Gas Turbine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034
Description
The Global Gas Turbine Market was valued at USD 18.6 billion in 2024 and is estimated to grow at a CAGR of 11.2% to reach USD 57.04 billion by 2034.
The market growth is driven by accelerated power plant modernization, rising demand for cleaner energy systems, and the global shift toward flexible, high-efficiency generation technologies. Gas turbines continue to gain prominence across both developed and emerging economies due to their capability to balance intermittent renewable energy and deliver fast-start, low-emission performance. Advancements in turbine materials, cooling technologies, and digital predictive maintenance have further strengthened the adoption of next-generation units optimized for long-duration operation and superior thermal efficiency.
The increasing pressure on utilities to reduce carbon intensity has boosted investment in hybrid and hydrogen-ready gas turbines, enabling significant reductions in lifecycle emissions while enhancing grid stability. These innovations support utilities and industrial operators in transitioning from conventional coal-fired units. Upgrades and retrofits for existing turbine fleets also contribute substantially to market growth, as operators seek to extend equipment life, improve fuel flexibility, and enhance combined-cycle efficiency. With global electricity demand surging across manufacturing, data centers, and heavy industries, gas turbines continue to serve as a cornerstone technology for reliable baseload and peak-load power generation.
The power plants segment generated USD 10.5 billion in 2024, driven by the extensive deployment of gas turbines for large-scale combined-cycle and open-cycle power stations. Growing investments in utility-scale capacity expansions, especially in regions transitioning from coal to gas, underpin this segment’s leadership. Utilities are prioritizing turbines capable of operating with future hydrogen blends, while upgrading existing gas assets to enhance reliability, reduce operational emissions, and accommodate renewable fluctuations. These factors continue to reinforce the segment’s strength across both developed and rapidly industrializing economies.
The combined cycle segment reached USD 14.4 billion in 2024, driven by its superior efficiency and ability to generate more electricity using the same fuel input compared to conventional simple-cycle systems. Combined cycle power plants are increasingly preferred for large-scale utility projects due to their lower emissions profile, operational flexibility, and ability to support baseload as well as peak power requirements. Governments and utilities worldwide are prioritizing high-efficiency natural gas technologies to meet rising electricity demand while aligning with emission reduction goals, strengthening the demand for combined cycle gas turbines.
Asia Pacific Gas Turbine Market generated USD 7.5 billion in 2024, significantly outpacing all other regions in annual revenue. The region’s dominance is attributed to rapid industrialization, extensive urban growth, and massive investments in gas-fired power generation infrastructure. Governments in China, India, Indonesia, and Southeast Asia are accelerating the shift from oil- and coal-based power generation to natural gas, driven by cleaner combustion characteristics and lower operating costs.
Major companies shaping the Global Gas Turbine Market include General Electric, Siemens Energy, Mitsubishi Power, Ansaldo Energia, Rolls-Royce, Solar Turbines, Doosan Enerbility, Harbin Electric, BHEL, and OPRA Turbines. These players focus on high-efficiency turbine development, hydrogen integration, service modernization, and OEM–utility partnerships to strengthen their market presence. Leading companies in the Gas Turbine Market are adopting several strategic initiatives to reinforce their global presence. A major focus is on developing hydrogen-capable and low-NOx turbines, enabling operators to transition toward cleaner fuels while future-proofing long-term asset investments. Firms are also expanding aftermarket service portfolios, offering digital monitoring, predictive maintenance, and full lifecycle management to secure recurring revenue streams. Collaborative R&D partnerships with utilities, governments, and material science companies accelerate innovation in high-temperature alloys and cooling technologies.
The market growth is driven by accelerated power plant modernization, rising demand for cleaner energy systems, and the global shift toward flexible, high-efficiency generation technologies. Gas turbines continue to gain prominence across both developed and emerging economies due to their capability to balance intermittent renewable energy and deliver fast-start, low-emission performance. Advancements in turbine materials, cooling technologies, and digital predictive maintenance have further strengthened the adoption of next-generation units optimized for long-duration operation and superior thermal efficiency.
