1. What is the projected Compound Annual Growth Rate (CAGR) of the U.S. Gas Turbine Market?
The projected CAGR is approximately 4.56%.
U.S. Gas Turbine MarketU.S. Gas Turbine Market Strategic Insights: Analysis 2025 and Forecasts 2033
U.S. 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, Aero-Derivative), by Cycle Type (Simple Cycle, Combined Cycle), by Sector (Power Utilities, Oil & Gas, Manufacturing, Aviation), by Forecast 2025-2033
Base Year: 2024
120 Pages
U.S. Gas Turbine Market Strategic Insights: Analysis 2025 and Forecasts 2033
U.S. Gas Turbine Market Strategic Insights: Analysis 2025 and Forecasts 2033
Key Insights
The U.S. Gas Turbine Market size was valued at USD 5.10 USD Billion in 2023 and is projected to reach USD 6.97 USD Billion by 2032, exhibiting a CAGR of 4.56 % during the forecast period. Gas turbines are combustion engines that are designed to either use natural gas, or other liquid fuels, and convert them into mechanical power. Generating thus this energy is able to power as a generator to produce electrical energy. Gas turbines are ubiquitous in the power sector, aviation, and industrial manufacturing setting because of their excellent economy of disposal and reliability. There are three main types: Phaser: industrial gas turbines, aeroderivative gas turbines, and microturbines. High points of this engine are the ability to provide power equivalent to other engines of much larger sizes and diverse option in fuel usage. The past decade can be viewed as a time in which U. S. technologists have made a lot of progress in materials research and technologies required for cooling to enhance the efficiency of the turbine and reduce emissions, and renewable sources integration for a clean power grid.
U.S. Gas Turbine Trends
- Increased focus on power generation efficiency
- Growing demand for clean and sustainable energy
- Government initiatives promoting renewable energy sources
- Adoption of advanced technologies like cogeneration and combined cycle plants
Driving Forces: What's Propelling the U.S. Gas Turbine Market
- Surging energy demands driven by population growth and rapid industrialization
- Enhanced environmental regulations and incentives promoting low-carbon energy sources
- Continuous technological advancements in gas turbines, resulting in improved efficiency and reliability
- Increased focus on energy independence and diversification of energy sources
- Heightened investments in renewable energy projects, complementing the role of gas turbines in providing clean and flexible power generation
Challenges and Restraints in U.S. Gas Turbine Market
- Volatile Natural Gas Prices: Fluctuations in the cost of natural gas significantly impact the operational expenses of gas turbine facilities, creating financial uncertainty and potentially affecting profitability. This price volatility can also influence investment decisions for new projects and the competitiveness of existing operations.
- Technological Hurdles and Capital Intensity: While advancements are ongoing, certain technological limitations can arise, requiring significant research and development investment. Furthermore, the upfront capital expenditure for installing and maintaining gas turbine infrastructure remains substantial, posing a financial barrier, especially for smaller operators. High maintenance costs, including specialized labor and parts, also contribute to operational expenditure.
- Intensifying Competition from Renewable Energy: The growing adoption and improving cost-effectiveness of renewable energy sources, such as solar and wind power, present a significant competitive challenge. These alternatives often have lower operating costs and a reduced environmental footprint, increasingly drawing investment and policy support away from traditional gas turbine technologies, particularly in grid-scale power generation.
- Regulatory and Environmental Pressures: Increasing regulatory scrutiny regarding emissions standards, carbon pricing mechanisms, and environmental impact assessments can add complexity and cost to gas turbine operations. Evolving policies aimed at decarbonization may further constrain the market's growth potential and necessitate costly upgrades or a transition to cleaner fuels.
- Aging Infrastructure and Modernization Needs: A considerable portion of the existing U.S. gas turbine fleet is aging. While some units are being retired, many require significant modernization or replacement to meet current efficiency standards and emissions regulations. The cost and logistical challenges associated with these upgrades can act as a restraint on market expansion and necessitate strategic planning for infrastructure renewal.
Emerging Trends in U.S. Gas Turbine
- Integration of digitalization and automation for improved efficiency
- Development of hybrid gas turbines for increased flexibility
- Focus on sustainable and low-emission technologies
Growth Catalysts in U.S. Gas Turbine Industry
- government funding and incentives for renewable energy projects
- Collaboration between industry players for technological innovation
- Strategic partnerships for market expansion
- Adoption of smart grid technologies for enhanced grid stability
Market Segmentation: U.S. Gas Turbine Analysis
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
- Aero-Derivative
By Cycle Type
- Simple Cycle
- Combined Cycle
By Sector
- Power Utilities
- Oil & Gas
- Manufacturing
- Aviation
Leading Players in the U.S. Gas Turbine Market
- GE (U.S.)
- Cummins Inc. (U.S.)
- Mitsubishi Power (Japan)
- Caterpillar (U.S.)
- Siemens (Germany)
- Solar Turbines (U.S.)
- Wärtsilä (Finland)
- Capstone Green Energy Corporation (U.S.)
