$4450
$3560
The gas turbine market size is projected to reach US$ 32,005.19 million by 2031 from US$ 23,190.29 million in 2024. The market is expected to register a CAGR of 4.84% during 2025–2031.
Gas Turbine Market Analysis
The rising demand for clean and efficient power generation, growing emphasis on combined-cycle power plants, surging demand for electricity, and availability of natural gas and infrastructure development are driving market growth. The growing proliferation of hydrogen-blended and zero-carbon gas turbines and the rise in shale gas exploration and production in North America are projected to provide lucrative opportunities to the market during the forecast period. Digitalization and AI-driven predictive maintenance are expected to emerge as a trend in the gas turbine market during 2025–2031.
Gas Turbine Market Overview
The global gas turbine market is crucial in the overall energy and industrial landscape. Growing demands for energy, rising stringent environmental regulations, and increasing advancements in turbine technology drive the gas turbine market growth. Gas turbines are pivotal in power generation, industrial applications, and the transition toward cleaner energy sources. Stringent environmental regulations are pushing utilities and industries to adopt cleaner energy solutions. Gas turbines, which release less carbon dioxide than coal-fired power plants, are becoming a preferred alternative for power generation. This aligns with the global drive toward decarbonization and the adoption of low-carbon energy technologies.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Gas Turbine Market: Strategic Insights
Market Size Value in US$ 21,015.97 Million in 2018 Market Size Value by US$ 29,447.30 Million by 2027 Growth rate CAGR of 3.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Gas Turbine Market Drivers and Opportunities
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Gas Turbine Market: Strategic Insights
| Market Size Value in | US$ 21,015.97 Million in 2018 |
| Market Size Value by | US$ 29,447.30 Million by 2027 |
| Growth rate | CAGR of 3.9% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Market Drivers:
Rising Demand for Clean Energy:
Gas turbines are increasingly used in combined cycle power plants due to their lower emissions compared to coal, supporting global decarbonization goals.Growth in Industrial Applications:
Industries such as oil & gas, manufacturing, and chemicals are adopting gas turbines for reliable and efficient power generation.Technological Advancements:
Innovations in turbine materials, cooling technologies, and digital monitoring systems are improving efficiency, lifespan, and performance.Energy Security and Grid Stability:
Gas turbines offer quick ramp-up capabilities, making them ideal for balancing renewable energy sources and ensuring grid reliability.Government Incentives and Policies:
Supportive regulations and incentives for cleaner energy technologies are encouraging investment in gas turbine infrastructure.
Market Opportunities:
Hybrid Systems Integration:
Combining gas turbines with renewable sources and energy storage systems opens up new possibilities for flexible and sustainable power generation.Emerging Markets Expansion:
Rapid urbanization and industrialization in regions like Southeast Asia, Africa, and Latin America are creating demand for efficient power solutions.Retrofitting and Upgrades:
Aging power plants present opportunities for modernization through turbine upgrades, improving efficiency and reducing emissions.Hydrogen-Fueled Turbines:
Development of turbines capable of running on hydrogen or hydrogen-natural gas blends is a major opportunity in the transition to net-zero.Digitalization and Predictive Maintenance:
Adoption of AI and IoT for real-time monitoring and predictive maintenance is reducing downtime and operational costs.
Gas Turbine Market Report Segmentation Analysis
The gas turbine market is divided into different segments to give a clearer view of how it works, its growth potential, and the latest trends. Below is the standard segmentation approach used in most industry reports:
By Technology:
Open Cycle Gas Turbines
These turbines operate without a heat recovery system, making them ideal for applications requiring rapid start-up and lower capital investment. They are commonly used in peak load power stations and emergency backup systems. While less efficient than combined cycle systems, they offer flexibility and simplicity in operation.
Combined Cycle Gas Turbines
These systems integrate gas and steam turbines to maximize energy output by utilizing waste heat. They are preferred for base-load power generation due to their high efficiency and lower emissions. Combined cycle plants are dominant in regions focusing on cleaner and more sustainable energy solutions.