The increasing pressure on utilities to reduce carbon intensity has boosted investment in hybrid and hydrogen-ready gas turbines, enabling significant reductions in lifecycle emissions while enhancing grid stability. These innovations support utilities and industrial operators in transitioning from conventional coal-fired units. Upgrades and retrofits for existing turbine fleets also contribute substantially to market growth, as operators seek to extend equipment life, improve fuel flexibility, and enhance combined-cycle efficiency. With global electricity demand surging across manufacturing, data centers, and heavy industries, gas turbines continue to serve as a cornerstone technology for reliable baseload and peak-load power generation.
The power plants segment generated USD 10.5 billion in 2024, driven by the extensive deployment of gas turbines for large-scale combined-cycle and open-cycle power stations. Growing investments in utility-scale capacity expansions, especially in regions transitioning from coal to gas, underpin this segment’s leadership. Utilities are prioritizing turbines capable of operating with future hydrogen blends, while upgrading existing gas assets to enhance reliability, reduce operational emissions, and accommodate renewable fluctuations. These factors continue to reinforce the segment’s strength across both developed and rapidly industrializing economies.
The combined cycle segment reached USD 14.4 billion in 2024, driven by its superior efficiency and ability to generate more electricity using the same fuel input compared to conventional simple-cycle systems. Combined cycle power plants are increasingly preferred for large-scale utility projects due to their lower emissions profile, operational flexibility, and ability to support baseload as well as peak power requirements. Governments and utilities worldwide are prioritizing high-efficiency natural gas technologies to meet rising electricity demand while aligning with emission reduction goals, strengthening the demand for combined cycle gas turbines.
Asia Pacific Gas Turbine Market generated USD 7.5 billion in 2024, significantly outpacing all other regions in annual revenue. The region’s dominance is attributed to rapid industrialization, extensive urban growth, and massive investments in gas-fired power generation infrastructure. Governments in China, India, Indonesia, and Southeast Asia are accelerating the shift from oil- and coal-based power generation to natural gas, driven by cleaner combustion characteristics and lower operating costs.
Major companies shaping the Global Gas Turbine Market include General Electric, Siemens Energy, Mitsubishi Power, Ansaldo Energia, Rolls-Royce, Solar Turbines, Doosan Enerbility, Harbin Electric, BHEL, and OPRA Turbines. These players focus on high-efficiency turbine development, hydrogen integration, service modernization, and OEM–utility partnerships to strengthen their market presence. Leading companies in the Gas Turbine Market are adopting several strategic initiatives to reinforce their global presence. A major focus is on developing hydrogen-capable and low-NOx turbines, enabling operators to transition toward cleaner fuels while future-proofing long-term asset investments. Firms are also expanding aftermarket service portfolios, offering digital monitoring, predictive maintenance, and full lifecycle management to secure recurring revenue streams. Collaborative R&D partnerships with utilities, governments, and material science companies accelerate innovation in high-temperature alloys and cooling technologies.
Table of Contents
325 Pages
- Chapter 1 Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.1.3 Base estimates and calculations
- 1.1.4 Base year calculation
- 1.1.5 Market estimates & forecasts parameters
- 1.1.6 Key trends for market estimates
- 1.2 Market definitions
- 1.3 Forecast
- 1.4 Primary research and validation
- 1.5 Some of the primary sources (but not limited to)
- 1.6 Data mining sources
- 1.6.1 Secondary
- 1.6.1.1 Paid sources
- 1.6.1.2 Source by region
- Chapter 2 Executive Summary
- 2.1 Industry snapshot
- 2.2 Business trends
- 2.3 Capacity trends
- 2.4 Product trends
- 2.5 Technology trends
- 2.6 Application trends
- 2.7 Regional trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Raw material availability & sourcing analysis
- 3.1.2 Manufacturing capacity assessment
- 3.1.3 Supply chain resilience & risk factors
- 3.1.4 Distribution network analysis
- 3.2 Regulatory landscape
- 3.2.1 North America
- 3.2.1.1 U.S.
