Gas Turbine Market size was valued at USD 20.28 Bn. in 2023 and the total Gas Turbine revenue is expected to grow by 3.6 % from 2024 to 2030, reaching nearly USD 25.98 Bn.
Learn about the Gas Turbine Market growth and developments.
Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the Gas Turbine Market. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The analysis in the report provides an in-depth aspect at the current status of the Gas Turbine market, with forecasts outspreading to the year 2030.
Discover how we define the Gas Turbine Market scope and research approach.
The Gas Turbine market research provides comprehensive information on significant aspects, including those that are expected to drive the industry’s growth and upcoming challenges. The competitive environment of the industry, the products marketed by well-known companies, and the investment potential in the Gas Turbine market will all be thoroughly understood by stakeholders. The study covers both the qualitative and quantitative components of the sector. A comprehensive examination of the competition for the Gas Turbine Market is included in the scope of the MMR report.
The report offers a number of new requirements, each with a thorough justification. The Gas Turbine Market was created by consulting both primary and secondary sources of information, including government documents, websites, annual reports, and the opinions of other professionals and academics.
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Uncover the regional opportunities and challenges in the Gas Turbine Market.
This study includes a comprehensive analysis of all pertinent data, including market size, growth rate, and import and export by region. The research’s geographic analysis makes it possible to comprehend the Gas Turbine market situations in various nations. The Gas Turbine market is made up of the markets in North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East.
Gas Turbine Market segmentation :
by Type
Heavy Duty
Aeroderivative
Heavy Duty and Aeroderivative are the two segments of the gas turbine market. Because of its low cost structure, high capacity operations, and low pressure, which produces maximum power, the heavy-duty category leads the market. Delivering optimal cycle efficiency helps to meet the growing demand for heavy-duty gas turbines due to their modest turbine dimensions and low investment cost. The business environment is anticipated to be driven by the steady improvements in efficiency, adaptability, and reliability of technology. The aero-derivative segment is anticipated to grow at a compound annual growth rate (CAGR) of 8.1% over the forecast period. It is based on what are commonly referred to as aviation gas turbines, or aircraft engines.
by Technology
Open cycle
Combined cycle
The open cycle and mixed cycle segments make up the gas turbine market. With the highest revenue (78%), the combined cycle technology is predicted to continue to dominate. They reduce transmission and distribution losses while using less fuel to produce the required amount of electricity. Combined cycle turbines have efficiencies between 60 and 80% due to their high efficiency and user-friendliness. The technology is bolstered by stringent coal plant regulations, low gas prices, and the integration of renewable energy power in addition to this increasing demand. The combined cycle power plant offers a range of renewable energy output and is a good complement to solar and wind power due to its quick start and stop times.
by Power Rating
Below 40
40-120
120-300
Above 300
Based on Power Rating, the market is segmented into below 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. The turbines with power ratings of 120-300 MW are expected to dominate the market and are commonly selected for power generation. The increase is attributed to expanding urbanization, which is increasing product demand and increasing power use. The transition from coal to gas-fired power facilities is largely driving demand. Furthermore, the lower-size turbines aid in maintenance and operation, which is a key driving element.
by Application
Power generation
Oil & gas
Aerospace
Process plants
The market for gas turbine services is divided into several segments based on their applications, including process plants, power generation, oil and gas, marine, and aerospace. The power utility industry is anticipated to dominate the global market throughout the forecast period. In many power plants, replacing conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that rely mostly on natural gas as fuel as gas exploration becomes more active. About 25% of the nation's electricity comes from natural gas, whereas over 40% comes from coal, according to the Energy Information Administration (EIA).
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Learn about the top players driving innovation in the Gas Turbine Market :
1) General Electric Company
2) Siemens AG
3) Mitsubishi Hitachi Power Systems, Ltd.
4) Rolls-Royce Holdings plc
5) Ansaldo Energia S.p.A.
6) Solar Turbines Incorporated
7) Bharat Heavy Electricals Limited (BHEL)
8) Kawasaki Heavy Industries, Ltd.
9) Man Energy Solutions SE
10) Caterpillar Inc.
11) Harbin Electric Company Limited
12) Sulzer Ltd.
13) MTU Aero Engines AG
14) EthosEnergy Group
15) PW Power Systems, Inc.
16) NPO Saturn
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Table of Content: Gas Turbine Market
Part 01: Executive Summary
Part 02: Scope of the Gas Turbine Market Report
Part 03: Global Gas Turbine Market Landscape
Part 04: Global Gas Turbine Market Sizing
Part 05: Global Gas Turbine Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
Get answers to critical questions shaping the Gas Turbine Market
- What is Gas Turbine ?
- What is the growth rate of the Gas Turbine Market?
- Which are the factors expected to drive the Gas Turbine market growth?
- What is the CAGR at which the Gas Turbine market will grow during the forecast period?
- What are the different segments of the Gas Turbine Market?
- Which is the fastest growing region in the Gas Turbine market?
- What growth strategies are the players considering to increase their presence in Gas Turbine ?
- What are the upcoming opportunities and trends for the Gas Turbine Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Gas Turbine Market?
- Who are the leading companies and what are their portfolios in Gas Turbine Market?
- What segments are covered in the Gas Turbine Market?
- Who are the key players in the Gas Turbine market?
Get a closer look at the game-changing products driving success :
• Past Size and Competitive Landscape
• Past Pricing and price curve by region
• Size, Share, Size Forecast by different segment
• Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Segmentation A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape Profiles of selected key players by region from a strategic perspective
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