Global Gas Turbine Market – Industry Trends and Forecast to 2030

Global Gas Turbine Market, By Capacity (500KW to 1MW, >1MW to 30MW, >30MW to 70MW, >70MW to 200MW, >200MW), Product (Auto-Derivative, Heavy Duty), Technology (Open Cycle, Combined Cycle), Applications (Power Plants, Oil and Gas, Process Plants, Aviation, Marine, Others) - Industry Trends and Forecast to 2023 to 2030.

Gas Turbine Market Analysis and Size

The essential factors contributing to the growth of the global gas turbine market in the forecast period of 2023 to 2030 include the shifting preference of various end users from coal-based power generation. Government's supportive policies regarding the construction of gas-based power plants are the major factors boosting the market's growth.

Data Bridge Market Research analyses that the global gas turbine market, which was USD 17.50 billion in 2022, is expected to reach USD 70.89 billion by 2030, growing at a CAGR of 19.11% from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Gas Turbine Market Scope and Segmentation

Market Definition

A gas turbine is an engine that heats the mixture of fuel and outside air at a very high temperature to achieve mechanical energy through spinning turbine blades. It consists of a combustor, an upstream rotating gas processor, and a downstream turbine on the same shaft as a compressor. These turbines actively replace the oil-fired and traditional-fired turbines in terms of functioning.

Global Gas Turbine Market Dynamics

Drivers

• Rising demand for electricity

The growing industrialization and increasing use of clean electricity is the vital factor driving the market's growth over the forecasted period. The rising economic developments and activities have led to the rising demand for electrical appliances globally. According to the Ministry of Statistics and Program Implementation Government of India, energy production from utilities increased from 13,03,493 GWh TO 13,71,091 GWh in recent years, registering an annual growth of about 5.24%. All these innovations and enhanced production factors will propel the market's growth.

• Increasing expansion of end-use industries

The expansion of end-use industries, coupled with the increase in urbanization and population, will further propel the growth rate of the gas turbine market. Additionally, the rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.

Opportunities

• Rising trend of distributed electricity generation

The rising trend of distributed electricity generation globally is an important factor creating significant lucrative growth opportunities for the market over the forecasted period. The distributed generation of electricity refers to the technologies that generate electricity for various applications, such as solar panels and combined heat and power systems. These applications may serve a single structure, such as a residence or business, or be part of a microgrid, such as a major industrial facility, military base, or a large college campus. These support the delivery of clean and reliable power to reduce electricity losses during electricity transmissions. All these beneficiary factors of distributed generation systems will boost the market's growth due to the increasing adoption.

 Restraints/Challenges

• Stringent policies

The rising demands for renewable energy sources across major sectors due to the stringent policies regarding reducing carbon emissions in the industries will create hindrances to the growth of the gas turbine market.

• Fluctuations in raw material prices

The inconsistent raw material prices have a direct negative impact on the overall market's growth. As a result, these fluctuations will pose a major challenge to the gas turbine market growth rate.

This gas turbine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global Gas Turbine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market. It delivers information by considering the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In June 2022, Wartsila announced the acquisition of PortLink Global. PortLink is a Canada-based global company engaged in port solutions. This will speed up Wartsila's path toward creating an end-to-end connected maritime ecosystem and port logistics.

• In November 2022, General Electric (GE) and EDF signed a binding agreement to acquire GE Steam Power's nuclear activities by EDF. These activities include manufacturing conventional island equipment for nuclear power plants, including the Arabelle steam turbines.

Global Gas Turbine Market Scope 

The global gas turbine market is segmented based on capacity, product, technology, applications. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Capacity

• <50KW
• 50KW To 500 KW
• >500KW To 1MW
• >1MW To 30MW
• >30MW To 70MW
• >70MW To 200MW
• >200MW

Product

• Auto-Derivative
• Heavy Duty

Technology

• Open Cycle
• Combined Cycle

Applications

• Power Plants
• Oil and Gas
• Process Plants
• Aviation
• Marine
• Others

Global Gas Turbine Market Regional Analysis/Insights

The global gas turbine market is analysed and market size insights and trends are provided by product, capacity, technology, and application as referenced above.

The countries covered in the global gas turbine market report U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the gas turbine market due to the increasing expansion of end use industries. The rapid urbanization and industrialization in emerging countries, such as India, China, and Southeast Asia, will drive market value growth.

Asia-Pacific is expected to grow from 2023 to 2030 due to the rising electricity demand. The growing industrialization and increasing use of electrical appliances is the vital factor driving the market's growth over the forecasted period. The rising economic developments and activities have led to the rising demand for electrical appliances globally. This has fueled the worldwide demand for gas turbine and is driving the market's growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Gas Turbine Market Share Analysis

The gas turbine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the gas turbine market are:

• Wärtsilä (Finland)
• MAN Energy Solutions (Germany)
• Siemens (Germany)
• General Electric (U.S.)
• Kawasaki Heavy Industries, Ltd. (Japan)
• MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
• Harbin Electric Corporation co.,Ltd (China)
• Bharat Heavy Electricals Limited (India)
• Solar Turbines Incorporated (U.S.)
• Capstone Green Energy Corporation (U.S.)
• VERICOR (U.S.)
• Ansaldo Energia (Italy)
• OPRA Turbines (Netherlands)
• Cryostar (France)
• Rolls-Royce plc (U.K.)
• Hindustan Aeronautics Limited (India)