Gas Turbine Market: Rising Energy Demand and Industrialization Propel Expansion

The global gas turbine market is expected to grow during the forecast period from 2024 to 2028, driven by the rising demand for flexible power generation, increasing global energy consumption, and the growing need for industrialization.

According to TechSci Research report, “Gas Turbine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The Global Gas Turbine Market is characterized by dynamic growth propelled by a myriad of factors shaping the energy landscape. Gas turbines, serving as integral components in power generation, have witnessed widespread adoption globally. The market's trajectory is significantly influenced by the increasing demand for reliable, efficient, and flexible power generation solutions.

A key driver is the rising global population and rapid industrialization, compelling nations to expand their energy infrastructure. The Asia-Pacific region notably dominates the market, driven by economic growth, urbanization, and a surge in electricity consumption.

Environmental considerations play a pivotal role, prompting a shift toward cleaner and more sustainable energy technologies. Gas turbines, with their efficiency and versatility, are well-positioned to meet these demands. Governments worldwide, recognizing the need for energy diversification, are implementing supportive policies and incentives, further propelling market growth. Heavy-duty gas turbines, particularly those exceeding 200 MW, emerge as dominant segments due to their scalability, efficiency gains, and applicability to large-scale industrial and utility projects.

The market's evolution is marked by advancements in technology, with ongoing research and development focusing on improving combustion processes, materials, and digital controls. Combined Cycle gas turbines, characterized by their enhanced efficiency through waste heat utilization, lead the market, providing a compelling solution for sustainable power generation. The adoption of gas turbines in diverse applications, from utility-scale power plants to industrial operations, underscores their versatility in addressing a spectrum of energy needs.

Despite these drivers, the market faces challenges, including stringent emissions regulations and the imperative for environmental sustainability. Regulatory compliance and the need for continuous innovation in emissions control technologies are pressing concerns for gas turbine manufacturers. However, the market's resilience and adaptability are reflected in ongoing efforts to address these challenges through technological advancements and collaborative initiatives.

As the global energy landscape continues to transform, the Gas Turbine Market remains pivotal in shaping the future of power generation, emphasizing efficiency, reliability, and sustainability in meeting the world's escalating energy demands.

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The global Gas Turbine market is segmented into capacity, technology, cycle, sector, and region. Based on capacity, the market is segmented into 200 MW, >200 MW. Based on technology, the market is segmented into heavy duty, light industrial, aeroderivative. Based on cycle, the market is segmented into simple cycle, combined cycle. Based on sector, the market is segmented into power utilities, oil & gas, manufacturing, aviation, others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on cycle, combined cycle dominated in the global gas turbine market in 2022. Combined Cycle gas turbines represent a sophisticated and integrated approach to power generation, seamlessly combining the traditional gas turbine cycle with a secondary steam turbine cycle. This innovative configuration allows for the extraction of additional energy from the waste heat generated during the gas turbine phase. This two-stage process significantly enhances overall efficiency, resulting in higher power output for a given amount of fuel consumed compared to simple cycle configurations.

The primary driver behind the dominance of the Combined Cycle segment is its unparalleled efficiency in converting fuel into electricity. The waste heat from the gas turbine cycle is harnessed to produce steam, which then drives a secondary steam turbine. This utilization of waste heat for a second cycle maximizes the energy extracted from the fuel, resulting in a substantial increase in the overall thermal efficiency of the power generation system. The improved efficiency translates into cost savings, reduced fuel consumption, and a lower environmental impact.

Moreover, Combined Cycle gas turbines excel in providing operational flexibility and adaptability to varying demand scenarios. Their ability to swiftly respond to fluctuations in electricity demand positions them as ideal solutions for applications ranging from base-load power generation to peaking plants. As the global energy landscape evolves with an increased focus on renewable energy integration, the flexibility of Combined Cycle systems becomes even more critical in maintaining grid stability by compensating for the intermittent nature of renewable sources.

The dominance of Combined Cycle gas turbines is further underscored by their environmental benefits. By leveraging waste heat for additional power generation, these systems inherently produce lower emissions per unit of electricity generated compared to simple cycle configurations. Governments and regulatory bodies worldwide, striving to curb greenhouse gas emissions and promote sustainable energy practices, often incentivize or mandate the adoption of Combined Cycle technology.

Key market players in the global gas turbine market are: -

Mitsubishi Heavy Industries, Ltd.

Siemens Energy AG

General Electric (GE)

Ansaldo Energia S.p.A.

Kawasaki Heavy Industries, Ltd.

Baker Hughes Company

Nanjing Turbine & Electric Machinery (Group) Co., Ltd.

Bharat Heavy Electricals Limited

Solar Turbines Inc.

Dongfang Electric Corporation Limited

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“The Global Gas Turbine Market is experiencing robust growth driven by escalating energy demands worldwide. Gas turbines, pivotal in power generation, are favored for their efficiency and adaptability. Dominated by heavy-duty turbines, especially those exceeding 200 MW, the market caters to diverse applications, from large-scale industrial complexes to utility-scale power plants. Combined Cycle configurations lead, optimizing efficiency and reducing environmental impact.

The Asia-Pacific region dominates, fueled by economic growth and urbanization. While facing emissions challenges, the market thrives on innovations, playing a central role in the global transition to sustainable and efficient energy solutions.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Gas Turbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Capacity (200 MW, >200 MW), By Technology (Heavy Duty, Light Industrial, Aeroderivative), By Cycle (Simple Cycle, Combined Cycle), By Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, Others), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of Global Gas Turbine Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Gas Turbine Market.

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