Gas Turbine Market

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Gas Turbine Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Design Type (Heavy Duty, Aeroderivative), By Technology (Open Cycle, Combined Cycle), By Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW), By End-User (Power Generation, Oil & Gas, Other Industries), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

Published Date: April 2022
Report ID: BWC22135
Available Format: PDF
Page: 186

Report Overview

The global gas turbine market is growing owing to the factors such as rising demand for electricity supply due to increasing population and expanding economic activities along with extensive research and development activities to develop efficient gas turbines...

Global Gas Turbine Market- Industry Trends & Forecast Report 2028

The global gas turbine market was worth USD 19.0 billion in 2021 and is further projected to reach USD 24.3 billion by the year 2028, growing at a CAGR of 3.60% over the forecast period. The market is growing owing to the factors such as rising demand for electricity supply due to increasing population and expanding economic activities. Furthermore, extensive research and development activities to develop efficient gas turbines that consume less fuel to operate are also anticipated to present lucrative growth opportunities to the global gas turbine market.

Gas Turbine Market

Gas Turbine - Overview

A gas turbine or combustion turbine is used to convert natural gas or other liquid fuels to mechanical energy. These engines are most commonly used in wind power, hydropower, in heat engines, and propulsion. A gas turbine plays a crucial factor in producing electricity by turning mechanical energy from a turbine into electrical energy via a generator. The major benefits of using gas turbines are that they are efficient as well as durable with less operational failure and downtime.

Global Gas Turbine Market Forecast and Trends

Growth Drivers

Rising Demand for Electricity Globally

The rising demand for electricity globally is emerging as a major driving factor for the growth of the global gas turbines market. Global electricity consumption is increasing at a high rate due to rising household incomes, with the electrification of transport and heat and growing demand for digitally connected devices and air conditioning, according to a report by the International Energy Agency. As a result, the countries are setting up new power plants to generate electricity, which is propelling the demand for gas turbines.

Increasing Number of Carbon-Capture Projects

According to a report published on ScienceDirect, “the gas turbine used in electricity production plants can be considered as a carbon dioxide source which yields to the capture of the pure CO2 with a high efficiency of 80%.” Several private players are investing in carbon capture products, which is anticipated to fuel the demand for gas turbines in the forecast period. For instance, GE Gas Power recently announced a multi-company carbon capture project which is being funded by the US Department of Energy.

Restraints

Increasing Demand for Renewable Energy

The depleting levels of natural gas reserves are emerging as a concerning matter for the growth of the gas turbine market. The increasing cost of electricity is prompting consumers to shift to renewable energy sources such as solar or wind power. This shift is further influencing the government to invest in solar and wind power plant infrastructures. Due to this, the demand for a gas turbine is projected to decline, hindering the overall market growth.

Impact of COVID-19 on Global Gas Turbine Market

The COVID-19 pandemic outbreak halted the growth of the global gas turbine market. The lockdown imposed in several countries to mitigate the virus spread resulted in a huge shortage of human resources due to which the establishment of new power plants resulted in a decline in the demand for gas turbines in the market. Furthermore, the maintenance activities were also paused during the lockdown period which also affected the business of the industry players dealing with gas turbines.

Global Gas Turbine Market - By Design Type

Based on design type, the global gas turbine market is segmented into heavy-duty and aeroderivative. The aeroderivative segment holds the largest share in the global gas turbine market due to its use in combined cycle technology during power generation. Furthermore, aeroderivative gas turbines are light-weighted, easy to installation as well as offer faster startup time. However, heavy-duty gas turbines also cover a substantial market share owing to their use in high-capacity operations.

Global Gas Turbine Market - By Rated Capacity

Based on rated capacity, the global gas turbine market is segmented into 1–40 MW, 40–120 MW, 120–300 MW, and above 300 MW. The 120-300 MW segment holds the largest market share owing to its prominent use in power generation as the demand for electricity is surging globally. However, the above 300 MW segment is projected to register the highest growth rate during the forecast period due to its lower emissions compared to other rated capacities.

Global Gas Turbine Market - Regional Insights

Geographically, the global gas turbine market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global gas turbine market owing to the presence of emerging economies and rising investment towards low-cost electricity-generating infrastructures due to high population and rising economic development. However, North America also covers substantial market share owing to the presence of leading industry players and high investment towards research and development.

Competitive Landscape

The leading market players of the global gas turbine market are Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players. The market is highly competitive and concentrated among the global and regional industry players. The companies significantly invest in research and development activities to innovate their offerings and launch new products. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

In February 2022, Electricite de France (EDF), the French state-owned electric utility company, announced its plans to acquire General Electric’s French turbine unit that deals with turbines for nuclear power plants in France.
In February 2022, Moog Inc., a US-based aerospace and defense company, announced the acquisition of TEAM Accessories Ltd., an Ireland-based aerospace and industrial engineering business that also provides services in the Industrial gas turbine sector.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Billion
Market Coverage	U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation	By Design Type, By Technology, By Rated Capacity, By End-User, By Region
Key Players	Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players.