- Vericor Power Systems LLC (U.S.)
- Kawasaki Heavy Electrical Limited (Japan)
Significant developments in U.S. Gas Turbine Sector
- September 2023- Rolls-Royce developed a new gas turbine to power hybrid-electric flight and completed its first fuel burn.
- August 2023- General Electric Company's GE unit, GE Vernova's Gas Power business, received two orders from its subsidiary East Asia Power Co., Ltd. of Royal Golden Eagle Group and Beijing International Energy Group Co., Ltd. to provide four units of gas turbine 6F.03.
- March 2023- GE launched its newest high-efficiency gas turbine, which consumes less natural gas and is to be deployed at the 435-megawatt Tallawarra Power Station in Sydney, Australia.
Comprehensive Coverage U.S. Gas Turbine Market Report
This report offers a comprehensive and current analysis of the U.S. Gas Turbine market:
- Market Overview: Updated market size estimates, growth projections, and an overview of industry dynamics.
- Market Segmentation: Granular segmentation by capacity, technology (heavy-duty, aero-derivative), cycle type (combined cycle, simple cycle), and sector (power generation, industrial, marine).
- Key Market Players: Extensive profiles of leading manufacturers, their market share, product portfolios, and recent strategic initiatives.
- Industry Trends and Technologies: In-depth analysis of emerging trends, such as the integration of renewable energy sources, digitalization, and the development of advanced materials.
- Competitive Landscape: Comprehensive market share analysis, competitive benchmarking, and evaluation of competitive strategies.
- Regulatory Environment: Discussion of current and upcoming regulations impacting the market, including emissions standards and efficiency mandates.
- Industry Outlook: Long-term growth projections, identification of market challenges and opportunities, and strategic insights for industry participants.
Regional Insight
The U.S. Gas Turbine market is predominantly driven by regions with high energy consumption, such as California, Texas, and the Northeast.
Technology Analysis
Technological advancements are playing a significant role in driving market growth, with a focus on improving efficiency, reducing emissions, and enhancing flexibility.
Pestle Analysis
The PESTLE analysis provides insights into the political, economic, social, technological, legal, and environmental factors influencing the market.
Portor's Five Force Analysis
Porter's Five Force Analysis examines the competitive landscape, considering rivalry among existing players, threat of new entrants, bargaining power of suppliers, bargaining power of buyers, and threat of substitute products or services.
BCG Matrix
The BCG Matrix categorizes market players based on their market share and growth rate to identify potential investment and growth opportunities.
Import & Export Analysis
The report provides an analysis of U.S. Gas Turbine import and export trends, highlighting key trading partners and market dynamics.
Production & Consumption
The report offers insights into the production and consumption patterns of U.S. Gas Turbine, providing historical and forecast data.
Regulatory Landscape
The report covers regulatory frameworks and policies impacting the U.S. Gas Turbine market, including environmental regulations and emission standards.
U.S. Gas Turbine Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 4.56% from 2019-2033 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Increasing Emphasis on Replacing Nuclear and Coal Turbines with Gas Turbines to Fuel the Market Growth
- 3.3. Market Restrains
- 3.3.1. Volatility in Natural Gas Prices May Hinder the Market Growth
- 3.4. Market Trends
- 3.4.1. Growth of the Aviation Industry and Increase in Electricity Consumption
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. U.S. Gas Turbine Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Capacity
- 5.1.1. 1-2 MW
- 5.1.2. 2-5 MW
- 5.1.3. 5-7.5 MW
- 5.1.4. 7.5-10 MW
- 5.1.5. 10-15 MW
- 5.1.6. 15-20 MW
- 5.1.7. 20-30 MW
- 5.1.8. 30-40 MW
- 5.1.9. 40-100 MW
- 5.1.10. 100-150 MW
- 5.1.11. 150-300 MW
- 5.1.12. 300+ MW
- 5.2. Market Analysis, Insights and Forecast - by Technology
- 5.2.1. Heavy Duty
- 5.2.2. Light Industrial
- 5.2.3. Aero-Derivative
- 5.3. Market Analysis, Insights and Forecast - by Cycle Type
- 5.3.1. Simple Cycle
- 5.3.2. Combined Cycle
- 5.4. Market Analysis, Insights and Forecast - by Sector
- 5.4.1. Power Utilities
- 5.4.2. Oil & Gas
- 5.4.3. Manufacturing
- 5.4.4. Aviation
- 5.5. Market Analysis, Insights and Forecast - by Region
- 5.5.1.
- 5.1. Market Analysis, Insights and Forecast - by Capacity
- 6. Northeast U.S. Gas Turbine Market Analysis, Insights and Forecast, 2019-2031
- 7. Southeast U.S. Gas Turbine Market Analysis, Insights and Forecast, 2019-2031
- 8. Midwest U.S. Gas Turbine Market Analysis, Insights and Forecast, 2019-2031
- 9. Southwest U.S. Gas Turbine Market Analysis, Insights and Forecast, 2019-2031
- 10. West U.S. Gas Turbine Market Analysis, Insights and Forecast, 2019-2031
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2024
- 11.2. Company Profiles
- 11.2.1 GE (U.S.)
