[183 Pages Report] The Gas Turbines Market size was estimated at USD 20.68 billion in 2023 and expected to reach USD 21.59 billion in 2024, at a CAGR 4.62% to reach USD 28.37 billion by 2030.

A gas turbine is an engine that converts the energy from fuel combustion into mechanical energy. The system is widely used across power generation, manufacturing, and oil & gas industries due to its highly reliable machine-run capacity. Increasing demand for electricity driven by industrial growth and infrastructure development are the major factors accelerating the use of gas turbines. With the shift to renewable energy sources in support of government initiatives, the need for high-performing gas turbines has expanded. However, gas turbines' functional limitations and environmental impact impede product penetration. Market players are working on building more advanced gas turbines while focusing on predictive maintenance facilities to enable flexible and more effective operations of gas turbines. Moreover, several investments have been made in distributed and decentralized power generation activities across emerging economies, creating new opportunities for deploying modern gas turbines. The aging power generation infrastructure in many countries has also required gas turbines for replacement due to their operational flexibility and resilience.

The Americas region has observed a growing market for gas turbines, driven by their rising power generation activities, shale gas exploration, and industrial applications. The U.S. and Canada share the presence of established companies working on offering highly-efficient gas turbines to their long-term industrial clients. The Asian market is denoted by rising urbanization, investments in power generation, and renewable energy, backed by the government's current focus on optimizing its energy mix. China, India, Japan, and South Korea observed increased use of gas turbines in power plants and combined heat & power systems, which has witnessed a recent rise in deployment. The market in Europe is driven by the growing focus of market players on renewable energy integration and grid stability supporting the country's energy transition. Germany, the UK, and the Netherlands have a mature gas turbine market, with players focused on expanding their production facilities and introducing energy-efficient systems. The Middle East & Africa has abundant oil & gas reserves, particularly across the UAE, Saudi Arabia, South Africa, Nigeria, and Egypt, to meet their increasing energy needs, driving the adoption of gas turbines in the region.

The market dynamics represent an ever-changing landscape of the Gas Turbines Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

• Market Drivers
  • Increasing electricity consumption and need for reliable power generation
  • Government initiatives and policies supporting renewable energy
  • High use of energy in industrial activities worldwide
• Market Restraints
  • Maintenance complexity and functioning issues of gas turbines
• Market Opportunities
  • Technological advancements in high-performing gas turbines
  • Growing investments in oil & gas exploration and microgrid establishment
• Market Challenges
  • Environmental impact and inefficiency of gas turbines

• Type: Increasing use of heavy-duty gas turbines for power generation

  Industrial gas turbines are large-scale turbine systems used to power industrial facilities such as factories and power plants. They produce high torque output, allowing them to drive large pumps or compressors for various industrial processes. Aeroderivative is lighter and more compact than industrial gas turbines, and due to their ability to shut down and handle load changes quicker than industrial machines, they are widely employed in electrical power generation. Heavy-duty gas turbines are designed for stationary applications at power plants, where they serve as the primary source of electricity generation. Heavy-duty units feature robust construction that enables them to operate under harsh environmental conditions with minimal maintenance requirements. They are primarily large-sized with a rated capacity of more than 75 MW, capable of burning various fuels, ranging from natural gas to heavy liquid residuals.

• Technology: Growing use of open-cycle gas turbine for marine applications

  An open-cycle gas turbine is a type of gas turbine in which the hot gases produced by the combustion of liquid fuel are utilized to rotate the turbine, and the remaining heat is drained into the atmosphere. This type of technology is useful for applications that require higher output quickly. A closed-cycle gas turbine is a gas turbine in which the air is continuously circulated within the turbine. The closed-cycle gas turbine has more thermal efficiency when compared to open-cycle systems. A combined-cycle power plant generates up to 50% more energy from the same fuel as it combines gas and a steam turbine. The extra heat produced by the gas turbine is shifted to the nearby steam turbine to generate additional power.

• Rating Capacity: Continuous increase in use of 120-300 MW capacity gas turbines with investments in renewable energy

  Gas turbines with a rated capacity of less than 40 MW are commonly used in small-scale industrial processes for operating machines and equipment. Gas turbines with a 40-120 MW rated capacity are most often used for combined heat and power (CHP) plants, district heating systems, and medium-scale manufacturing facilities. Gas turbines with a rated capacity of 120-300 MW are often utilized for larger-scale electricity generation and renewable energy production applications. In comparison, those gas turbines with ratings over 300 MW are primarily used for utility-scale electricity production or in large-scale oil & gas industries.

