Gas Turbine Market Size Worth Around US$ 50.20 Bn by 2032

The gas turbine market size was estimated at USD 24.47 billion in 2022 and it is expected to hit around USD 50.20 billion by 2032, growing at a CAGR of 7.50% from 2023 to 2032.

Gas Turbine Market Size 2023 to 2032

Key Takeaway

The Asia Pacific has held approximately 36% of the total revenue share in 2022.
By capacity, >200 MW segment had a significant revenue share of 66% in 2022.
By technology, the combined cycle turbines sector has the highest revenue share 74% in 2022.
By end use, the power & utility segment held a revenue share of over 82% in 2022.
The aero-derivative segment is growing at 9% of CAGR from 2023 to 2032.

Introduction

Gas turbine is a mechanical device which couples energy from gas or working fluid by using its potential energy or kinetic energy. Gas turbines run on brayton cycle that essentially comprise of a heater, compressor, turbine and cooler. The working fluid experiences thermodynamic process where the system changes heat/mechanical energy into rotating energy that in turn generates electricity as output. Gas turbines are contains 3 crucial sections mounted on the same shaft namely the combustion chamber/combustor, compressor, and turbine. The compressor can be either centrifugal flow or axial flow. Axial flow compressors are general in power generation as they have advanced flow rates and competences.

Gas turbines are chiefly employed for direct mechanical drive for production units, feed pumps and power generation. Combined cycle power plants are favored as they are more effectual. A combined heat and power plant is an illustration of combined cycle power plant that can be engaged for production of electricity also to attain mechanical drive.

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Report Scope of the Gas Turbine Market

Report Highlights	Details
Market Size	USD 46.65 Billion by 2032
Growth Rate	CAGR of 6.7% from 2023 to 2032
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, Technology, Capacity, Region

Growth Factors

Encouraging government regulations plus positive consumer viewpoint toward sustainable energy infrastructure would upsurge the gas turbine market share. Operative utilization of produced energy through the power grid in line with rising energy optimization has confidently inclined the product implementation.

Expansions in clean energy projects are generating robust growth latent for steam and gas turbines. Further, due to growing demand for electric power via clean energy sources, several countries in have undertook many attempts to cut GHG emissions. All these factors are projected to positively complement market landscape. Encouraging government rules along with constructive consumer stance toward sustainable energy arrangement is further propelling gas turbine market revenue across the globe. Operative utilization of produced energy through the power grid along with mounting energy optimization has certainly inclined the product implementation.

For example, Department of Energy (DOE) declared establishment of 81 GW of combined heat and power plants surpassing 3,500 sites throughout the U.S. in in 2018. Furthermore, growing incentive allocation and financial subsidies toward the incorporation & extension of CHP plants are projected to further drive the growth of gas turbines industry in this region.

Report Highlights

Aero-derivative gas turbine market is anticipated to see surge due to greater turbo-machinery proficiency, enhanced cooling blades and heightened turbine inlet temperature. Further, constant investments for advancement of sustainable energy generation plants.
Rising regenerative turbine integration through district heating services will further support market demand
Ongoing technological improvements associated with effectiveness, flexibility and reliability across both un-recuperated and recuperated systems are expected to drive market demand

Regional Snapshots

North America and Europe together occupies majority of the share of power stations being decommissioned. This is due to maximum power plants are in their second phase of life cycle. In 2015, in Europe, air pollution equipment of many plants that have not been improved was ordered to be closed. Many legislative initiatives and matured capacities formed a possible replacement market. Gas turbine industry size in North America is estimated to surpass an annual installation of 10 GW by 2027. Easy availability of raw material and constant integration of advanced technological turbines are some of the great drivers fuelling growth of the market. Increasing attention toward CCGT power technology together accelerating applicability of gas-powered systems through drilling and extraction techniques is further projected to support demand in the market.

South and Central America are also expected to appear as profitable market for clean energy. Since 1990, Brazil has been vigorously inspiring cogeneration, which has caused in over 1,200 MW of on-site gas-fired volume. Chile, Brazil, Peru, and Uruguay are some of the noticeable markets in this region.

Key Players & Strategies

Constant acquisition and mergers plus rising R&D spending toward product efficiency, durability, and versatility by major industrial participants are further projected influence the industry growth. Reasonably compact size and operational flexibility coupled with rapid start & lower warm up time are some of the protruding features improving the open cycle combustion turbine market statistics. Offshore And Onshore sectors find a diverse applicability of turbines across direct and mechanical drive. For instance, in 2018, GE introduced ‘cross-fleet gas turbine’ that increases performance and reliability of OEM fleets. Mounting installation in aircraft sector due its great competence& light weight plus cumulative electricity demand throughout offshore establishments will confidently influence the product demand.