By Capacity:
Below 40 MW
Small-capacity turbines are used in decentralized power generation, mobile units, and backup systems. Their compact size and quick deployment make them suitable for remote or off-grid locations.
40–120 MW
Mid-range turbines serve industrial facilities, small utilities, and regional grids. They balance efficiency and scalability, often used in cogeneration setups where both electricity and heat are needed.
120–300 MW
These turbines are deployed in large industrial complexes and utility-scale power plants. They offer high efficiency and are often part of combined cycle systems, contributing significantly to regional energy supply.
Above 300 MW
High-capacity turbines are used in major utility power stations. They are engineered for maximum output and efficiency, often incorporating advanced materials and digital monitoring systems. This segment is crucial for meeting national grid demands and integrating with renewable energy sources.
By Application:
- Power Generation
- Oil and Gas
- Industrial
By Geography:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The gas turbine market in Asia Pacific is expected to witness the fastest growth.
Gas Turbine Market Report ScopeGas turbine market Share Analysis by Geography
The gas turbine market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). North America dominated the market in 2024, followed by Europe and Asia Pacific.
North America dominates the global gas turbine market, owing to advanced infrastructure, technological innovation, and strong demand across the power generation and industrial sectors. The US has led the widespread deployment of combined-cycle gas turbines, supported by abundant natural gas resources and a shift from coal. The region is also pioneering hydrogen-compatible and carbon capture-ready turbine technologies. Gas turbines are vital to grid reliability, especially with increasing renewable integration. North America’s robust aerospace and defence industries contribute significantly to turbine development, reinforcing its leadership in both stationary and aviation turbine segments.
Below is a summary of market share and trends by region:
1. North America
Market Share:
Significant share due to established energy infrastructure and technological leadership.Key Drivers:
- Aging power plants being upgraded with efficient gas turbines.
- Strong demand for flexible power generation to support renewable integration.
- Presence of major OEMs like GE and Siemens Energy.
Trends:
Growth in combined cycle installations and hydrogen-ready turbine development.
2. Europe
Market Share:
Substantial, driven by decarbonization goals and energy transition policies.Key Drivers:
- EU climate targets encouraging low-emission technologies.
- Replacement of coal with gas in several countries.
- High adoption of combined cycle systems for efficiency.
Trends:
Increasing focus on hydrogen-compatible turbines and digital monitoring solutions.
3. Asia Pacific
Market Share:
Rapidly growing due to industrial expansion and urbanization.Key Drivers:
- Rising electricity demand in countries like China, India, and Southeast Asia.
- Government investments in gas-based power plants.
- Infrastructure development in emerging economies.
Trends:
Shift toward mid- and high-capacity turbines and integration with renewables.
4. Middle East and Africa
Market Share:
Moderate but expanding, especially in oil-rich nations.Key Drivers:
- Use of gas turbines in oil & gas operations and desalination plants.
- Investments in energy diversification and grid reliability.
- Availability of natural gas resources.
Trends:
Growth in open cycle turbines for peak load and industrial use.
5. South America
Market Share:
Emerging market with potential for growth.Key Drivers:
- Need for reliable power in remote and industrial regions.
- Transition from hydro to gas in some countries due to climate variability.
- Government support for energy infrastructure.
Trends:
Adoption of small- to mid-capacity turbines and hybrid systems.
Gas Turbine Market Players Density: Understanding Its Impact on Business Dynamics
Medium Market Density and Competition
Competition is medium due to the presence of established players such as GE Vernova Inc.; Siemens AG; Mitsubishi Heavy Industries Ltd; Caterpillar Inc; Kawasaki Heavy Industries Ltd are also adding to the competitive landscape across different regions.
This high level of competition urges companies to stand out by offering:
- Diverse product types and materials cater to varied consumer needs, increasing rivalry.
- Low entry barriers allow many small and regional players to enter the market.
- Customization demand pushes brands to innovate and differentiate constantly.