By Design Type

Heavy Duty
Aeroderivative

By Technology

Open Cycle
Combined Cycle

By Rated Capacity

1–40 MW
40–120 MW
120–300 MW
Above 300 MW

By End-User

Power Generation
Oil & Gas
Other Industries

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle-East & Africa (MEA)

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation
Executive Summary
Global Gas Turbine Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
  2. Restraints
  3. Opportunities
  4. Challenges
3. Technological Advancement/Recent Development
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Global Gas Turbine Market Overview
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Technology
    1. Open Cycle
    2. Combined Cycle
  2. By Design Type
    1. Heavy Duty
    2. Aeroderivative
  3. By Rated Capacity
    1. 1–40 MW
    2. 40–120 MW
    3. 120–300 MW
    4. Above 300 MW
  4. By End User
    1. Power Generation
    2. Oil & Gas
  5. By Region
    1. North America
    2. Europe
    3. The Asia Pacific
    4. Latin America
    5. The Middle East and Africa
North America Gas Turbine Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Technology
  2. By Design Type
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. United States
    2. Canada
Europe Gas Turbine Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Technology
  2. By Design Type
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. Germany
    2. United Kingdom
    3. Italy
    4. France
    5. Spain
    6. Rest of Europe
Asia Pacific Gas Turbine Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Technology
  2. By Design Type
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of Asia Pacific
Latin America Gas Turbine Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Technology
  2. By Design Type
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. Brazil
    2. Mexico
    3. Rest of Latin America
Middle East & Africa Gas Turbine Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Technology
  2. By Design Type
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of Middle East & Africa
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Merger, Acquisition, Partnership.)
Impact of Covid-19 on Global Gas Turbine Industry
Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
1. Kawasaki Heavy Industries, Ltd.
2. Siemens Energy
3. Capstone Green Energy Corporation
4. General Electric
5. Ansaldo Energia
6. Mitsubishi Heavy Industries, Ltd.
7. United Engine Corporation
8. Rolls-Royce plc
9. Harbin Electric Machinery Company Limited
10. OPRA Turbines
11. Solar Turbines Incorporated
12. Bharat Heavy Electricals Limited
13. Centrax Gas Turbine
14. MTU Aero Engines AG
15. IHI Corporation
16. Wartsila
17. Other prominent players

Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List Of Figures

Figure 1 Global Gas Turbine Segmentation

Figure 2 Global Gas Turbine Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2021

Figure 4 Global Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 5 Global Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 6 Global Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 7 Global Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 8 Global Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 9 Global Gas Turbine Market Share, By Region, By Value, 2018-2028

Figure 10 North America Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 11 North America Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 12 North America Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 13 North America Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 14 North America Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 15 North America Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 16 Europe Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 17 Europe Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 18 Europe Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 19 Europe Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 20 Europe Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 21 Europe Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 22 Asia-Pacific Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 23 Asia-Pacific Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 24 Asia-Pacific Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 25 Asia-Pacific Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 26 Asia-Pacific Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 27 Asia-Pacific Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 28 Latin America Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 29 Latin America Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 30 Latin America Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 31 Latin America Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 32 Latin America Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 33 Latin America Gas Turbine Market Share, By Country, By Value, 2018-2028

Figure 34 Middle East & Africa Gas Turbine Market Size, By Value (USD Million), 2018-2028

Figure 35 Middle East & Africa Gas Turbine Market Share, By Type, By Value, 2018-2028

Figure 36 Middle East & Africa Gas Turbine Market Share, By Refrigerant, By Value, 2018-2028

Figure 37 Middle East & Africa Gas Turbine Market Share, By Rated Capacity, By Value, 2018-2028

Figure 38 Middle East & Africa Gas Turbine Market Share, By End-User, By Value, 2018-2028

Figure 39 Middle East & Africa Gas Turbine Market Share, By Country, By Value, 2018-2028

List Of Tables

Table 1 Global Gas Turbine Market Size, By Technology, By Value, 2018-2028

Table 2 Global Gas Turbine Market Size, By Design Type, By Value, 2018-2028

Table 3 Global Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028

Table 4 Global Gas Turbine Market Size, By End-User, By Value, 2018-2028

Table 5 Global Gas Turbine Market Size, By Region, By Value, 2018-2028

Table 6 North America Gas Turbine Market Size, By Technology, By Value, 2018-2028

Table 7 North America Gas Turbine Market Size, By Design Type, By Value, 2018-2028

Table 8 North America Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028

Table 9 North America Gas Turbine Market Size, By End-User, By Value, 2018-2028

Table 10 North America Gas Turbine Market Size, By Country, By Value, 2018-2028

Table 11 Europe Gas Turbine Market Size, By Technology, By Value, 2018-2028

Table 12 Europe Gas Turbine Market Size, By Design Type, By Value, 2018-2028

Table 13 Europe Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028

Table 14 Europe Gas Turbine Market Size, By End-User, By Value, 2018-2028

Table 15 Europe Gas Turbine Market Size, By Country, By Value, 2018-2028

Table 16 Asia-Pacific Gas Turbine Market Size, By Technology, By Value, 2018-2028