- 3.2.1.1.1 U.S. EPA CHP Partnership
- 3.2.1.1.2 Clean Air Act
- 3.2.1.1.3 ISO 19859:2016
- 3.2.1.1.4 ASME B
- 133.8, Gas Turbine Installation Sound Emissions
- 3.2.1.1.5 ASME/ANSI B133, Gas Turbine Procurement
- 3.2.1.1.6 ASME B
- 133.6, Gas Turbine Ratings and Performance
- 3.2.1.1.7 NFPA 37 Scope - Size Limits
- 3.2.1.1.8 UL 2200, Stationary Engine Generator Assemblies
- 3.2.1.1.9 American Recovery and Reinvestment Act
- 3.2.1.1.10 Energy Policy Act
- 3.2.1.1.11 U.S. Environmental Protection Agency (EPA)
- 3.2.1.1.12 Emissions for STAG 207FA
- 3.2.1.1.13 National Ambient Air Quality Standards (NAAQS)
- 3.2.1.1.14 NAAQS
- 3.2.1.1.15 Stationary Gas and Combustion Turbines: New Source Performance Standards (NSPS)
- 3.2.1.1.16 ASME PTC22-2023 - Gas Turbine Performance Testing: Business Summary
- 3.2.1.1.17 Legal Information Institute
- 3.2.1.1.18 Texas Commission on Environmental Quality
- 3.2.1.1.19 Subpart GG
- 3.2.1.1.20 Subpart KKKK
- 3.2.1.1.21 IMO NOX Regulations-Tier III
- 3.2.1.2 Canada
- 3.2.1.2.1 Canadian Environmental Protection Act, 1999
- 3.2.1.2.2 Department of Justice Canada
- 3.2.1.2.3 Government of Alberta
- 3.2.1.2.4 Government of Canada
- 3.2.1.3 Mexico
- 3.2.1.3.1 Legal Information Institute: New Mexico Administrative Code
- 3.2.2 Europe
- 3.2.2.1 Regulation (EC) No 428/2009
- 3.2.2.2 Directive 2010/75/EU
- 3.2.2.3 EC Directive 2004/8/EC on CHP promotion in the internal energy market
- 3.2.2.4 The Medium Combustion Plant (MCP) Directive
- 3.2.2.4.1 ELVs (mg/Nm³) -for existing engines/turbines
- 3.2.2.4.2 ELVs (mg/Nm³) -for new engines/turbines
- 3.2.2.5 Ambient Air Quality Legislations
- 3.2.2.6 France
- 3.2.2.7 UK
- 3.2.2.7.1 CHP Quality Assurance Programme (CHPQA)
- 3.2.2.8 Department for Environment, Food and Rural Affairs
- 3.2.2.8.1 The institution of Gas Engineers and Managers
- 3.2.2.9 Germany
- 3.2.2.9.1 Overview of CHP support in Germany
- 3.2.2.9.2 German CHP Act- KWKG 2016
- 3.2.3 Asia Pacific
- 3.2.3.1 India
- 3.2.3.1.1 The Environment (Protection) Amendment
- 3.2.3.1.2 Water Consumption
- 3.2.3.1.3 Emissions
- 3.2.3.2 China
- 3.2.3.2.1 WBG EHS Sector Guidelines
- 3.2.3.2.2 The 13th Five-Year Plan (2016-2020)
- 3.2.3.2.3 Resource and Environment (R&E) Targets
- 3.2.3.2.4 Reduction of Emission of Major Pollutants
- 3.2.3.2.5 Air Quality
- 3.2.3.2.6 Shale Gas Development Policies
- 3.2.3.3 Japan
- 3.2.3.3.1 Guideline for Technical Regulation Volume 5
- 3.2.4 Middle East & Africa
- 3.2.4.1 Saudi Arabia
- 3.2.4.2 UAE
- 3.2.4.3 Oman
- 3.2.4.3.1 ISO 21789:2022
- 3.2.4.4 Türkiye
- 3.2.5 Latin America
- 3.2.5.1 Brazil
- 3.2.5.1.1 IFC (World Bank Group) and IIC (InterAmerican Development Bank) Environmental Noise Guidelines 105
