The global gas turbine market is predicted to register a CAGR of 4.1% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 40.8 billion in 2023 to US$ 61.1 billion by 2033 end.
The gas turbine market is poised to witness steady growth over the upcoming years. The surging demand for electricity propelled by rapid urbanization and robust construction activities has been augmenting the market growth. In addition to this, industrialization in developing countries is also rising. In several economies, the initiation of many smart building and smart cityprojects is accelerating the electricity demand.
To meet the heightened electricity demand, the private as well as public sectors are enhancing their power plant capacity by extending their power plant capacity or by installing additional new power plants. The new infrastructural development projects are chiefly considering installing these turbines as they are less harmful and more efficient.
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The global gas turbine market is positively influenced by the robust technological advancements occurring in the energy sector. This, in addition to an enhanced focus ondistributed power generation technology, is aiding the market growth. Further, increasing government support for power generation technologies that help reduce GHG emissions, is fueling the market development.
Key Highlights of the Gas Turbine Industry:
- The United States is projected to hold a huge chunk of the global gas turbine market share. The market is anticipated to account for a US$ 10.5 billion market valuation by 2033, expanding at a CAGR of 4.8% over the forecast period.
- China is predicted to be a significant market for gas turbines in the Asia Pacific region. The market is estimated to hold US$ 4.7 billion by 2033, registering a CAGR of 4.3%from 2023 to 2033. The paradigm shift to gas-based power generation, from the previously used coal-based power generation, is propelling market growth.
- The United Kingdomis assessed toattainUS$ 4.3 billionby 2033. The market is expected to expand at a CAGR of 4.8% in the coming years.
- The combined cycle technology is predicted to expand at a CAGR of 4.2% over the forecast period, up from the CAGR of 3.4% witnessed in the historical period.
News Featuring Market Developments by Key Players of the Gas Turbine Market:
In March 2021, General Electricdeclared that it would provide the United Arab Emirates, with the first two HA gas turbines. These gas turbines are anticipated to be the most effective power plants in the utility sector of the Middle East region. General Electric has been estimated to supply a total of three 9HA.01 gas-fueled turbines.
In May 2021, MITSUBISHI HEAVY INDUSTRIES, LTD.revealed that it has launched a new turbine, which is working in a gas business in Dubai. This new gas turbine combined cycle unit focuses on the J-Series Air-cooled gas-based turbine that is capable of operating on a blend of 30% hydrogen and 70% natural gas.
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Key Players Operating in the Industry
- General Electric
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Siemens Energy
- AnsaldoEnergia
- Kawasaki Heavy Industries, Ltd.
- Capstone Green Energy Corporation
- Rolls-Royce plc
- Harbin Electric Machinery Company Limited
- OPRA Turbines
- Others
Market Segments
By Type:
- Heavy-duty Gas Turbines
- Industrial Gas Turbines
- Aero Derivative Gas Turbines
By Capacity:
- Less than 40 MW
- 40–120 MW
- 120–300 MW
- Above 300 MW
By Application:
- Power Generation
- Aviation
- Oil & Gas
- Industrial
By Technology:
- Open Cycle
- Combined Cycle
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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