                    

Table 28        Middle East & Africa Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028                            

Table 29        Middle East & Africa Gas Turbine Market Size, By End-User, By Value, 2018-2028                         

Table 30        Middle East & Africa Gas Turbine Market Size, By Country, By Value, 2018-2028                                             

Table 31        Kawasaki Heavy Industries, Ltd. Company Overview                                  

Table 32        Kawasaki Heavy Industries, Ltd. Financial Overview                                   

Table 33        Siemens Energy Company Overview                                     

Table 34        Siemens Energy Financial Overview                            

Table 35        General Electric Company Overview                            

Table 36        General Electric Financial Overview                             

Table 37        Ansaldo Energia Company Overview                                     

Table 38        Ansaldo Energia Financial Overview                            

Table 39        United Engine Corporation Company Overview                                 

Table 40        United Engine Corporation Financial Overview                                  

Table 41        Harbin Electric Machinery Company Limited Company Overview                   

Table 42        Harbin Electric Machinery Company Limited Financial Overview                    

Table 43        OPRA Turbines Company Overview                             

Table 44        OPRA Turbines Financial Overview                              

Table 45        Solar Turbines Incorporated Company Overview                               

Table 46        Solar Turbines Incorporated Financial Overview                               

Table 47        Bharat Heavy Electricals Limited Company Overview                                  

Table 48        Bharat Heavy Electricals Limited Financial Overview                                   

Table 49        Centrax Gas Turbine Company Overview                               

Table 50        Centrax Gas Turbine Financial Overview                                

Table 51        MTU Aero Engines AG Company Overview                             

Table 52        MTU Aero Engines AG Financial Overview                              

Table 53        IHI Corporation Company Overview                            

Table 54        IHI Corporation Financial Overview                             

Table 55        Wartsila Company Overview                            

Table 56        Wartsila Financial Overview                                                

 

Market Segmentation

By Design Type

  • Heavy Duty
  • Aeroderivative

By Technology

  • Open Cycle
  • Combined Cycle

By Rated Capacity

  • 1–40 MW
  • 40–120 MW
  • 120–300 MW
  • Above 300 MW

By End-User

  • Power Generation
  • Oil & Gas
  • Other Industries

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

This website is secure and your personal details are safe.

Frequently Asked Questions (FAQs):

Ans: The global Gas Turbine market reached USD 19.0 billion in 2021.
Ans: The major factors driving the growth of the global Gas Turbine market are; rising demand for electricity globally and increasing number of carbon-capture projects.
Ans: The key players in the global Gas Turbine market are: Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players.
Ans: The combined cycle segment accounted for the largest share in the global Gas Turbine market.
Ans: Asia-Pacific has the largest share in the global Gas Turbine market.