Gas Turbine Market: Overview

• The global gas turbine market is expected to register a CAGR of ~4% (revenue) between 2023-2033
• Rising adoption of gas turbines to produce electricity, growing demand for natural gas-fired power plants, accessibility of efficient power generation, effect of the shale gas revolution, and reduction in the emission of carbon dioxide across the world is expected to boost the gas turbine market in the near future
• The global gas turbine market is expected to reach US$ 53.8 Bn by 2033 from US$ 36.7 Bn in 2023
• North America holds major share of the gas turbine market in terms of volume and is anticipated to dominate the gas turbine market during the forecast period, followed by Asia Pacific and Europe 
• North America remains the leading region in the gas turbine market, with revenues in 2023 estimated at US$ 10,510 Mn
• The gas turbine market in Middle East & Africa and South America is also expected to show moderate growth during the forecast period
• Asia Pacific is projected to expand significantly, in terms of share, of the global gas turbine market during the forecast period. This is due to the growth of the gas turbine market across Asia Pacific with increasing consumption of electricity and subsequent investments in developing new large gas-fired combined cycle power generation, which has propelled the demand for gas turbines in the region. 
• The gas turbine market report provides analysis of the global gas turbine market for the period 2023-2033, wherein 2023 is the historical year, 2033 is the base year, and 2023-2033 is the forecast period
• The study on the gas turbine market would help clients to understand the adoption analysis of gas turbines in different countries  
• Gas turbine is the heart of a power plant and is known as a combustion turbine. Gas turbines are used to produce electric current. A gas turbine is an engine, which is used to transform other liquid fuels or natural gas to mechanical energy. This mechanical energy then drives a generator and thus, it produces electrical energy.
• Each gas turbine has three main elements, including an upstream rotating gas compressor; a combustor; and a downstream turbine on the same shaft as the compressor
• For converting energy into electricity, a mixture of fuel and air at very high temperature heated by the gas turbine causes turbine blades to spin. The spinning turbine drives the generator, and thus electricity is generated.

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North America Gas Turbine Market Snapshott

• North America is a developed region and hence, innovation and new technologies are expected to be trends witnessed in this region over the next few years. North America is projected to hold a prominent share of the global gas turbine market in 2020. For the same reason, North America is likely to witness the highest opportunity addition in the gas turbine market globally, with Europe and Asia Pacific being the next closest regions.

Key Growth Drivers of Gas Turbine Market

• Growing Number of Power Plants across the World  
  • The shifting trend toward sustainable power sources across the world has augmented the usage of gas turbines to produce cleaner power by curbing carbon emissions
  • Growth in demand for electricity or rising energy demand across the globe is likely to result in high number of coal power plants and thermal power plants, which is expected to drive the demand for gas turbines in the global market. Furthermore, carbon-free technologies are growing at a rapid pace in the process of power generation or electricity generation. Gas turbines used in combined heat and power (CHP) or cogeneration processes can increase the efficiency of plants by utilizing exhaust gases to generate steam that can again be used for various purposes without consuming additional fuel. This, in turn, is expected to increase the demand for gas turbines worldwide.
• Rising Oil & Gas Exploration and Production (E&P) Activities
  • Demand for oil & gas products is increasing at a significant rate; however, supply of the same is declining due to decrease in oil & gas reserves around the globe. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil & gas extraction efficiency. Governments of different countries such as India and China are investing in oil & gas companies. This, in turn, is expected to enhance the demand for gas turbines with the rising number of oil & gas plants.
  • The North America region is witnessing heavy investments by oil & gas companies in exploration activities. The rise in the U.S. upstream spending is primarily driven by factors such as growing oil field services costs and increased drilling activity, which has boosted the growth of the gas turbine market.

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Key Challenges Faced by Gas Turbine Market Player

• Complex operations and high maintenance cost may restrain the growth of the gas turbine market 

Gas Turbine Market: Competition Landscape

• In February 2020, GE announced that it has completed its first battery-assisted black start of a GE 7F.03 gas turbine at the 150-MW unit located at Entergy Louisiana’s Perryville Power Station
• In May 2020, Siemens AG launched the SGT5-9000 HL turbine, which was built in its Berlin manufacturing plant. The SGT5-9000 HL turbine has 593-MW capacity that will be installed at the Keadby 2 Power Plant located in Lincolnshire for SSE Thermal.

Gas Turbine Market: Company Profiles

• Siemens AG: Established in 1847, Siemens AG is one of the leading global manufacturers of resource-saving and energy-efficient technologies. The company primarily operates through seven business segments that include digital industries, smart infrastructure, gas & power, mobility, Siemens Healthineers, Siemens Gamesa Renewable Energy, and Financial Services (SFS). Siemens AG is one of the world’s leading suppliers to the oil & gas industry. In September 2014, the company acquired Dresser-Rand to expand its product offerings for petrochemical, oil & gas, chemical, and other process industries, which include reciprocating compressors, monitoring systems, drive systems, turbines, and engines.
• General Electric Company: Incorporated in 1892, General Electric is a provider of automation and controls technology and services for power generation, distribution, and related applications across industries. The company operates under seven business segments: power, aviation, renewable energy, healthcare, oil & gas, transportation, and energy connections & lighting. General Electric is a pioneer in manufacturing, repairing, and offering services for gas turbines. The company distributes its products through its distribution channels Fuseco and Weutscheck Distributor. It operates in approximately 180 countries across the world.
• Ansaldo Energia: Incorporated in 1853, Ansaldo Energia is an Italian power engineering company active in the power generation industry. The company manufactures power equipment such as gas & steam turbines, generators, and micro turbines, besides offering related services. ​The Ansaldo Energia Group is the world’s fourth largest producer of systems for the production of electricity and is present in over 35 countries worldwide.
• Other major players operating in the global gas turbine market and profiled in the report include 
  • Kawasaki Heavy Industries, Ltd
  • Bharat Heavy Electricals Ltd.
  • Centrax Gas Turbines
  • Mitsubishi Hitachi Power Systems, Ltd.
  • OPRA Turbines B.V.
  • Solar Turbines Incorporated
  • Vericor Power Systems

Gas Turbine Market – Scope of the Report

A latest study collated and published analyzes the historical and present-day scenario of the global gas turbine market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the gas turbine market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the gas turbine market will progress during the forecast period 2023-2033.

The report offers intricate dynamics about the different aspects of the gas turbine market, which aids companies operating in the market in making strategic development decisions. The study also elaborates on the significant changes that are highly anticipated to configure the growth of the gas turbine market, during the forecast period. It also includes impact analysis of COVID-19 on the gas turbine market. The global gas turbine market report helps to estimate statistics related to the market progress in terms of value (US$ Mn) and volume (Thousand Units).

The study covers a detailed segmentation of the gas turbine market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the gas turbine market, wherein various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.  

Key Questions Answered in the Report on Gas Turbine Market

The report provides detailed information about the gas turbine market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the gas turbine market, so as to help them formulate successful strategies and take target-driven decisions.

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• How are key market players successfully earning revenue out of gas turbines?
• What will be the Y-o-Y growth of the gas turbine market between 2023-2033?
• What are the winning imperatives of market frontrunners in the gas turbine market?
• What are the major drivers and restraints of the market?
• What will be the size of the gas turbine market from 2023-2033?
• Which will be the fastest growing segment in the gas turbine market?
• Which are the leading companies in the gas turbine market?
• What are the strategies of the companies operating in the market?

Research Methodology – Gas Turbine Market

The research methodology adopted by analysts to compile the gas turbine market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the gas turbine market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the gas turbine market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the gas turbine market.

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