Gas Turbines

Gas Turbines Market by Type (Aero-Derivative Gas Turbines, Heavy-Duty Gas Turbines, Industrial Gas Turbines), Technology (Closed Cycle, Combined Cycle, Open Cycle), Rating Capacity, Application - Global Forecast 2024-2030

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[189 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.

Gas Turbines Market
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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.

Gas Turbines Market - Global Forecast 2024-2030
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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.

Regional Insights

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.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Gas Turbines Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Gas Turbines Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • GE Vernova awarded 9HA gas turbine order for Zhoushan, China’s largest archipelago

    GE Vernova's Gas Power business and Harbin Electric (HE) have announced that Chinese State Development & Investment Corp., Ltd. (SDIC) Jineng (Zhoushan) Gas Power Generation Co., Ltd. has placed an order for two GE 9HA.02 gas turbines. These turbines will be used in a new combined cycle power plant in the Zhoushan archipelago, Zhejiang Province, China. The power plant is expected to generate nearly 1.7 gigawatts of electricity, providing a cleaner and more environmentally friendly alternative to coal-fired power plants for the 1390 islands in China's largest archipelago. [Published On: 2023-10-10]

  • GE to provide digital solutions for LM2500 gas turbines for Indian Navy's new IAC-1 Vikrant

    GE's local subsidiary in India is under contract with Cochin Shipyard to provide a comprehensive digital solutions package to enhance the capabilities of the LM2500 marine gas turbines that power the Indian Navy's first Indigenous Aircraft Carrier-1 (IAC-1) Vikrant. With this innovative digital solution offering, which the subsidiary GE India Industrial manages, GE continues demonstrating its advanced technologies and commitment to technology programs in India. [Published On: 2023-02-13]

  • Malaysia’s largest combined cycle power plant starts commercial operation

    General Electric Co (GE) and Edra Energy Sdn Bhd successfully commenced operations of a combined cycle power plant in Alor Gajah, Malacca. This power plant, the largest in Malaysia, contributes over 2.2 GW of electricity to the grid. It can meet 10% of Malaysia's current power demand. By utilizing GE's H-Class technology and digital solutions, the plant supports Malaysia's energy transition goals by aiding the replacement of 7 GW of coal-fired power generation by 2033. [Published On: 2022-04-05]

Key Company Profiles

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

Market Segmentation & Coverage

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

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Gas Turbines Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Gas Turbines Market?
  3. What are the technology trends and regulatory frameworks in the Gas Turbines Market?
  4. What is the market share of the leading vendors in the Gas Turbines Market?
  5. Which modes and strategic moves are suitable for entering the Gas Turbines Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Gas Turbines Market, by Type
  7. Gas Turbines Market, by Technology
  8. Gas Turbines Market, by Rating Capacity
  9. Gas Turbines Market, by Application
  10. Americas Gas Turbines Market
  11. Asia-Pacific Gas Turbines Market
  12. Europe, Middle East & Africa Gas Turbines Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 380]
  17. List of Companies Mentioned [Total: 30]
Driving Efficiency & Power Generation with High-Performing Gas Turbines
October 26, 2023
BLOG
Driving Efficiency & Power Generation with High-Performing Gas Turbines
The gas turbine market has grown significantly due to technological advancements driving more powerful and efficient designs. With the global energy demand consistently increasing, gas turbines have proven to be a reliable and efficient source of power generation. This blog explores the scope of gas turbines, the benefits of using this technology, and the role of high-performing gas turbines.

Overview of Gas Turbine:

Gas turbines are engines that use a continuous combustion process to convert fuel into energy. They're composed of a compressor, combustion chamber, and turbine, making them highly efficient within a smaller footprint than steam turbines. Gas turbines can be used in various applications, including power generation, aircraft propulsion, and some marine applications. The scope of gas turbine applications is increasing yearly due to the development of new industrial technologies requiring reliable energy supplies.

Benefits of Gas Turbines in Power Generation:

Gas turbines are one of the most flexible and efficient forms of power generation. Gas turbines have a very high power-to-weight ratio compared to other power generation sources, making them incredibly efficient. They're also highly efficient in fuel consumption and can burn a wide range of fuels, including natural gas, biofuels, and even hydrogen. Additionally, gas turbines are highly reliable, with low maintenance requirements, making them ideal for continuous or emergency power generation.

The Advancements in High-Performing Gas Turbines:

The development of high-performing gas turbines has made these engines even more efficient. One of the most significant advancements has been combined cycle technology, which generates electricity using the exhaust gases from a gas turbine to power a steam turbine. This process increases overall efficiency because it allows for utilizing otherwise wasted energy. New combustion technologies such as dual-fuel systems and lean premix combustion have also been developed to increase efficiency and reduce emissions. Advancements in materials science and digital technologies have also contributed to the development of more advanced turbine designs that are more reliable and efficient.

The Future of High-Performing Gas Turbines:

The future of high-performing gas turbines looks bright as demand for safe and reliable energy generation increases. Gas turbine suppliers are focused on developing even more efficient and flexible technology to meet future energy demands while minimizing environmental impacts. The development of innovative technologies that allow for the utilization of alternative fuels and grid-scale energy storage systems will further enhance the capabilities of these engines. With these advancements, gas turbines will continue to play an essential role in satisfying the world's energy demand for years.

Gas turbines are an essential technology for power generation, with reliable and efficient designs that continue to be developed further. With new technological advancements and the increasing demand for reliable energy generation, high-performing gas turbines will play an increasingly important role in the future of power generation. The industry is committed to developing even more efficient and reliable technology that can utilize alternative fuels while minimizing environmental impact. These advancements show that the gas turbine industry is poised to meet future energy demands while helping to address the world's environmental challenges.

Frequently Asked Questions
  1. How big is the Gas Turbines Market?
    Ans. The Global Gas Turbines Market size was estimated at USD 20.68 billion in 2023 and expected to reach USD 21.59 billion in 2024.
  2. What is the Gas Turbines Market growth?
    Ans. The Global Gas Turbines Market to grow USD 28.37 billion by 2030, at a CAGR of 4.62%
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