The Global gas turbine market size was valued at US$ 23,190.29 million in 2024 and is expected to reach US$ 32,005.19 million by 2031; it is estimated to record a CAGR of 4.84% from 2025 to 2031.

Combined cycle and cogeneration power plants are highly utilized owing to their low emissions and high efficiency in power generation. The combined cycle power plants (CCPPs) leverage gas turbine generators to produce electrical energy. The waste heat generated by the gas turbine is harnessed to produce steam, which is subsequently used to generate additional electrical energy via conventional steam turbines. The output energy of this system is also used for the steam generation, by passing through the heat recovery steam generator. The electrical efficiency of a regular standard cycle power plant can be attained up to ~25-40%, without leveraging the waste heat. In the case of CCPP, the efficiency up to ~60% or even more can be accomplished. Additional firing can further enhance the overall efficiency of the entire procedure, improving the overall effectiveness and the entire lifecycle's cost.

CCPPs have noteworthy operational flexibility and offer tailor-made solutions for the developing energy demands. In 2024, Shell Energy North America (US), L.P. (SENA), signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, the US. As per the US Energy Information Administration (EIA), eight new natural gas-fired combined cycle plants have come online in 2022, adding ~7,775 MW of generating capacity to the US grid. The developers target to add 1.6 GW of Combined Cycle Gas Turbines in 2025 and plan to add ~18.7 gigawatts (GW) of combined-cycle capacity to the grid by 2028, with 4.3 GW already under construction. Thus, the rising development of the combined-cycle power plants is fueling the global gas turbine market growth.

In Asia Pacific, India is among the fastest-growing economies in the gas turbine market. The country has a well-established power generation sector. Due to environmental concerns and constraints related to coal quality and supply, natural gas is anticipated to become increasingly vital in the nation's energy landscape in the coming years. The country has large gas-fired power plants located in Rajasthan, Uttar Pradesh, Gujarat, Kerala, and Haryana. Therefore, the rapid growth of the power generation sector is driving the growth of the gas turbine market in India.

The oil and gas industry in India is experiencing robust growth, and key industry leaders are investing to meet the growing demand. The Indian government allows 100% Foreign Direct Investment (FDI) in upstream exploration and production (upstream) and refining activities for the private sector. Therefore, the rapid development of the oil and gas sector and the well-established power generation industry in India provide a significant market opportunity for gas turbine products.

India's push for infrastructure modernization and expansion of its natural gas network is creating strong momentum for gas turbine adoption. As older coal-fired plants are phased out, gas turbines offer cleaner, more efficient alternatives that align with national goals for reduced emissions and improved energy reliability. The development of LNG terminals and a growing pipeline network is making natural gas more accessible across the country. This fuels demand for gas turbines in both urban and remote regions, enabling flexible power generation. These trends support a transition toward a more sustainable and resilient energy system powered by gas turbines.

GE Vernova Inc.; Siemens AG; Mitsubishi Heavy Industries Ltd; Caterpillar Inc; Kawasaki Heavy Industries Ltd; Baker Hughes Co; Capstone Green Energy Holdings, Inc.; Industrial Boilers America; Doncasters Group; and Vericor Power Systems are among the key global gas turbine market players that are profiled in this market study.

The overall global gas turbine market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the global gas turbine market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global gas turbine market.