Gas Turbines Market by Type, Technology, Rating Capacity, Application

List of Tables

[189 Pages Report] The Gas Turbines Market size was estimated at USD 20.68 billion in 2023 and expected to reach USD 21.59 billion in 2024, at a CAGR 4.62% to reach USD 28.37 billion by 2030.

A gas turbine is an engine that converts the energy from fuel combustion into mechanical energy. The system is widely used across power generation, manufacturing, and oil & gas industries due to its highly reliable machine-run capacity. Increasing demand for electricity driven by industrial growth and infrastructure development are the major factors accelerating the use of gas turbines. With the shift to renewable energy sources in support of government initiatives, the need for high-performing gas turbines has expanded. However, gas turbines' functional limitations and environmental impact impede product penetration. Market players are working on building more advanced gas turbines while focusing on predictive maintenance facilities to enable flexible and more effective operations of gas turbines. Moreover, several investments have been made in distributed and decentralized power generation activities across emerging economies, creating new opportunities for deploying modern gas turbines. The aging power generation infrastructure in many countries has also required gas turbines for replacement due to their operational flexibility and resilience.

KEY MARKET STATISTICS
Base Year [2023]	USD 20.68 billion
Estimated Year [2024]	USD 21.59 billion
Forecast Year [2030]	USD 28.37 billion
CAGR (%)	4.62%

Type: Increasing use of heavy-duty gas turbines for power generation

Industrial gas turbines are large-scale turbine systems used to power industrial facilities such as factories and power plants. They produce high torque output, allowing them to drive large pumps or compressors for various industrial processes. Aeroderivative is lighter and more compact than industrial gas turbines, and due to their ability to shut down and handle load changes quicker than industrial machines, they are widely employed in electrical power generation. Heavy-duty gas turbines are designed for stationary applications at power plants, where they serve as the primary source of electricity generation. Heavy-duty units feature robust construction that enables them to operate under harsh environmental conditions with minimal maintenance requirements. They are primarily large-sized with a rated capacity of more than 75 MW, capable of burning various fuels, ranging from natural gas to heavy liquid residuals.

Technology: Growing use of open-cycle gas turbine for marine applications

An open-cycle gas turbine is a type of gas turbine in which the hot gases produced by the combustion of liquid fuel are utilized to rotate the turbine, and the remaining heat is drained into the atmosphere. This type of technology is useful for applications that require higher output quickly. A closed-cycle gas turbine is a gas turbine in which the air is continuously circulated within the turbine. The closed-cycle gas turbine has more thermal efficiency when compared to open-cycle systems. A combined-cycle power plant generates up to 50% more energy from the same fuel as it combines gas and a steam turbine. The extra heat produced by the gas turbine is shifted to the nearby steam turbine to generate additional power.

Rating Capacity: Continuous increase in use of 120-300 MW capacity gas turbines with investments in renewable energy

Gas turbines with a rated capacity of less than 40 MW are commonly used in small-scale industrial processes for operating machines and equipment. Gas turbines with a 40-120 MW rated capacity are most often used for combined heat and power (CHP) plants, district heating systems, and medium-scale manufacturing facilities. Gas turbines with a rated capacity of 120-300 MW are often utilized for larger-scale electricity generation and renewable energy production applications. In comparison, those gas turbines with ratings over 300 MW are primarily used for utility-scale electricity production or in large-scale oil & gas industries.

Application: Proliferation in use of gas turbines in the aviation sector

Gas turbines are a popular form of energy production for oil & gas applications, as they can generate high amounts of power with relatively small-scale equipment. They are often used in drilling rigs to provide the necessary electricity required to pressurize and control the flow of oil or gas during the extraction process. Gas turbines have long been used in power generation due to their low cost and reliable performance. This system can be used in many manufacturing processes to control torque and speed output during operation precisely. It makes them ideal for textiles or paper manufacturing industries where exacting speeds and torque requirements must be consistently met. Gas turbine engines propel an aircraft and are often available as turbojet, turbofan, turboshaft, and turboprop.

