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The South America gas turbine market size is expected to reach US$ 1,715.48 million by 2031 from US$ 1,289.38 million in 2024. The market is estimated to register a CAGR of 4.3% during 2025–2031. Growing emphasis on hydrogen-blended and zero-carbon gas turbines is likely to bring new trends to the market in the coming years.
South America Gas Turbine Market Analysis
The increasing energy demand and power generation needs are among the key enablers of the South America gas turbine market growth. In addition, natural gas availability and infrastructure development are anticipated to fuel the demand for gas turbines from 2025 to 2031. Government policies favoring gas over coal to reduce carbon dioxide emissions are projected to propel the gas turbine market growth during the analyzed timeframe. Further, integration with renewable energy and focus on hybrid power plants will serve as a major opportunity for companies operating in the market.
South America Gas Turbine Market Overview
The South America gas turbine market is a dynamic and evolving landscape, driven by rising electricity demand, industrialization, urbanization, and the abundance of natural gas resources. The market in this region is also influenced by government initiatives to aid the transition from petroleum-fired and coal power plants to cleaner energy sources. The requirement for reliable power generation to support economic growth also fuels the market in the region. South American countries are experiencing rapid industrial growth, resulting in the need for efficient and reliable power generation. Gas turbines are progressively being adopted to meet this demand owing to their efficiency, flexibility, and lower emissions compared to coal-fired power plants.
Governments and private companies are investing heavily in natural gas infrastructure, including storage and pipeline facilities. Ongoing infrastructure developments in the natural gas sector are projected to support the growth of the gas turbine market by ensuring a steady supply of natural gas for power generation and industrial applications utilizing various relevant gases. Gas turbines are anticipated to play a vital role in implementing renewable energy sources into the grid. Their ability to offer consistent backup power and grid stability is projected to make them an important component of South America's energy transition landscape. Further, as South America continues its transition toward a low-carbon energy economy, gas turbines are projected to play a noteworthy role in bridging the gap between conventional fossil fuels and renewable energy sources. With a focus on innovation and sustainability, the market in this region is set to position itself as a frontrunner in the global energy landscape over the forecast period.
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South America Gas Turbine Market: Strategic Insights
Market Size Value in US$ 1866.94 Million in 2018 Market Size Value by US$ 2326.34 Million by 2027 Growth rate CAGR of 2.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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South America Gas Turbine Market: Strategic Insights
| Market Size Value in | US$ 1866.94 Million in 2018 |
| Market Size Value by | US$ 2326.34 Million by 2027 |
| Growth rate | CAGR of 2.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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South America Gas Turbine Market Drivers and Opportunities
Rising Energy Demand and Power Generation Needs
Electricity demand is on the rise in South America owing to population growth and industrial expansion in major countries in the region. Hydropower, accounting for ~54% of the region's electricity, faces constraints from climate variations and resistance faced by governments toward large dam projects due to environmental and social impacts. Electricity consumption increased by ~1.8% per year between 2015 and 2023 to reach 594 TWh, after recording a rapid surge of 3.8% per year from 2001 and 2015. According to Empresa de Pesquisa Energética (EPE), power consumption in Brazil rose by ~5.3% in 2024, wherein consumption in households grew by more than 7% while the industry and services segment recorded more than 5% upsurge in usage. Burgeoning industrialization and progress in the manufacturing sector also fuel the demand for electricity and power generation. Automotive is one of the most crucial sectors in Brazil, Argentina, and Chile, contributing significantly to the region’s GDP. International automakers such as General Motors, Volkswagen, Fiat, and Toyota have established manufacturing plants in cities such as São Paulo, Minas Gerais, and Rio Grande do Sul. Embraer, a prominent domestic brand known for its aircraft manufacturing, also plays a vital role in the industrial and manufacturing sector. Brazil has encouraged electric vehicle (EV) production in recent times, with new investments to capture a share of the growing global EV market, which further bolsters the demand for energy and power generation.
Integration with Renewable Energy and Focus on Hybrid Power Plants
Gas turbines are being integrated with renewable energy sources to create more flexible and sustainable power systems. This integration allows these turbines to handle the intermittency of renewables, particularly with solar and wind energy, ensuring grid stability and reducing reliance on fossil fuels. As power generation trends shift to sustainable fuels and renewable energies, advanced gas turbines will play a vital role in expanding the competence of natural gas as a "transition fuel." The transition toward renewables decreases fuel consumption and keeps greenhouse gas emissions to a minimum. At the same time, CO? capture and other purgative technologies for flue gases can be implemented to significantly cut down secondary emissions.