- Strong presence of global and local manufacturers intensifies price and feature competition.
- E-commerce growth enables direct-to-consumer sales, increasing market saturation.
- Technological advancements like smart sheds and modular designs raise innovation stakes.
- Price-sensitive consumers drive aggressive pricing and promotional strategies.
Opportunities and Strategic Moves
Hybrid Energy Integration
Combine gas turbines with renewable energy sources (solar, wind) and energy storage systems to enhance grid flexibility and reliability.
Low-Carbon and Hydrogen Fuel Adoption
Develop turbines capable of running on hydrogen or hydrogen-natural gas blends to support decarbonization and meet climate targets.
Digitalization & Smart Monitoring
Integrate IoT and AI for predictive maintenance, real-time performance optimization, and remote diagnostics to reduce downtime and operational costs.
Modular & Scalable Designs
Offer modular turbine systems that can be scaled based on demand, especially useful for industrial and remote applications.
Expansion in Emerging Markets
Tap into growing energy demand in Asia Pacific, Africa, and South America through infrastructure development and localized manufacturing.
E-commerce & Direct Sales Channels
Utilize digital platforms for equipment sales, service subscriptions, and virtual configuration tools for industrial clients.
Flexible Ownership Models
Introduce leasing, performance-based contracts, and service-as-a-product models to reduce upfront costs and attract new customers.
Strategic Partnerships & Alliances
Collaborate with EPC firms, energy utilities, and technology providers to expand market reach and accelerate innovation.
Major Companies operating in the Gas turbine market are:
- GE Vernova Inc.
- Siemens AG
- Mitsubishi Heavy Industries Ltd
- Caterpillar Inc
- Kawasaki Heavy Industries Ltd
- Baker Hughes Co
- Capstone Green Energy Holdings, Inc.
- Industrial Boilers America
- Doncasters Group
- Vericor Power Systems.
Disclaimer: The companies listed above are not ranked in any particular order.
Other companies analysed during the course of research:
- Aurelia Turbines Oy
- Jereh Energy Equipment and Technologies Corporation
- Power Systems Mfg., LLC
- APR Energy
- Mapna Group
- Dongfang Electric Corporation
- Shanghai Electric
- Doosan Enerbility Co.
- AECC Gas Turbine
- Rostec United Engine Corporation
- Rolls-Royce plc
- IHI Power Systems, Co. Ltd.
Gas turbine market News and Recent Developments
GE Vernova Signed EPC Contract
GE Vernova (NYSE: GEV) has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units from Técnicas Reunidas and Orascom Construction (TR & ORASCOM CONSTRUCTION). Under a 50-50 joint venture, these companies have signed the Engineering, Procurement and Construction (EPC) contract for Qurayyah Independent Power Plant (IPP) Expansion Project in the Eastern Province in Saudi Arabia. (Source: GE Vernova, Press Release, May 2025)
Capstone Green Energy Holdings, Inc. Signed Supply Agreement
Capstone Green Energy Holdings, Inc. and Capstone Green Energy, LLC., announced that its Australian distributor, Optimal Group, has been selected as the EPC (engineering, procurement, and construction) contractor for a remote community power generation project in Oceania. The project will deploy two Capstone C1000S Signature Series microturbines in a scalable configuration to deliver an initial 2 megawatts (MW) of reliable, low-emission power to an isolated community. This system is designed for expansion, with the ability to scale up to 5MW of power. (Source: Capstone Green Energy Holdings, Inc., Press Release, May 2025)
Gas Turbine Market Report Coverage and Deliverables
The "Gas Turbine Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Gas turbine market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Gas turbine market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Gas turbine market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Gas turbine market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology ; Capacity ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Growing proliferation of hydrogen-blended and zero-carbon gas turbines and rise in shale gas exploration and production in North America are the key opportunities in the gas turbine market.
Digitalization and AI-driven predictive maintenance is expected to be the key future trend in the gas turbine market.
The 120-300 MW held the largest market share in 2024 owing to growing demand from large scale power generation and industrial applications.
