Gas Turbine Industry Overview

The global gas turbine market size is projected to reach USD 13.98 billion by 2030, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. The industry is predicted to expand rapidly over the forecast period owing to government backing for power production technologies that minimize Carbon Dioxide (CO2) emissions around the world.

200 MW emerged as a significant capacity segment with a revenue share of more than 73.0% in 2022. It is also estimated to be the fastest-growing segment over the forecast period. The rising power generation operations around the world, as well as the move from coal to gas-based power plants in some of the world's major countries, are driving demand in this category. The combined cycle turbines segment accounted for the largest revenue share of approximately 72.0% in 2022 and is anticipated to continue its dominance throughout the forecast period. This technology category is expected to increase at a faster rate in the coming years. These turbines use less fuel to produce the same amount of energy and eliminate transmission and distribution losses.

Gather more insights about the market drivers, restrains and growth of the Gas Turbine Market

The power utility segment accounted for the largest revenue share of approximately 87.0% in 2022. Increased demand for power generation is being driven by the expansion in population and urbanization around the world, which is boosting the use of gas turbines in the power and utility sectors. Led by China, Japan, Indonesia, Thailand, and India, Asia Pacific emerged as the largest regional market in 2022 with a share of more than 37.0% of the overall revenue. The region is also estimated to register the fastest CAGR over the forecast period. The region's need for electricity is being driven by rapid urbanization and the emergence of a middle-class population. The rising demand for LNG is primarily driven by the shale gas reserve and technological development in extraction and mining technology, which are consistently lowering the operational cost of gas extraction in the region.

Browse through Grand View Research's Conventional Energy Industry Research Reports.

• The global enhanced oil recovery market size was estimated at USD 49,835.3 million in 2024 and is projected to grow at a CAGR of 2.9% from 2025 to 2030. 
  
  
• The global coal to liquid market size was valued at USD 4.05 billion in 2023 and is projected to grow at a CAGR of 8.7% from 2024 to 2030.

Gas Turbine Market Segmentation

Grand View Research has segmented the global gas turbine market based on technology, capacity, end-use, and region:

Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Open Cycle
• Combined Cycle

Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• ≤200 MW
• 200 MW

Gas Turbine End-use Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• Power Utility
• Industrial

Gas Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Central South America
  • Brazil
  • Argentina
• Middle East Africa
  • UAE
  • Saudi Arabia
  • South Africa

Key Companies profiled:

• Ansaldo Energia
• Bharat Heavy Electricals Ltd.
• Centrax Gas Turbines
• General Electric
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Power, Ltd.
• OPRA Turbines
• Siemens Energy
• Solar Turbines Inc.

Order a free sample PDF of the Gas Turbine Market Intelligence Study, published by Grand View Research.