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Cummins Inc. (U.S.)
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Mitsubishi Power (Japan)
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Caterpillar (U.S.)
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Siemens (Germany)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 Solar Turbines (U.S.)
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Wärtsilä (Finland)
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Capstone Green Energy Corporation (U.S.)
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Vericor Power Systems LLC (U.S.)
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 Kawasaki Heavy Electrical Limited (Japan)
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.1 GE (U.S.)
List of Figures
- Figure 1: U.S. Gas Turbine Market Revenue Breakdown (USD Billion, %) by Product 2024 & 2032
- Figure 2: U.S. Gas Turbine Market Share (%) by Company 2024
List of Tables
- Table 1: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Region 2019 & 2032
- Table 2: U.S. Gas Turbine Market Volume K Units Forecast, by Region 2019 & 2032
- Table 3: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Capacity 2019 & 2032
- Table 4: U.S. Gas Turbine Market Volume K Units Forecast, by Capacity 2019 & 2032
- Table 5: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Technology 2019 & 2032
- Table 6: U.S. Gas Turbine Market Volume K Units Forecast, by Technology 2019 & 2032
- Table 7: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Cycle Type 2019 & 2032
- Table 8: U.S. Gas Turbine Market Volume K Units Forecast, by Cycle Type 2019 & 2032
- Table 9: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Sector 2019 & 2032
- Table 10: U.S. Gas Turbine Market Volume K Units Forecast, by Sector 2019 & 2032
- Table 11: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Region 2019 & 2032
- Table 12: U.S. Gas Turbine Market Volume K Units Forecast, by Region 2019 & 2032
- Table 13: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Country 2019 & 2032
- Table 14: U.S. Gas Turbine Market Volume K Units Forecast, by Country 2019 & 2032
- Table 15: Northeast U.S. Gas Turbine Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 16: Northeast U.S. Gas Turbine Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 17: Southeast U.S. Gas Turbine Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 18: Southeast U.S. Gas Turbine Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 19: Midwest U.S. Gas Turbine Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 20: Midwest U.S. Gas Turbine Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 21: Southwest U.S. Gas Turbine Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 22: Southwest U.S. Gas Turbine Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 23: West U.S. Gas Turbine Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 24: West U.S. Gas Turbine Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 25: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Capacity 2019 & 2032
- Table 26: U.S. Gas Turbine Market Volume K Units Forecast, by Capacity 2019 & 2032
- Table 27: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Technology 2019 & 2032
- Table 28: U.S. Gas Turbine Market Volume K Units Forecast, by Technology 2019 & 2032
- Table 29: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Cycle Type 2019 & 2032
- Table 30: U.S. Gas Turbine Market Volume K Units Forecast, by Cycle Type 2019 & 2032
- Table 31: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Sector 2019 & 2032
- Table 32: U.S. Gas Turbine Market Volume K Units Forecast, by Sector 2019 & 2032
- Table 33: U.S. Gas Turbine Market Revenue USD Billion Forecast, by Country 2019 & 2032
- Table 34: U.S. Gas Turbine Market Volume K Units Forecast, by Country 2019 & 2032
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segments, product, and application.
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
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
Additionally, after gathering mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.
Frequently Asked Questions
2. Which companies are prominent players in the U.S. Gas Turbine Market?
Key companies in the market include GE (U.S.), Cummins Inc. (U.S.), Mitsubishi Power (Japan), Caterpillar (U.S.), Siemens (Germany), Solar Turbines (U.S.), Wärtsilä (Finland), Capstone Green Energy Corporation (U.S.), Vericor Power Systems LLC (U.S.), Kawasaki Heavy Electrical Limited (Japan).
3. What are the main segments of the U.S. Gas Turbine Market?
The market segments include Capacity, Technology, Cycle Type, Sector.
4. Can you provide details about the market size?
The market size is estimated to be USD 5.10 USD Billion as of 2022.
5. What are some drivers contributing to market growth?
Increasing Emphasis on Replacing Nuclear and Coal Turbines with Gas Turbines to Fuel the Market Growth.
6. What are the notable trends driving market growth?
Growth of the Aviation Industry and Increase in Electricity Consumption.
7. Are there any restraints impacting market growth?
Volatility in Natural Gas Prices May Hinder the Market Growth.
8. Can you provide examples of recent developments in the market?
September 2023- Rolls-Royce developed a new gas turbine to power hybrid-electric flight and completed its first fuel burn. The engine is designed using new combustion technology to produce extremely low emissions, and this critical achievement confirms the efficiency of the compact, high-output turbine that will be integrated into the lightweight turbine generator system.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 2850, USD 3850, and USD 4850 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in USD Billion and volume, measured in K Units.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "U.S. Gas Turbine Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
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.
13. Are there any additional resources or data provided in the U.S. Gas Turbine Market 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.
14. How can I stay updated on further developments or reports in the U.S. Gas Turbine Market?
To stay informed about further developments, trends, and reports in the U.S. Gas Turbine Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.