Gas Turbine Market Research Report

Market Overview:

The global gas turbine market size reached US$ 24.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 32.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028. The growing employment of gas turbine combined cycle (GTCC) and integrated gasification combined cycle (IGCC) technologies, increasing adoption due to low initial cost, and rising utilization of alternative fuels represent some of the key factors driving the market.  

Rising Employment of Gas Turbine Combined Cycle (GTCC) and Integrated Gasification Combined Cycle (IGCC) Technologies Impelling Market Growth

The increasing employment of gas turbine combined cycle (GTCC) and integrated gasification combined cycle (IGCC) technologies currently represents one of the primary drivers contributing to the growth of the market. There is a rise in the demand for GTCC and IGCC technologies, as they are an ideal alternative to coal-fired power plants and assist in increasing efficiency. Moreover, the growing adoption of GTCC and IGCC technologies due to the increasing awareness among the masses about carbon emissions from thermal power generation is positively influencing the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is concentrated with only a few large players operating in the industry and holding the majority of the market share. The volume of new entrants is low in the gas turbine industry due to high switching costs and high capital investments. In addition, there is low product differentiation in the market on the basis of the quality of products and services offered to the customers.

What is Gas Turbine?

A gas turbine refers to an internal combustion (IC) engine that is designed to convert the heat produced by liquid fuels and natural gases into mechanical energy. It comprises an upstream rotating compressor, a downstream turbine, and a combustion chamber that compresses the atmospheric air. It is manufactured from various materials, such as steel, titanium alloys, and superalloys. It requires a variety of fuels, such as synthetic fuels and natural gas, for an effective operation. Besides this, it assists in reducing lifecycle costs and enhancing the profitability of an organization. As a result, a gas turbine is widely employed in the automotive, marine, aerospace, mining, and oil and gas industries across the globe.

COVID-19 Impact:

The COVID-19 pandemic outbreak has caused a severe problem for the gas turbine industry and imposed unprecedented challenges on numerous countries. Many production plants had suspended their manufacturing operations on account of the fear of widespread coronavirus. Moreover, a shortage of labor and raw materials was witnessed during the COVID-19 pandemic. Besides this, there were supply and demand chain disruptions due to the stringent regulations on on-road movements across the globe, which impacted the logistical and transportation sector. In addition, gas turbines are widely utilized in the aviation industry, but due to the reduced number of air flights and restrictions on travel bans, the demand for gas turbines witnessed a downfall during the pandemic. Apart from this, governing agencies of various countries imposed several norms and curfews on imports and exports of goods and services, which severely hampered the growth of gas turbines. However, as the impact of the pandemic reduces, the gas turbine industry is anticipated to increase during the forecasted period.

Gas Turbine Market Trends:

At present, the increasing demand for gas turbines in the aerospace industry worldwide represents one of the key factors supporting the growth of the market. Besides this, the growing utilization of alternative fuels, such as biofuels and synthetic gas in gas turbines around the world, is positively influencing the market. Additionally, the rising demand for gas turbines, as they have low initial costs compared to other lower-carbon emission substitutes, is impelling the growth of the market. Apart from this, the increasing employment of advanced technologies, such as GTCC and IGCC, in gas turbines to enhance efficiency and reduce carbon footprints is propelling the growth of the market. In addition, the wide availability of natural gas with reduced cost is offering lucrative growth opportunities to industry investors. Furthermore, the increasing adoption of gas turbines due to the rising demand for electricity across the globe is contributing to the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global gas turbine market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on technology, design type, rated capacity and end-user.

Technology Insights:

• Combined Cycle Gas Turbine 
• Open Cycle Gas Turbine
   

The report has provided a detailed breakup and analysis of the gas turbine market based on the technology. This includes combined cycle gas turbine and open cycle gas turbine. According to the report, combined cycle gas turbines represented the largest segment, as they are more durable, economic, efficient, and have increased life span. Moreover, the increasing adoption of combined cycle gas turbines, as they require lower fuel to produce the required energy output, reduces transmission, and distribution losses, is propelling the growth of the market.

Design Type Insights:

• Heavy Duty (Frame) Type
• Aeroderivative Type
   

A detailed breakup and analysis of the gas turbine market based on the design type has also been provided in the report. This includes heavy duty (frame) type and aeroderivative type. According to the report, heavy duty (frame) type accounted for the largest market share as it easily burns a variety of liquid fuels, such as light petroleum distillates and heavy residuals. In addition, the rising preference for creating renewable hydrogen enabling carbon-free utility-scale power generation is bolstering the growth of the market.

Rated Capacity Insights:

• Above 300 MW
• 120-300 MW
• 40-120 MW
• Less Than 40 MW
   

A detailed breakup and analysis of the gas turbine market based on the rated capacity has also been provided in the report. This includes above 300 MW, 120-300 MW, 40-120 MW, and less than 40 MW. According to the report, above 300 MW accounted for the largest market share, as it is utilized for large, simple, or combined cycle power plants. Additionally, rapid technological advancements to improve efficiency of gas turbines above 300 MW are contributing to the growth of the market.

End User Insights:

• Power Generation
• Mobility
• Oil and Gas
• Others
   

A detailed breakup and analysis of the gas turbine market based on the end user has also been provided in the report. This includes power generation, mobility, oil and gas, and others. According to the report, power generation accounted for the largest market share on account of the increasing demand for power among individuals across the globe. In line with this, governing agencies of various countries are spreading awareness to reduce carbon emissions worldwide, which is strengthening the growth of the market.

Regional Insights:

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. According to the report, Asia Pacific was the largest market for gas turbine. Some of the factors driving the Asia Pacific gas turbine market included the growing infrastructural developments, rising demand for electricity, increasing investments in large gas-fired power plants, etc. In addition, the rising demand for gas turbines in the aeronautical industry is supporting the growth of the market in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global gas turbine market. Some of the companies covered in the report 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
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the gas turbine market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global gas turbine market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the gas turbine industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.