• Application: Proliferation in use of gas turbines in the aviation sector

  Gas turbines are a popular form of energy production for oil & gas applications, as they can generate high amounts of power with relatively small-scale equipment. They are often used in drilling rigs to provide the necessary electricity required to pressurize and control the flow of oil or gas during the extraction process. Gas turbines have long been used in power generation due to their low cost and reliable performance. This system can be used in many manufacturing processes to control torque and speed output during operation precisely. It makes them ideal for textiles or paper manufacturing industries where exacting speeds and torque requirements must be consistently met. Gas turbine engines propel an aircraft and are often available as turbojet, turbofan, turboshaft, and turboprop.

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Gas Turbines Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Gas Turbines Market.

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Gas Turbines Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The value chain of the Gas Turbines Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

The pricing analysis comprehensively evaluates how a product or service is priced within the Gas Turbines Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Gas Turbines Market.

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Gas Turbines Market.

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Gas Turbines Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

The trade analysis of the Gas Turbines Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

The regulatory framework analysis for the Gas Turbines Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Gas Turbines Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Gas Turbines Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

• Gauteng Premier Hails Historic Launch of Fordsburg Open Gas Turbine, Adding 50 Megawatts to Power Grid

  Gauteng Premier Panyaza Lesufi has declared the launch of City Power’s recommissioned open gas turbine in Fordsburg as a historic event. The facility will add 50 Megawatts of electricity to the grid and is part of the provincial government's broader plan to inject 100 megawatts into the grid to help reduce the impact of rolling blackouts in Gauteng. [Published On: 2024-04-18]

• Kuwait Enhances Power Generation Efficiency at Sabiya Plant, Reduces Emissions Equivalent to Removing 16,000 Cars

  In a notable development for Kuwait's power generation sector, the Ministry of Electricity, Water, and Renewable Energy announced the completion of upgrades to four 9F.03 class gas turbines at the 2 gigawatts (GW) Sabiya Combined Cycle Power Plant. The project is anticipated to boost the power plant’s block output by up to 6.3% and reduce the heat rate by up to 1.8%, translating to a combined power production increase of up to 70 megawatts (MW). This enhancement will enable greater power generation without additional fuel consumption or increased carbon dioxide emissions, equivalent to removing approximately 16,000 cars from Kuwait's roads. [Published On: 2024-01-15]

• Ansaldo Energia and Tecnicas Reunidas Team Up with German Utility to Build Hydrogen-Ready Power Plant

  Ansaldo Energia entered into a contract with Tecnicas Reunidas and a major German utility to build a hydrogen-ready combined cycle power plant. The contract's activation is contingent upon Germany finalizing its regulatory framework to ensure the economic feasibility of hydrogen-ready gas plants and obtaining all required authorizations. [Published On: 2023-12-20]

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Gas Turbines Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

The report delves into recent significant developments in the Gas Turbines Market, highlighting leading vendors and their innovative profiles. These include Mitsubishi Heavy Industries, Ltd., TECO-Westinghouse, MAPNA Group, Hindustan Aeronautics Limited, Power Machines, MAN Energy Solutions, Rolls-Royce PLC, Kawasaki Heavy Industries, Ltd., Toshiba Corporation, Capstone Green Energy Corporation, Centrax Ltd., ABB Ltd., Harbin Electric Corporation, Bharat Heavy Electricals Limited, Honeywell International Inc., General Electric Company, IHI Corporation, Vericor Power Systems, Nidec Corporation, Doosan Enerbility Co., Ltd., Wärtsilä Corporation, WEG S.A., Regal Rexnord Corporation, Ansaldo Energia S.p.A., GKN PLC, MTU Aero Engines AG, OPRA Turbines BV, Solar Turbines Incorporated, Danfoss A/S, and Siemens AG.

This research report categorizes the Gas Turbines Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
  • Aero-Derivative Gas Turbines
  • Heavy-Duty Gas Turbines
  • Industrial Gas Turbines
• Technology
  • Closed Cycle
  • Combined Cycle
  • Open Cycle
• Rating Capacity
  • 120–300 MW
  • 40–120 MW
  • Above 300 MW
  • Less than 40 MW
• Application
  • Aviation
  • Manufacturing
  • Oil & Gas
  • Power Generation

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?