The pandemic caused temporary delays in projects and supply chain disruptions but accelerated trends toward sustainable energy and digitalization.
The digitalization and AI-driven predictive maintenance is the future trends of the Gas turbine market.
The key players, holding majority shares, in gas turbine market includes GE Vernova Inc.; Siemens AG; Mitsubishi Heavy Industries Ltd; Caterpillar Inc; Kawasaki Heavy Industries Ltd; Baker Hughes Co; Capstone Green Energy Holdings, Inc.; Industrial Boilers America; Doncasters Group; and Vericor Power Systems.
The gas turbine market was valued at US$ 23,190.29 million in 2024 and is projected to reach US$ 32,005.19 million by 2031; it is expected to grow at a CAGR of 4.84% during 2025–2031.
The North America held the largest market share in 2024, followed by Europe owing to the increasing energy demand and natural gas usage.
Yes, smaller gas turbines (below 40 MW) are increasingly used in distributed generation, combined heat and power (CHP) systems, and remote applications.
Rising demand for clean and efficient power generation, growing emphasis on combined-cycle power plants, surging electricity demand, natural gas availability and infrastructure development are the driving factors impacting the market growth.
The List of Companies - Gas Turbine Market
- GE Vernova
- Siemens Energy
- Mitsubishi Industrial, Ltd.
- Caterpillar, Inc.
- Kawasaki Industrial, Ltd.
- Baker Hughes Company
- Capstone Green Energy Holdings, Inc.
- Rolls-Royce plc
- IHI Power Systems, Co. Ltd.
- Industrial Boilers America
- Aurelia Turbines Oy
- Jereh Energy Equipment and Technologies Corporation
- Power Systems Mfg., LLC
- APR Energy
- Mapna Group
- Dongfang Electric Corporation
- Shanghai Electric
- Doosan Enerbility Co.
- AECC Gas Turbine
- Rostec United Engine Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Gas Turbine Market
Aug 2025
Portable Integrated Photovoltaic Market
Size and Forecast (2021 - 2031), Trend, and Growth Opportunity Analysis Report Coverage: By Application (Emergency Power Back Up and Leisure and Recreational Activities), and Geography (North America, Europe, Asia Pacific, Middle East and Africa, and South America)
Aug 2025
Oil and Gas Fishing Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Casing Cutters, Milling Tools, Overhead and Spears, Fishing Jars, and Others), Application (Onshore and Offshore), and Geography
Aug 2025
Forklift Battery Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Lithium Ion, Lead Acid, and Others), Capacity (0-600 Ahr, 600-1200 Ahr, and Above 1200 Ahr), Application (Manufacturing, Construction, Warehouse and Logistics, Automotive, Retail and Wholesale Stores, and Others), and Geography
Aug 2025
Spent Nuclear Fuel Waste Management Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Reactor Type (Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), and Gas-Cooled Reactors, and Others); Disposal Type (Near Surface Disposal and Deep Surface Disposal); and Geography
Aug 2025
Solar PV Inverter Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (String, Micro, Central), Phase (Single Phase, Three Phase), Connectivity (Standalone, On-grid), Application (Residential, Community, Commercial and Industrial, Utility), Capacity (Below 5 kW, 5 - 15 kW, 15 - 25 kW, 25 - 50 kW, Above 50 kW); and Geography
Aug 2025
Oxy-fuel Combustion Technology Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offerings (Solution and Services), Industry (Oil & Gas, Power Generation, Manufacturing, Metals & Mining, and Others), and Geography
Aug 2025
Offshore Oil and Gas Pipes Fittings and Flanges Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Pipes, Fitting, and Flanges), Material Type (Steel, Alloy Steel, Nickel Alloys, and Copper Alloys); and Geography
Aug 2025
Transcritical CO2 Market
Size and Forecast (2025 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Ice Skating Rinks, Food Processing and Storage Facilities, Heat Pumps, Supermarkets and Convenience Stores, and Others), Function (Air Conditioning, Refrigeration, and Heating), and Geography