Global Gas Turbine Market to Reach US$ 33.8 Billion by 2032, Augmented by Suring Electricity Consumption

April 03, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled "Gas Turbine Market Report by Technology (Combined Cycle Gas Turbine, Open Cycle Gas Turbine), Design Type (Heavy Duty (Frame) Type, Aeroderivative Type), Rated Capacity (Above 300 MW, 120-300 MW, 40-120 MW, Less Than 40 MW), End User (Power Generation, Mobility, Oil and Gas, and Others), and Region 2024-2032," the global gas turbine market size reached US$ 25.2 Billion in 2023. A gas turbine refers to internal combustion (IC) engine that uses a high-pressure gas stream to turn a turbine and produce mechanical power. It is designed to use various fuels, such as natural gas, diesel, and biofuels. It works via an upstream rotating compressor, a downstream turbine, and a combustion chamber that compresses the atmospheric air. It offers a high power-to-weight ratio, low operational cost, lesser pollutants, and more compact sizes as compared to other alternatives. It is utilized for powering heavy machinery, such as aircraft, ships, trains, electrical generators, pumps, and tanks. It is also used as a backup power source during power outages or other emergency situations.

Global Gas Turbine Market Trends:

The surging electricity consumption and power generation around the world represent one of the major factors driving the demand for gas turbines to minimize instances of power failures. Moreover, rapid urbanization, expanding global population, and rising investments in the development of smart cities by governing agencies of numerous countries are increasing the application of gas turbines in industrial, commercial, and residential areas. In addition, the growing adoption of heating, ventilating, and air conditioning (HVAC) systems is influencing the market positively. Apart from this, gas turbines are employed in the aerospace industry to power aircraft engines and maintain high power output at high altitudes and ensure the safety of passengers and crew. This, coupled with the increasing number of air passengers worldwide and the rising focus on improving the safety and performance of aircraft, is propelling the growth of the market. Furthermore, the growing number of offshore and onshore exploratory activities for conventional and non-conventional energy resources and considerable growth in the oil and gas industry are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 33.8 Billion by 2032, exhibiting a CAGR of 3.23% during 2024-2032.

Market Summary:

  • On the basis of the technology, the market has been bifurcated into combined cycle gas turbine and open cycle gas turbine. At present, combined cycle gas turbine holds the largest market share.
  • Based on the design type, the market has been divided into heavy duty (frame) type and aeroderivative type. Presently, heavy duty (frame) exhibits a clear dominance in the market.
  • On the basis of the rated capacity, the market has been categorized into above 300 MW, 120-300 MW, 40-120 MW, and less than 40 MW. Above 300 MW currently accounts for the biggest market share.
  • Based on the end user, the market has been segregated into power generation, mobility, oil and gas, and others. Power generation currently represented the biggest market segment.
  • Based on the region, the market has been divided into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Gas Turbine Market to Reach US$ 33.8 Billion by 2032, Augmented by Suring Electricity Consumption
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More