- 3.2.5.1.2 International Gas Turbine Standards
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Surging focus toward clean power generation
- 3.3.1.2 Reducing dependency over conventional coal-fired power generation
- 3.3.1.3 Stringent government norms to limit carbon emissions
- 3.3.2 Industry pitfalls & challenges
- 3.3.2.1 Cost competitiveness
- 3.4 Growth potential analysis
- 3.5 Porter's analysis
- 3.6 PESTEL analysis
- 3.7 Cost structure analysis of gas turbines
- 3.8 Price trend analysis
- 3.8.1 By product
- 3.8.2 By capacity
- 3.9 Market dynamics & emerging trends
- 3.10 Smart technologies & industry
- 4.0 adoption
- 3.11 Green initiatives & ESG strategies
- 3.12 Global gas production landscape
- 3.13 Qualitative analysis on gas transportation infrastructure
- 3.14 Global gas utilization overview
- 3.15 Electricity generation trends from natural gas
- 3.16 Global energy demand outlook
- 3.17 Industry overview on alternative energy sources in power generation
- 3.18 Detailed analysis on role of natural gas in coal-to-gas transition
- Chapter 4 Competitive Landscape, 2025
- 4.1 Introduction
- 4.2 Company market share analysis, by region, 2024
- 4.2.1 Global
- 4.2.2 North America
- 4.2.3 Europe
- 4.2.4 Asia Pacific
- 4.2.5 Middle East & Africa
- 4.2.6 Latin America
- 4.3 Strategic dashboard
- 4.3.1 Ansaldo Energia
- 4.3.1.1 Business expansion
- 4.3.1.2 Agreement
- 4.3.1.3 Memorandum of understanding
- 4.3.1.4 Installation/supply
- 4.3.1.5 Project development
- 4.3.1.6 Installation/supply
- 4.3.1.7 Collaboration
- 4.3.2 Baker Hughes
- 4.3.2.1 Installation/supply
- 4.3.2.2 Business expansion
- 4.3.2.3 Agreement
- 4.3.2.4 Memorandum of understanding
- 4.3.2.5 Agreement
- 4.3.2.6 Installation/supply
- 4.3.2.7 Collaboration
- 4.3.3 Bharat Heavy Electricals Limited (BHEL)
- 4.3.3.1 Installation/supply
- 4.3.3.2 Agreement
- 4.3.3.3 Partnership
- 4.3.4 Capstone Green Energy Holdings
- 4.3.4.1 Installation/supply
- 4.3.4.2 Acquisition
- 4.3.4.3 Partnership
- 4.3.4.4 Installation/supply
- 4.3.5 Doosan Enerbility
- 4.3.5.1 Installation/supply
- 4.3.5.2 Memorandum of understanding
- 4.3.5.3 Project development
- 4.3.5.4 Installation/supply
- 4.3.5.5 Agreement
- 4.3.6 FlexEnergy Solutions
- 4.3.6.1 Installation/supply
- 4.3.7 GE Vernova
- 4.3.7.1 Installation/supply
- 4.3.7.2 Business expansion
- 4.3.7.3 Partnership
- 4.3.7.4 Agreement
- 4.3.7.5 Collaboration
- 4.3.7.6 Acquisition
- 4.3.7.7 Installation/supply
- 4.3.7.8 Investment
- 4.3.7.9 Installation/supply
- 4.3.7.10 Memorandum of understanding
- 4.3.8 Harbin Electric
- 4.3.8.1 Installation/supply
- 4.3.9 IHI Corporation
- 4.3.9.1 Agreement
- 4.3.9.2 Memorandum of understanding
