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The global gas turbine market reached a value of US$23.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$29.3 Billion by 2027, exhibiting at a CAGR of 4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A gas turbine is a type of internal combustion (IC) engine that converts the heat produced by liquid fuels and natural gases into mechanical energy. This energy is supplied to power generators that produce electricity, which is then utilized in various sectors including residential and industrial. A gas turbine operates through an upstream rotating compressor, a downstream turbine, and a combustion chamber that compresses the atmospheric air. These turbines can utilize a variety of fuels including synthetic fuels and natural gas. The aviation industry is one of the key industries where gas turbines are used to power jet propulsion. Marine, locomotive and automotive propulsions are some of the other areas where gas turbines play a pivotal role. In these applications, the electricity produced by these gas turbines is employed to power heavy machines such as aircraft, ships, trains, electrical generators, pumps and tanks.
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Growing electricity demand is one of the key factors driving the market growth. With increasing population and robust growth in the industrial sector, the need for uninterrupted power supply is expeditiously rising. Furthermore, manufacturers are increasingly focusing on research and development (R&D) activities to develop turbines which offer the flexibility of fuel usage, operate at elevated temperatures and eliminate turbine failures. Also, there is a noticeable shift from conventionally used electricity generation technologies to gas-fired technologies owing to their energy-efficiency. Moreover, manufacturers are also investing heavily in R&D to develop cost-effective options for electricity generation.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global gas turbine market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on technology, design type, rated capacity and end-user.
Breakup by Technology:
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Breakup by Design Type:
Breakup by Rated Capacity:
Breakup by End-User:
Breakup by Region:
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Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Kawasaki Heavy Industries, Siemens, GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax, Zorya, Caterpillar, General Electric, Mitsubishi Heavy Industries, etc.
IMARC Group’s latest report provides a deep insight into the global gas turbine market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global gas turbine market in any manner.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Technology, Design Type, Rated Capacity, End-User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | Kawasaki Heavy Industries, Siemens, GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax, Zorya, Caterpillar, General Electric and Mitsubishi Heavy Industries |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global gas turbine market was valued at US$ 23.2 Billion in 2021.
We expect the global gas turbine market to exhibit a CAGR of 4% during 2022-2027.
The growing demand for uninterrupted power supply, along with the rising adoption of gas-fired
technologies owing to their high energy-efficiency, is primarily catalyzing the global gas turbine market.
The sudden outbreak of the COVID-19 pandemic had led to implementation of stringent lockdown
regulations across several nations resulting in temporary closure of numerous manufacturing units and
disrupted supply chains for gas turbine components.
Based on the technology, the global gas turbine market has been segmented into combined cycle gas
turbine and open cycle gas turbine. Currently, combined cycle gas turbine holds the majority of the total
market share.
Based on the design type, the global gas turbine market can be divided into heavy duty (frame) type and
aeroderivative type, where heavy duty (frame) type exhibits a clear dominance in the market.
Based on the rated capacity, the global gas turbine market has been categorized into above 300 MW,
120-300 MW, 40-120 MW, and less than 40 MW. Among these, above 300 MW currently accounts for
the largest market share.
Based on the end user, the global gas turbine market can be bifurcated into power generation, mobility,
oil and gas, and others. Currently, power generation exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global gas turbine market include Kawasaki Heavy Industries, Siemens,
GE, MHPS, Ansaldo, Harbin Electric, OPRA, MAN Diesel, Solar Turbines, Vericor Power, BHEL, Centrax,
Zorya, Caterpillar, General Electric, Mitsubishi Heavy Industries, etc.
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