Table 17 Asia-Pacific Gas Turbine Market Size, By Design Type, By Value, 2018-2028

Table 18 Asia-Pacific Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028

Table 19 Asia-Pacific Gas Turbine Market Size, By End-User, By Value, 2018-2028

Table 20 Asia-Pacific Gas Turbine Market Size, By Country, By Value, 2018-2028

Table 21 Latin America Gas Turbine Market Size, By Technology, By Value, 2018-2028

Table 22 Latin America Gas Turbine Market Size, By Design Type, By Value, 2018-2028

Table 23 Latin America Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028

Table 24 Latin America Gas Turbine Market Size, By End-User, By Value, 2018-2028

Table 25 Latin America Gas Turbine Market Size, By Country, By Value, 2018-2028

Table 26 Middle East & Africa Gas Turbine Market Size, By Technology, By Value, 2018-2028

Table 27 Middle East & Africa Gas Turbine Market Size, By Design Type, By Value, 2018-2028

Table 28 Middle East & Africa Gas Turbine Market Size, By Rated Capacity, By Value, 2018-2028

Table 29 Middle East & Africa Gas Turbine Market Size, By End-User, By Value, 2018-2028

Table 30 Middle East & Africa Gas Turbine Market Size, By Country, By Value, 2018-2028

Table 31 Kawasaki Heavy Industries, Ltd. Company Overview

Table 32 Kawasaki Heavy Industries, Ltd. Financial Overview

Table 33 Siemens Energy Company Overview

Table 34 Siemens Energy Financial Overview

Table 35 General Electric Company Overview

Table 36 General Electric Financial Overview

Table 37 Ansaldo Energia Company Overview

Table 38 Ansaldo Energia Financial Overview

Table 39 United Engine Corporation Company Overview

Table 40 United Engine Corporation Financial Overview

Table 41 Harbin Electric Machinery Company Limited Company Overview

Table 42 Harbin Electric Machinery Company Limited Financial Overview

Table 43 OPRA Turbines Company Overview

Table 44 OPRA Turbines Financial Overview

Table 45 Solar Turbines Incorporated Company Overview

Table 46 Solar Turbines Incorporated Financial Overview

Table 47 Bharat Heavy Electricals Limited Company Overview

Table 48 Bharat Heavy Electricals Limited Financial Overview

Table 49 Centrax Gas Turbine Company Overview

Table 50 Centrax Gas Turbine Financial Overview

Table 51 MTU Aero Engines AG Company Overview

Table 52 MTU Aero Engines AG Financial Overview

Table 53 IHI Corporation Company Overview

Table 54 IHI Corporation Financial Overview

Table 55 Wartsila Company Overview

Table 56 Wartsila Financial Overview

Market Segmentation

By Design Type

Heavy Duty
Aeroderivative

By Technology

Open Cycle
Combined Cycle

By Rated Capacity

1–40 MW
40–120 MW
120–300 MW
Above 300 MW

By End-User

Power Generation
Oil & Gas
Other Industries

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle-East & Africa (MEA)

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Frequently Asked Questions (FAQs):

1. What is the current size of the global Gas Turbine market?

Ans: The global Gas Turbine market reached USD 19.0 billion in 2021.

2. What are the major factors driving the growth of the global Gas Turbine market?

Ans: The major factors driving the growth of the global Gas Turbine market are; rising demand for electricity globally and increasing number of carbon-capture projects.

3. Who are the key players in the global Gas Turbine market?

Ans: The key players in the global Gas Turbine market are: Siemens AG, Ansaldo Energia SpA, Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited, General Electric Company, Solar Turbines Incorporated, Kawasaki Heavy Industries Ltd, IHI Corporation, Wartsila Oyj Abp, MAN Energy Solutions, OPRA Turbines, Zorya Mashproekt, United Engine Corporation, Rolls-Royce plc, Capstone Green Energy Corporation, Harbin Electric Machinery Company Limited, Vericor Power Systems, Doosan Heavy Industries & Construction, and other prominent players.

4. Which technology segment accounted for the largest share in the global Gas Turbine market?

Ans: The combined cycle segment accounted for the largest share in the global Gas Turbine market.

5. Which region has the largest share in the global Gas Turbine market?

Ans: Asia-Pacific has the largest share in the global Gas Turbine market.

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Gas Turbine Market

Report Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. What is the current size of the global Gas Turbine market?

2. What are the major factors driving the growth of the global Gas Turbine market?

3. Who are the key players in the global Gas Turbine market?

4. Which technology segment accounted for the largest share in the global Gas Turbine market?

5. Which region has the largest share in the global Gas Turbine market?

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