Gas Turbine Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Description

The Global Gas Turbine Market was valued at USD 13.7 billion in 2023 and is projected to grow at 5.7% CAGR from 2024 to 2032, driven by a strong focus on energy optimization and rising demand for clean energy generation technologies. As global energy consumption continues to increase, significant investments in the extraction and trade of natural gas are creating a favorable business environment. Gas turbines function as combustion engines that convert natural gas or liquid fuels into mechanical energy, which subsequently powers generators to produce electricity. The continuous upgrade and retrofitting of existing gas turbine facilities, alongside the growing need for efficient and scalable power generation solutions, will further enhance market prospects.Additionally, the expansion of power generation capacities in emerging economies is expected to boost the deployment of gas turbines. The heavy-duty gas turbine sector is anticipated to exceed USD 15 billion by 2032. This growth is fueled by the rising demand for flexible and efficient power generation solutions, particularly in large-scale plants. Known for their quick start-up capabilities, high efficiency, and ability to rapidly adjust output to meet varying power demands, heavy-duty gas turbines are well-positioned to shape the industry's landscape. Moreover, increasing electricity demand in emerging markets, along with substantial infrastructure development in sectors such as oil and gas and power generation, will contribute to market expansion.

The combined cycle gas turbine segment is projected to experience a CAGR of over 5.5% through 2032, driven by the global shift toward cleaner energy and the growing availability of natural gas. The emphasis on high-efficiency power generation, coupled with heightened concerns regarding sustainability, will foster a positive business environment. The ongoing focus on enhancing energy security and replacing aging power plants will also create favorable conditions for growth. In the U.S. market, gas turbine sales are expected to surpass USD 1.5 billion by 2032. The continuous modernization of traditional power plants with advanced technologies, including improved materials, innovative blade designs, and enhanced cooling techniques, will support this trend.Strict government regulations aimed at reducing carbon emissions, along with federal and state incentives for adopting clean energy and efficient technologies, will further drive market dynamics. The abundant availability of natural gas reserves, combined with the push for environmentally friendly energy solutions, will significantly influence the market landscape.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$13.7 Billion
Forecast Value	$23.1 Billion
CAGR	5.7%

Product Code: 1181

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Market estimates & forecast parameters
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid
  - 1.4.2.2 Public

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
3.6 PESTEL analysis

Chapter 4 Competitive Landscape, 2024

4.1 Introduction
4.2 Strategic outlook
4.3 Innovation & sustainability landscape

Chapter 5 Market Size and Forecast, By Capacity, 2021 - 2032 (USD Million & MW)

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 - 2032 (USD Million & MW)

6.1 Key trends
6.2 Aero-derivative
6.3 Heavy duty

Chapter 7 Market Size and Forecast, By Technology, 2021 - 2032 (USD Million & MW)

7.1 Key trends
7.2 Open cycle
7.3 Combined cycle

Chapter 8 Market Size and Forecast, By Application, 2021 - 2032 (USD Million & MW)

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 - 2032 (USD Million & MW)

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
10.2 Baker Hughes Company
10.3 Bharat Heavy Electricals Limited
10.4 Capstone Green Energy Corporation
10.5 Doosan
10.6 Flex Energy Solutions
10.7 General Electric
10.8 Harbin Electric Corporation
10.9 IHI Corporation
10.10 Kawasaki Heavy Industries
10.11 MAN Energy Solutions
10.12 Mitsubishi Heavy Industries
10.13 Nanjing Turbine & Electric Machinery
10.14 Opra Turbines
10.15 Rolls Royce PLC
10.16 Shanghai Electric Gas Turbine
10.17 Siemens Energy
10.18 Solar Turbines
10.19 Vericor
10.20 Wartsila