The government of Argentina has set targets for renewable energy. Its National Energy Plan aims to achieve ~20% energy generation from renewable sources by 2025. Furthermore, the government intends to raise this share to ~35% by 2030. It has rolled out several policies to support the growth of renewable energy in the country. For example, the government’s Renovation Program for Renewable Energy Sources (RenovAr) offers financial incentives for the development of renewable energy projects; the program includes tax exemptions, subsidies, and soft loans for the construction of renewable energy projects and hybrid power plants. Thus, the growing integration of renewable energy sources and proliferation of hybrid power plants are anticipated to offer lucrative growth opportunities to the South America gas turbine market.
South America Gas Turbine Market Report Segmentation Analysis
Key segments that contributed to the derivation of the South America gas turbine market analysis are technology, capacity, and application.
- By technology, the market is bifurcated into open-cycle and combined cycle. The combined cycle segment dominated the market in 2024.
- By capacity, the market is categorized into below 40 MW, 40–120 MW, 120–300 MW, and above 300 MW. The 120–300 MW segment dominated the market in 2024.
- By application, the market is segmented into power generation, oil and gas, and industrial. The power generation segment dominated the market in 2024.
South America Gas Turbine Market Share Analysis by Country
The South America gas turbine market is segmented into Brazil, Argentina, and the Rest of Asia Pacific. Argentina dominated the market in 2024, followed by Brazil and Rest of South America. Continuous technological and industrial evolution drives the economic development of countries such as Brazil and Argentina. Conducive economic conditions, the expansion of new manufacturing industries, and growing support from governments for the expansion of industrial production stipulate a huge growth potential for the gas turbine market players in South America. Furthermore, ongoing developments in oil and gas industries are anticipated to boost the demand for gas turbines. Although currently the use of gas turbines is relatively low in South American countries as compared to other developed regions such as North America, government emphasis on transitioning from coal and oil to natural gas as a primary energy source will likely have a positive impact on the gas turbine market in these countries. The integration of gas turbines with renewable energy sources, such as wind and solar, is also gaining momentum in a few of the South American countries. The hybrid approach improves grid stability and consistency, allowing for a more resilient energy system.
South America Gas Turbine Market Report Scope
South America Gas Turbine Market News and Recent Developments
The South America gas turbine market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. Key developments in the market are listed below:
- GE Vernova Inc. announced that its industry-leading H-Class gas turbine technology surpassed more than 3 million commercial operating hours across 116 units globally, which is equivalent to the capacity needed to power more than 50 million US homes. The fleet benefits customers by providing efficient and dispatchable baseload power, and supporting their energy transition and decarbonization efforts, which is expected to offer significant value for GE Vernova through long-term maintenance and services contracts. (Source: GE Vernova Inc, Press Release, March 2025)
- GE Vernova, Inc. announced the completion of the acquisition of Woodward, Inc.’s heavy-duty gas turbine combustion parts business based in Greenville, S.C. This acquisition plays an important role in GE Vernova's strategy to invest in US manufacturing and employment, while also strengthening its domestic supply chain. (Source: GE Vernova Inc, Press Release, March 2025)
South America Gas Turbine Market Report Coverage and Deliverables
The "South America Gas Turbine Market Size and Forecast (2025–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- South America gas turbine market size and forecast at the regional and country levels for all the key market segments covered under the scope
- South America gas turbine market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- South America gas turbine market analysis covering key market trends, regional and country 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 South America gas turbine market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Capacity, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Brazil, Argentina
Frequently Asked Questions
Government policies favoring gas over coal, natural gas availability and infrastructure development, and rising energy demand and power generation needs bolster the market.
The key players holding majority shares in the South America gas turbine market include Mitsubishi Heavy Industries Ltd; Siemens AG; GE Vernova Inc.; Caterpillar Inc; Kawasaki Heavy Industries Ltd; Baker Hughes Co; Industrial Boilers America; Capstone Green Energy Holdings, Inc.; MTU Aero Engines AG; and Aurelia Turbines Oy.
Argentina held the largest market share in 2024.
The market was valued at US$ 1,289.38 million in 2024 and is projected to reach US$ 1,715.48 million by 2031.
Growing emphasis on hydrogen-blended and zero-carbon gas turbines is emerging as a significant future trend in the South America gas turbine market.
The List of Companies - South America 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
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.
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