1. What is the projected Compound Annual Growth Rate (CAGR) of the Gas Turbine Market?
The projected CAGR is approximately 3.76%.
MR Forecast provides premium market intelligence on deep technologies that can cause a high level of disruption in the market within the next few years. When it comes to doing market viability analyses for technologies at very early phases of development, MR Forecast is second to none. What sets us apart is our set of market estimates based on secondary research data, which in turn gets validated through primary research by key companies in the target market and other stakeholders. It only covers technologies pertaining to Healthcare, IT, big data analysis, block chain technology, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), Energy & Power, Automobile, Agriculture, Electronics, Chemical & Materials, Machinery & Equipment's, Consumer Goods, and many others at MR Forecast. Market: The market section introduces the industry to readers, including an overview, business dynamics, competitive benchmarking, and firms' profiles. This enables readers to make decisions on market entry, expansion, and exit in certain nations, regions, or worldwide. Application: We give painstaking attention to the study of every product and technology, along with its use case and user categories, under our research solutions. From here on, the process delivers accurate market estimates and forecasts apart from the best and most meaningful insights.
Products generically come under this phrase and may imply any number of goods, components, materials, technology, or any combination thereof. Any business that wants to push an innovative agenda needs data on product definitions, pricing analysis, benchmarking and roadmaps on technology, demand analysis, and patents. Our research papers contain all that and much more in a depth that makes them incredibly actionable. Products broadly encompass a wide range of goods, components, materials, technologies, or any combination thereof. For businesses aiming to advance an innovative agenda, access to comprehensive data on product definitions, pricing analysis, benchmarking, technological roadmaps, demand analysis, and patents is essential. Our research papers provide in-depth insights into these areas and more, equipping organizations with actionable information that can drive strategic decision-making and enhance competitive positioning in the market.
Gas Turbine Market by Capacity (1-2 MW, 2-5 MW, 5-7.5 MW, 7.5-10 MW, 10-15 MW, 15-20 MW, 20-30 MW, 30-40 MW, 40-100 MW, 100-150 MW, 150-300 MW, 300+ MW), by Technology (Heavy Duty, Light Industrial, Aeroderivative), by Cycle (Simple Cycle, Combined Cycle), by Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation, Others), by North America (U.S., Canada), by Europe (U.K., Germany, France, Spain, Italy, Turkey, Russia, Rest of Europe), by Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand, South Korea, Rest of Asia-Pacific), by Latin America (Brazil, Mexico, Argentina, Venezuela, Rest of Latin America), by Middle East & Africa (South Africa, Iran, Egypt, Qatar, Saudi Arabia, Algeria, United Arab Emirates, Rest of Middle East & Africa) Forecast 2025-2033
The Gas Turbine Market size was valued at USD 20.79 USD Billion in 2023 and is projected to reach USD 26.92 USD Billion by 2032, exhibiting a CAGR of 3.76 % during the forecast period. Gas turbine is an internal combustion engine type that converts fuel into mechanical energy through the process of combustion, finding major usage in power generation, aviation, and industries. Gas turbines operate on a principle of rotating shaft with continuous combustion that results in compressors sucking air into them which gets mixed with fuel before ignition then hot gases produced from it are directed to give either thrust or turn a generator. Some of these parts include a compressor, combustion chamber, turbine and exhaust. There is a growing market demand for gas turbines because they are efficient, flexible, have less emissions as compared to other forms of electricity production especially when dealing with its renewable integration and distributed generation systems.


Capacity:
Technology:
Cycle:
Sector:
March 2023: GE’s latest high-efficiency gas turbine will cover less natural gas, which will be implemented in the 435-megawatt Tallawarra power station in Sydney, Australia.
January 2023: Mitsubishi Power accepts an order for H-25 Gas Turbine for Taiwan’s Chang Chun petrochemical project; additionally, conversion of the cogeneration system at the Miaoli Factory in Miaoli City to a High Power-Efficient Gas-Fired System to Decrease CO2 Emissions.
January 2022: GE Digital’s Autonomous Tuning Speed up the Energy Transition with Machine Learning and Artificial Intelligence, which will reduce harmful emissions and fuel consumption for gas turbines. Additionally, this will cost lower machinery and operational flexibility.
March 2021: General Electric declared to deliver the first two HA gas turbines to the UAE, which will likely be the most effective power plant in the middle east utility sector. General Electric will source in total three 9HA.01 gas-driven turbines.
January 2021: Gruppo Arvedi awarded Ansaldo Energia a contract for the delivery and refurbishment of the new combined cycle power Plant in Servola. The plant will include an AE64.3A gas turbine equipped with the advanced generation technologies already validated to ensure low operational emissions, flexibility, and high efficiency.
This comprehensive report offers a detailed analysis of the global Gas Turbine market, encompassing market size, share, trends, forecasts, growth drivers, challenges, and competitive landscape. It provides invaluable insights for investors, manufacturers, suppliers, and other stakeholders in the industry.
Market Overview:
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 3.76% from 2019-2033 |
| Segmentation |
|




Note*: In applicable scenarios
Primary Research
Secondary Research

Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 3.76%.
Key companies in the market include GE (U.S.), Siemens (Germany), Mitsubishi Power (Japan), Ansaldo Energia (Italy), Solar Turbines (U.S.), Kawasaki Heavy Industries, Ltd. (Japan), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electrical Limited (India), OPRA Turbines (The Netherlands), Rolls Royce (U.K.), Vericor Power Systems LLC (U.S.).
The market segments include Capacity, Technology, Cycle, Sector.
The market size is estimated to be USD 20.79 USD Billion as of 2022.
Increasing Focus on Nuclear and Coal Driven Turbines Replacement by Gas Turbines to Fuel Industry Growth.
Technological Advancements to Drive the Market Growth.
Volatility in Natural Gas Prices to Hamper Gas Turbine Market Growth.
March 2023, GE’s latest high-efficiency gas turbine will cover less natural gas, which will be implemented in the 435-megawatt Tallawarra power station in Sydney, Australia.
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4850, USD 5850, and USD 6850 respectively.
The market size is provided in terms of value, measured in USD Billion and volume, measured in Thousand Units.
Yes, the market keyword associated with the report is "Gas Turbine Market," which aids in identifying and referencing the specific market segment covered.
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
To stay informed about further developments, trends, and reports in the Gas Turbine Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.