PUBLISHER: Market Research Future | PRODUCT CODE: 1591341
PUBLISHER: Market Research Future | PRODUCT CODE: 1591341
Global Gas Turbine Market Research Report Information By Type (Industrial, Heavy Duty and Aeroderivative), By Rating Capacity (Less Than 40 MW, 40-120 MW, 121 To 300 MW and Above 300 MW), By End-User (Power Generation, Oil & Gas, Marine, Process Plants and Others), By Technology (Open Cycle and Combined Cycle) and By Region - Forecast to 2032
In 2023, the value of the gas turbine market was $30,375 million. The Gas Turbine Market industry is anticipated to experience a compound annual growth rate (CAGR) of 3.8% from USD 32,741 million in 2024 to USD 44,106 million by 2032. The demand for gas turbines is expected to increase during the forecast period, because of the growing demand for reliable and efficient power generation solutions. The necessity for consistent and reliable energy sources becomes increasingly urgent as the global economy continues to grow.
A consistent supply of electricity is essential for the efficient operation of residential areas, enterprises, and industries. Furthermore, the United Nations-published data indicates that the global population has increased by over threefold since the mid-20th century, from an estimated 2.5 billion in 1950 to 8.0 billion by mid-November 2022. This comprises an increase of 1 billion individuals since 2010 and 2 billion since 1998. The population is expected to increase by nearly 2 billion over the next 30 years, reaching 9.7 billion by 2050. It has the potential to reach a zenith of approximately 10.4 billion in the mid-2080s. The demand for electricity will increase as a consequence of this population growth. Gas turbines are essential in satisfying this demand, as they offer a dependable and efficient source of power generation.
Market segment insights
The Gas Turbine Market is segmented into industrial, heavy-duty, and aeroderivative based on type.
The robust construction and high efficiency of heavy-duty gas turbines make them ideal for industrial applications and large-scale power generation. This segment is further subdivided into three classes: E Class, F Class, and H Class. Each class represents a significant improvement in performance capabilities and technological advancements.
The Gas Turbine Market is segmented into four categories: Less Than 40 MW, 40-120 MW, 121-300 MW, and Above 300 MW. This segmentation is based on the rating capacity of the market.
The Gas Turbine Market is segmented into five categories: Power Generation, Oil & Gas, Marine, Process Plants, and Others. This segmentation was determined by the end-users.
The market is segmented into two categories: Open cycle and Combined cycle, which are determined by technology.
Regional Perspectives
The Gas Turbine Market is segmented by region in the study, with North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Gas Turbine Market is dominated by the Asia Pacific region. The gas turbine market in the Asia Pacific region is experiencing rapid development because of the region's urbanization, industrialization, and rising energy demand.
China is making substantial investments in gas turbine technology as part of its overarching strategy to transition to greener energy sources. The Chinese government is promoting natural gas as a key component of its energy mix, leading to the construction of new gas-fired power plants and the modernization of existing facilities.
Key Companies in the Gas Turbine Market includes Siemens Energy, General Electric, Anslado Energia, IHI Corporation, MAPNA Group, Mitsubishi Heavy Industries, Ltd., Rolls-Royce, Bharat Heavy Electricals Limited, Solar Turbines Incorporated, and Baker Hughes.