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The value of the gas turbine market in 2022 is predicted to be $13.80 billion. With a CAGR of 8.2% between 2023 and 2030, the gas turbine market is projected to rise from USD 14.01 billion in 2022 to USD 25.08 billion in 2030. key growth driver being upgrading electricity generation infrastructure to aggressively pursue gas-based power generation.
A gas turbine is an internal combustion engine that uses a continuous combustion process called a combustion turbine. Combustor, upstream gas-spinning compressor, and downstream turbine all use the same rotating shaft. To further improve efficiency and convert power into either electric or mechanical form, there is another component known as turbo fans. These turbines are so efficient that they are gradually replacing conventional power plants that burn either gas or oil with "combine cycle" plants that use only natural gas as their fuel source. As populations grow and industrialization spreads, the world's governments are under pressure to meet a rising need for power while simultaneously reducing their reliance on fossil fuels. Governments in a number of nations are installing these turbines in coal-fired steam facilities and combined cycle power plants. Natural gas is used as the primary fuel source for these turbines. Greenhouse gases are reduced via the usage of gas-based power.
As a result of the increasing demand for power around the world, governments are focusing their efforts on decreasing the usage of fossil fuels, which is increasing global emissions. Several countries are replacing coal-fired steam facilities and combined-cycle power plants with these turbines. These turbines mostly run on natural gas. Gas-fired power plants emit fewer greenhouse gases than coal or nuclear power plants. The growth of the aviation industry on a global scale offers tremendous potential for this business. The aviation industry is where many developing countries are putting their resources. Investment in aviation is expected to rise, which could present an opportunity for this sector. In addition, increased urbanisation and infrastructure development are driving up electricity demand around the world. Industrialization is progressing in the world's emerging countries. Electricity demand has increased as a result of the implementation of smart building and city programmes in a number of nations. New power plants are being built, and existing ones are being upgraded, by both the public and private sectors to keep up with the rising demand for electricity. These turbines are widely used in such endeavours because they are efficient and good for the environment. Additionally, governments have adopted stringent environmental rules, compelling industries to switch to gas-powered turbines in large numbers. Because of this, it's likely that the market will continue to grow in the next years.
Growth in North America is forecast to speed up over the review period, with the United States, Mexico, and Canada at its helm. New mining and extraction methods are lowering the operational costs of gas extraction in this area, which is beneficial because the shale gas reservoir is the root source of the demand. Gas-based power generation plants have also been widely deployed in North America. Modern technology have allowed oil and gas companies to profitably produce shale gas through innovative drilling techniques like horizontal wellbores and completion procedures like multistage hydraulic fracturing. Due to the large number of gas turbine manufacturers in the country, Saudi Arabia is expected to be the largest end-user in the Middle East and Africa. The gas turbine market is expected to expand as a result of the substantial investment in research and development by major industry players. Market participants are engaging in a wide range of strategic activities, including as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations, in response to the considerable changes occurring in the industry. Gas Turbine companies must offer competitively priced products if they want to expand and survive in an industry that is growing increasingly competitive.
Over the predicted time period, the energy sector is expected to expand thanks to rapid technical breakthroughs and a shift in emphasis towards distributed power production methods. The unique solutions provided by the combination of product technology with other systems is also driving market demand. In addition, the rising requirement to address a great demand for energy decarbonization around the world and the increasing actions of government towards the development of the technology are considerably driving to the higher growth possibilities for the sector.
Report Coverage
Global Gas Turbine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Gas Turbine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Gas Turbine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Gas Turbine market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Gas Turbine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Gas Turbine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Gas Turbine market based on the below-mentioned segments:
Global Gas Turbine Market, By Capacity
Up to 200 MW
Above 200 MW
Global Gas Turbine market, By Technology
Open cycle
Combined cycle
Global Gas Turbine market, Regional Analysis
A gas turbine is an internal combustion engine that uses a continuous combustion process called a combustion turbine. Combustor, upstream gas-spinning compressor, and downstream turbine all use the same rotating shaft. To further improve efficiency and convert power into either electric or mechanical form, there is another component known as turbo fans. These turbines are so efficient that they are gradually replacing conventional power plants that burn either gas or oil with "combine cycle" plants that use only natural gas as their fuel source. As populations grow and industrialization spreads, the world's governments are under pressure to meet a rising need for power while simultaneously reducing their reliance on fossil fuels. Governments in a number of nations are installing these turbines in coal-fired steam facilities and combined cycle power plants. Natural gas is used as the primary fuel source for these turbines. Greenhouse gases are reduced via the usage of gas-based power.
As a result of the increasing demand for power around the world, governments are focusing their efforts on decreasing the usage of fossil fuels, which is increasing global emissions. Several countries are replacing coal-fired steam facilities and combined-cycle power plants with these turbines. These turbines mostly run on natural gas. Gas-fired power plants emit fewer greenhouse gases than coal or nuclear power plants. The growth of the aviation industry on a global scale offers tremendous potential for this business. The aviation industry is where many developing countries are putting their resources. Investment in aviation is expected to rise, which could present an opportunity for this sector. In addition, increased urbanisation and infrastructure development are driving up electricity demand around the world. Industrialization is progressing in the world's emerging countries. Electricity demand has increased as a result of the implementation of smart building and city programmes in a number of nations. New power plants are being built, and existing ones are being upgraded, by both the public and private sectors to keep up with the rising demand for electricity. These turbines are widely used in such endeavours because they are efficient and good for the environment. Additionally, governments have adopted stringent environmental rules, compelling industries to switch to gas-powered turbines in large numbers. Because of this, it's likely that the market will continue to grow in the next years.
Growth in North America is forecast to speed up over the review period, with the United States, Mexico, and Canada at its helm. New mining and extraction methods are lowering the operational costs of gas extraction in this area, which is beneficial because the shale gas reservoir is the root source of the demand. Gas-based power generation plants have also been widely deployed in North America. Modern technology have allowed oil and gas companies to profitably produce shale gas through innovative drilling techniques like horizontal wellbores and completion procedures like multistage hydraulic fracturing. Due to the large number of gas turbine manufacturers in the country, Saudi Arabia is expected to be the largest end-user in the Middle East and Africa. The gas turbine market is expected to expand as a result of the substantial investment in research and development by major industry players. Market participants are engaging in a wide range of strategic activities, including as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations, in response to the considerable changes occurring in the industry. Gas Turbine companies must offer competitively priced products if they want to expand and survive in an industry that is growing increasingly competitive.
Over the predicted time period, the energy sector is expected to expand thanks to rapid technical breakthroughs and a shift in emphasis towards distributed power production methods. The unique solutions provided by the combination of product technology with other systems is also driving market demand. In addition, the rising requirement to address a great demand for energy decarbonization around the world and the increasing actions of government towards the development of the technology are considerably driving to the higher growth possibilities for the sector.
Report Coverage
Global Gas Turbine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Gas Turbine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Gas Turbine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Gas Turbine market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Gas Turbine Market from 2021 to 2030.
- Market Forecast for Gas Turbine Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Gas Turbine competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Gas Turbine
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Gas Turbine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Gas Turbine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China)
Primary Target Market
- Market Players of Gas Turbine
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Gas Turbine market based on the below-mentioned segments:
Global Gas Turbine Market, By Capacity
Up to 200 MW
Above 200 MW
Global Gas Turbine market, By Technology
Open cycle
Combined cycle
Global Gas Turbine market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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