Regional Insights

The Americas region has observed a growing market for gas turbines, driven by their rising power generation activities, shale gas exploration, and industrial applications. The U.S. and Canada share the presence of established companies working on offering highly-efficient gas turbines to their long-term industrial clients. The Asian market is denoted by rising urbanization, investments in power generation, and renewable energy, backed by the government's current focus on optimizing its energy mix. China, India, Japan, and South Korea observed increased use of gas turbines in power plants and combined heat & power systems, which has witnessed a recent rise in deployment. The market in Europe is driven by the growing focus of market players on renewable energy integration and grid stability supporting the country's energy transition. Germany, the UK, and the Netherlands have a mature gas turbine market, with players focused on expanding their production facilities and introducing energy-efficient systems. The Middle East & Africa has abundant oil & gas reserves, particularly across the UAE, Saudi Arabia, South Africa, Nigeria, and Egypt, to meet their increasing energy needs, driving the adoption of gas turbines in the region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Gas Turbines Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Gas Turbines Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Gas Turbines Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited, Capstone Green Energy Corporation, Centrax Ltd., Danfoss A/S, Doosan Enerbility Co., Ltd., General Electric Company, GKN PLC, Harbin Electric Corporation, Hindustan Aeronautics Limited, Honeywell International Inc., IHI Corporation, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, MAPNA Group, Mitsubishi Heavy Industries, Ltd., MTU Aero Engines AG, Nidec Corporation, OPRA Turbines BV, Power Machines, Regal Rexnord Corporation, Rolls-Royce PLC, Siemens AG, Solar Turbines Incorporated, TECO-Westinghouse, Toshiba Corporation, Vericor Power Systems, WEG S.A., and Wartsila Corporation.

Market Segmentation & Coverage

This research report categorizes the Gas Turbines Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Aero-Derivative Gas Turbines
- Heavy-Duty Gas Turbines
- Industrial Gas Turbines

Technology
- Closed Cycle
- Combined Cycle
- Open Cycle

Rating Capacity
- 120-300 MW
- 40-120 MW
- Above 300 MW
- Less than 40 MW

Application
- Aviation
- Manufacturing
- Oil & Gas
- Power Generation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Gas Turbines Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Gas Turbines Market?

3. What are the technology trends and regulatory frameworks in the Gas Turbines Market?

4. What is the market share of the leading vendors in the Gas Turbines Market?

5. Which modes and strategic moves are suitable for entering the Gas Turbines Market?

Product Code: MRR-437E9896A552

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing electricity consumption and need for reliable power generation
  - 5.1.1.2. Government initiatives and policies supporting renewable energy
  - 5.1.1.3. High use of energy in industrial activities worldwide
- 5.1.2. Restraints
  - 5.1.2.1. Maintenance complexity and functioning issues of gas turbines
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements in high-performing gas turbines
  - 5.1.3.2. Growing investments in oil & gas exploration and microgrid establishment
- 5.1.4. Challenges
  - 5.1.4.1. Environmental impact and inefficiency of gas turbines
5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing use of heavy-duty gas turbines for power generation
- 5.2.2. Technology: Growing use of open-cycle gas turbine for marine applications
- 5.2.3. Rating Capacity: Continuous increase in use of 120-300 MW capacity gas turbines with investments in renewable energy
- 5.2.4. Application: Proliferation in use of gas turbines in the aviation sector
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Gas Turbines Market, by Type

6.1. Introduction
6.2. Aero-Derivative Gas Turbines
6.3. Heavy-Duty Gas Turbines
6.4. Industrial Gas Turbines

7. Gas Turbines Market, by Technology

7.1. Introduction
7.2. Closed Cycle
7.3. Combined Cycle
7.4. Open Cycle

8. Gas Turbines Market, by Rating Capacity

8.1. Introduction
8.2. 120-300 MW
8.3. 40-120 MW
8.4. Above 300 MW
8.5. Less than 40 MW

9. Gas Turbines Market, by Application

9.1. Introduction
9.2. Aviation
9.3. Manufacturing
9.4. Oil & Gas
9.5. Power Generation

10. Americas Gas Turbines Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Gas Turbines Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Gas Turbines Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. GE Vernova awarded 9HA gas turbine order for Zhoushan, China's largest archipelago
- 13.3.2. GE to provide digital solutions for LM2500 gas turbines for Indian Navy's new IAC-1 Vikrant
- 13.3.3. Malaysia's largest combined cycle power plant starts commercial operation
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio