Market Overview:

The Gas Turbine Market size is expected to be worth around USD 41.07 billion by 2032 from USD 21.86 billion in 2021, growing at a CAGR of 5.9% during the forecast period 2022 to 2032. The rising demand for energy and improved efficiency of gas turbines are major factors driving the growth of the market. Increasing utilization of natural gas as an alternative fuel in power generation plants has also been one of its major drivers.

The gas turbine market has been growing in leaps and bounds over the past few years. It is showing no signs of slowing down, as it continues to become a sought-after technology for power generation and propulsion applications across the world. With its ability to convert natural gas or liquid fuel into mechanical energy with high efficiency, it can be used for a variety of needs including driving turbines, generators, compressors and pumps. In addition, gas turbines are also considered more environmentally friendly than other types of fossil-fuel-burning engines due to their lower emissions levels. Gas turbines are widely used in power generation, oil and gas, and aviation industries due to their high efficiency and low emissions.

Largest Market and Fastest Growing Market:

  • The Asia Pacific region is the largest market for gas turbines, driven by the increasing demand for electricity and the growth of the industrial sector in countries such as China and India.
  • The Middle East and Africa region is expected to be the fastest-growing market for gas turbines due to the increasing demand for electricity and the expansion of the oil and gas industry.

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Key Takeaways:

  • The increasing demand for energy and the shift towards renewable energy sources are driving the growth of the gas turbine market.
  • The Asia Pacific region is expected to be the fastest-growing market for gas turbines due to the increasing demand for electricity and the growth of the industrial sector in countries such as China and India.
  • The power generation segment is the largest end-use industry for gas turbines, followed by the oil and gas industry.

Recent Developments:

  • In November 2021, Mitsubishi Power announced the launch of its M501JAC gas turbine in the U.S. market, which is expected to provide reliable, low-cost, and clean power to the region.
  • In October 2021, Siemens Energy announced the completion of its first high-temperature gas turbine blades for use in power plants, which can withstand temperatures of up to 1,300 degrees Celsius.
  • In August 2021, General Electric announced the development of a new 6-megawatt gas turbine, which is expected to provide more power while reducing emissions.

Regional Snapshot:

  • North America and Europe are mature markets for gas turbines, with a focus on upgrading existing infrastructure with more efficient and low-emission technologies.
  • Asia Pacific is the largest and fastest-growing market for gas turbines, driven by the increasing demand for electricity and the growth of the industrial sector in countries such as China and India.
  • The Middle East and Africa region is also a significant market for gas turbines due to the expansion of the oil and gas industry in the region.

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Market Dynamics:

1. Drivers:

  • The increasing demand for energy and electricity, especially in developing countries, is driving the growth of the gas turbine market.
  • The shift towards renewable energy sources, such as wind and solar power, is driving the demand for gas turbines as a backup power source.
  • The increasing focus on reducing emissions and improving efficiency is driving the development of more advanced and low-emission gas turbines.

2. Restraints:

  • The high cost of gas turbines and the complex infrastructure required for their installation and operation can be a barrier to their adoption.
  • The availability of natural gas, which is the primary fuel source for gas turbines, can be a limitation in certain regions.
  • The competition from other energy sources, such as coal and nuclear power, can limit the growth of the gas turbine market.

3. Opportunities:

  • The increasing demand for energy storage solutions, such as batteries and hydrogen, presents an opportunity for gas turbines to be used as a backup power source for intermittent renewable energy sources.
  • The development of small and modular gas turbines presents an opportunity for their use in distributed power generation and remote areas.
  • The expansion of the oil and gas industry in developing countries presents an opportunity for the growth of the gas turbine market in these regions.

4. Challenges:

  • The gas turbine market is rapidly evolving, presenting both challenges and opportunities for companies in the industry. One of the key challenges faced by the industry is meeting rising global energy demand. This has led to an increase in competition between manufacturers as they try to produce more efficient turbines that can meet consumer needs. Additionally, natural gas prices have been volatile over the past few years due to changes in supply and demand, requiring companies to be agile in order to remain competitive.

5. Opportunities

  • On the other hand, there are significant opportunities for growth within the gas turbine market as well. With advancements in technology and increased investment from governments worldwide, manufacturers have access to improved materials which enable them to build higher-efficiency turbines that yield greater performance than their predecessors. Furthermore, the growing use of renewable energy sources provides a potential avenue for growth, as these sources are often used alongside traditional gas turbine systems.

Key Market Segments

Technology

Capacity

  • ≤200 MW
  • >200 MW

End-Use

  • Power & Utility
  • Industrial

Conclusion:

The gas turbine market is projected to witness a significant growth rate over the forecast period. Factors such as increasing demand for clean energy sources and rising investments in the industry have been driving the market. The emergence of new technologies and innovations in power generation are likely to further spur demand in the near future.

In addition, governments across several countries are providing incentives and subsidies to encourage investments in gas turbines, which will create more opportunities for players across the globe. Moreover, with rising focus on reducing emission levels, companies are developing advanced technologies such as hybrid turbines that generate electricity from multiple sources such as gases and solar energy, leading to an expanded application scope of these products.

Overall, it can be concluded that the global gas turbine market has immense potential for growth due to its cost-effectiveness, high efficiency and low maintenance requirements.

Report Scope

Report Attribute Details
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2032

Frequently Asked Questions About This Report
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2. How big is the gas turbine market?
3. What is the gas turbine market growth?
4. Which capacity segment led the gas turbine market?
5. Which technology segment dominated the gas turbine market?
6. Which region held the largest share in the gas turbine market?
7. What are the factors driving the gas turbine market?

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