Gas Turbine by Type (Heavy Duty Gas Turbine, Aeroderivative Gas Turbine, Light Duty Gas Turbine, World Gas Turbine Production ), by Application (Power Generation, Oil & Gas, Other), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2025-2033
The global gas turbine market is rapidly expanding, with a market size of 39010 million in 2025 and a projected CAGR of XX% from 2025 to 2033. This growth is primarily driven by the increasing demand for electricity in emerging economies, the need for more efficient power generation systems, and the growing popularity of renewable energy sources. North America and Asia Pacific are expected to remain the largest markets for gas turbines, with increasing demand for power generation in regions such as China, India, and the United States. Key market players include General Electric, Siemens, Mitsubishi Hitachi Power Systems, Wood Group, and Kawasaki Heavy Industries.
The market is segmented by type, application, and region. By type, the market is divided into heavy duty gas turbines, aeroderivative gas turbines, and light duty gas turbines. Heavy duty gas turbines dominate the market, accounting for a major share in 2025. By application, the market is divided into power generation, oil & gas, and other applications. Power generation is the largest application segment, accounting for a significant share in 2025. Geographically, the market is segmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific. Asia Pacific is the largest regional market, accounting for a major share in 2025.
The gas turbine market is experiencing significant growth due to rising demand for power generation and industrial applications. In 2022, the global market size was valued at $36,500 million and is projected to reach $63,000 million by 2030, growing at a CAGR of 6.5% during the forecast period. Key market insights include:
Despite its growth potential, the gas turbine market faces several challenges and restraints:
This report provides a comprehensive overview of the gas turbine market, including its trends, driving forces, challenges, key segments, growth catalysts, leading players, and significant developments. It offers valuable insights for industry participants, investors, and stakeholders seeking to understand the current and future dynamics of the gas turbine sector. For detailed analysis and market data, access the full report.
Aspects | Details |
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Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of XX% from 2019-2033 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of XX% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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