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

List of Tables

The Gas Turbines Market was valued at USD 20.68 billion in 2023, expected to reach USD 21.59 billion in 2024, and is projected to grow at a CAGR of 4.62%, to USD 28.37 billion by 2030.

Gas turbines, defined as combustion engines that convert natural gas or other liquid fuels into mechanical energy, play a crucial role in the energy sector, propulsion, and industrial applications. Their scope extends across various industries including power generation, aviation, oil and gas, marine, and industrial machinery. In power generation, gas turbines are essential for providing peak and base load electricity, and they serve as backup systems for renewable energy sources. In aviation, they are the backbone of propulsion systems. Industrial applications see them used in cogeneration plants for combined heat and power.

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%

The necessity for gas turbines stems from the global demand for efficient, reliable, and low-emission power solutions. They are highly efficient, especially in combined cycle configurations, and provide rapid start-up and shut-down capabilities. Influencing growth factors include increasing energy demand, the shift toward cleaner energy sources, and advancements in turbine technology. Opportunities lie in the enhancement of efficiency and reduction of emissions, driven by innovations such as additive manufacturing and digital twins, which allow for real-time monitoring and optimization.

However, the market faces significant challenges, like the volatile prices of natural gas, strict environmental regulations, and competition from renewable energy alternatives. The integration of hydrogen in gas turbines, though promising, requires further research and development to become commercially viable.

The best areas for innovation include developing turbines that operate on alternative fuels like hydrogen or biofuels, integrating more sophisticated AI-driven maintenance and operational support systems, and enhancing materials to withstand higher temperatures and pressures. Despite its challenges, the gas turbine market is dynamic, with potential for significant advancements in performance and environmental impact, making it a fertile ground for research and development. Stakeholders are recommended to focus on collaboration with tech firms and research institutions to drive these innovations forward.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Gas Turbines Market

The Gas Turbines Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Increasing electricity consumption and need for reliable power generation
- Government initiatives and policies supporting renewable energy
- High use of energy in industrial activities worldwide
Market Restraints
- Maintenance complexity and functioning issues of gas turbines
Market Opportunities
- Technological advancements in high-performing gas turbines
- Growing investments in oil & gas exploration and microgrid establishment
Market Challenges
- Environmental impact and inefficiency of gas turbines

Porter's Five Forces: A Strategic Tool for Navigating the Gas Turbines Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Gas Turbines Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Gas Turbines Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Gas Turbines Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Gas Turbines Market

A detailed market share analysis in the Gas Turbines Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Gas Turbines Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Gas Turbines Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Gas Turbines Market

A strategic analysis of the Gas Turbines Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

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:

Based on Type, market is studied across Aero-Derivative Gas Turbines, Heavy-Duty Gas Turbines, and Industrial Gas Turbines.
Based on Technology, market is studied across Closed Cycle, Combined Cycle, and Open Cycle.
Based on Rating Capacity, market is studied across 120-300 MW, 40-120 MW, Above 300 MW, and Less than 40 MW.
Based on Application, market is studied across Aviation, Manufacturing, Oil & Gas, and Power Generation.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

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. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

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. Gauteng Premier Hails Historic Launch of Fordsburg Open Gas Turbine, Adding 50 Megawatts to Power Grid
- 13.3.2. Kuwait Enhances Power Generation Efficiency at Sabiya Plant, Reduces Emissions Equivalent to Removing 16,000 Cars
- 13.3.3. Ansaldo Energia and Tecnicas Reunidas Team Up with German Utility to Build Hydrogen-Ready Power Plant
13.4. Strategy Analysis & Recommendation

Companies Mentioned

1. ABB Ltd.
2. Ansaldo Energia S.p.A.
3. Bharat Heavy Electricals Limited
4. Capstone Green Energy Corporation
5. Centrax Ltd.
6. Danfoss A/S
7. Doosan Enerbility Co., Ltd.
8. General Electric Company
9. GKN PLC
10. Harbin Electric Corporation
11. Hindustan Aeronautics Limited
12. Honeywell International Inc.
13. IHI Corporation
14. Kawasaki Heavy Industries, Ltd.
15. MAN Energy Solutions
16. MAPNA Group
17. Mitsubishi Heavy Industries, Ltd.
18. MTU Aero Engines AG
19. Nidec Corporation
20. OPRA Turbines BV
21. Power Machines
22. Regal Rexnord Corporation
23. Rolls-Royce PLC
24. Siemens AG
25. Solar Turbines Incorporated
26. TECO-Westinghouse
27. Toshiba Corporation
28. Vericor Power Systems
29. WEG S.A.
30. Wartsila Corporation