- 4.3.10 Kawasaki Heavy Industries
- 4.3.10.1 Installation/supply
- 4.3.10.2 Memorandum of understanding
- 4.3.10.3 Installation/supply
- 4.3.10.4 Business expansion
- 4.3.11 MAN Energy Solutions
- 4.3.11.1 Divestment
- 4.3.12 Mitsubishi Heavy Industries
- 4.3.12.1 Installation/supply
- 4.3.12.2 Business expansion
- 4.3.12.3 Installation/supply
- 4.3.12.4 Installation/supply
- 4.3.12.5 Memorandum of understanding
- 4.3.12.6 Agreement
- 4.3.13 Destinus Energy
- 4.3.13.1 Partnership
- 4.3.13.2 Acquisition
- 4.3.14 Rolls Royce
- 4.3.14.1 Memorandum of understanding
- 4.3.15 Shanghai Electric
- 4.3.15.1 Installation/supply
- 4.3.16 Siemens Energy
- 4.3.16.1 Installation/supply
- 4.3.16.2 Agreement
- 4.3.16.3 Installation/supply
- 4.3.17 Solar Turbines
- 4.3.17.1 Partnership
- 4.3.17.2 Installation/supply
- 4.3.18 Vericor
- 4.3.18.1 Agreement
- 4.3.19 Wärtsilä
- 4.3.19.1 Installation/supply
- 4.4 Strategic initiatives
- 4.5 Competitive benchmarking
- 4.6 Innovation & technology landscape
- 4.6.1 Baker Hughes
- 4.6.2 GE Vernova
- 4.6.3 IHI Corporation
- 4.6.4 Kawasaki Heavy Industries
- 4.6.5 Rolls-Royce
- 4.6.6 Shanghai Electric
- 4.6.7 Siemens Energy
- 4.6.8 Vericor
- Chapter 5 Market Size and Forecast, By Capacity, 2021 - 2034 (MW & USD Million)
- 5.1 Key trends
- 5.2 ⤠50 kW
- 5.3 > 50 kW to 500 kW
- 5.4 > 500 kW to 1 MW
- 5.5 > 1 MW to 30 MW
- 5.6 > 30 MW to 70 MW
- 5.7 > 70 MW to 200 MW
- 5.8 > 200 MW
- Chapter 6 Market Size and Forecast, By Product, 2021 - 2034 (MW & USD Million)
- 6.1 Key trends
- 6.2 Aero-derivative
- 6.3 Heavy duty
- Chapter 7 Market Size and Forecast, By Technology, 2021 - 2034 (MW & USD Million)
- 7.1 Key trends
- 7.2 Open cycle
- 7.3 Combined cycle
- Chapter 8 Market Size and Forecast, By Application, 2021 - 2034 (MW & USD Million)
- 8.1 Key trends
- 8.2 Power plants
- 8.3 Oil & gas
- 8.4 Process plants
- 8.5 Aviation
- 8.6 Marine
- 8.7 Others
- Chapter 9 Market Size and Forecast, By Region, 2021 - 2034 (MW & USD Million)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 France
- 9.3.3 Germany
- 9.3.4 Russia
- 9.3.5 Italy
- 9.3.6 Netherlands
- 9.3.7 Finland
- 9.3.8 Greece
- 9.3.9 Denmark
- 9.3.10 Romania
- 9.3.11 Poland
- 9.3.12 Sweden
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 Australia
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Indonesia
- 9.4.6 Thailand
- 9.4.7 Malaysia
- 9.4.8 Bangladesh
- 9.5 Middle East & Africa
- 9.5.1 Saudi Arabia
- 9.5.2 UAE
- 9.5.3 Qatar
- 9.5.4 Kuwait
- 9.5.5 Oman
- 9.5.6 Egypt
- 9.5.7 Turkey
- 9.5.8 Bahrain
- 9.5.9 Iraq
- 9.5.10 Jordan
- 9.5.11 Lebanon
- 9.5.12 South Africa
- 9.5.13 Nigeria
- 9.5.14 Algeria
- 9.5.15 Kenya
- 9.5.16 Ghana
- 9.6 Latin America
- 9.6.1 Brazil
- 9.6.2 Argentina
- 9.6.3 Peru
- 9.6.4 Chile
- Chapter 10 Company Profiles
- 10.1 Ansaldo Energia
- 10.1.1 Financial Data
- 10.1.2 Product Landscape
- 10.1.3 Strategic Outlook
- 10.1.4 SWOT Analysis
- 10.2 Baker Hughes
- 10.2.1 Financial Data
- 10.2.2 Product Landscape
- 10.2.3 Strategic Outlook
- 10.2.4 SWOT Analysis
- 10.3 Bharat Heavy Electricals Limited
- 10.3.1 Financial Data
- 10.3.2 Product Landscape
- 10.3.3 Strategic Outlook
- 10.3.4 SWOT Analysis
- 10.4 Capstone Green Energy
- 10.4.1 Financial Data
- 10.4.2 Product Landscape
- 10.4.3 Strategic Outlook
- 10.4.4 SWOT Analysis
- 10.5 Doosan Enerbility
- 10.5.1 Financial Data
- 10.5.2 Product Landscape
- 10.5.3 Strategic Outlook
- 10.5.4 SWOT Analysis
- 10.6 FlexEnergy Solutions
- 10.6.1 Financial Data
- 10.6.2 Product Landscape
- 10.6.3 Strategic Outlook
- 10.6.4 SWOT Analysis
- 10.7 GE Vernova
- 10.7.1 Financial Data
- 10.7.2 Product Landscape
- 10.7.3 Strategic Outlook
- 10.7.4 SWOT Analysis
- 10.8 Harbin Electric Corporation
- 10.8.1 Financial Data
- 10.8.2 Product Landscape
- 10.8.3 Strategic Outlook
- 10.8.4 SWOT Analysis
- 10.9 IHI Corporation
- 10.9.1 Financial Data
- 10.9.2 Product Landscape
- 10.9.3 Strategic Outlook
- 10.9.4 SWOT Analysis
- 10.10 Kawasaki Heavy Industries
- 10.10.1 Financial Data
- 10.10.2 Product Landscape
- 10.10.3 Strategic Outlook
- 10.10.4 SWOT Analysis
- 10.11 MAN Energy Solutions
- 10.11.1 Financial Data
- 10.11.2 Product Landscape
- 10.11.3 Strategic Outlook
- 10.11.4 SWOT Analysis
- 10.12 Mitsubishi Heavy Industries
- 10.12.1 Financial Data
- 10.12.2 Product Landscape
- 10.12.3 Strategic Outlook
- 10.12.4 SWOT Analysis
- 10.13 Nanjing Steam Turbine Motor (Group)
- 10.13.1 Financial Data
- 10.13.2 Product Landscape
- 10.13.3 SWOT Analysis
- 10.14 Destinus Energy
- 10.14.1 Financial Data
- 10.14.2 Product Landscape
- 10.14.3 Strategic Outlook
- 10.14.4 SWOT Analysis
- 10.15 Rolls-Royce
- 10.15.1 Financial Data
- 10.15.2 Product Landscape
- 10.15.3 Strategic Outlook
- 10.15.4 SWOT Analysis
- 10.16 Shanghai Electric
- 10.16.1 Financial Data
- 10.16.2 Product Landscape
- 10.16.3 Strategic Outlook
- 10.16.4 SWOT Analysis
- 10.17 Siemens Energy
- 10.17.1 Financial Data
- 10.17.2 Product Landscape
- 10.17.3 Strategic Outlook
- 10.17.4 SWOT Analysis
- 10.18 Solar Turbines
- 10.18.1 Financial Data
- 10.18.2 Product Landscape
- 10.18.3 Strategic Outlook
- 10.18.4 SWOT Analysis
- 10.19 Vericor
- 10.19.1 Financial Data
- 10.19.2 Product Landscape
- 10.19.3 Strategic Outlook
- 10.19.4 SWOT Analysis
- 10.20 Wärtsilä
- 10.20.1 Financial Data
- 10.20.2 Product Landscape
- 10.20.3 Strategic Outlook
- 10.20.4 SWOT Analysis
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