Gas Turbine Market Size, Trends and Growth Analysis by 2027

The gas turbine industry was valued at approximately US$ 21,015.97 million in 2018 and is anticipated to grow to US$ 29,447.30 million by 2027, reflecting a compound annual growth rate (CAGR) of 3.9% from 2019 to 2027.

A gas turbine is a type of internal combustion engine that features combustion chambers, which release expanding gases that propel turbine blades. This mechanism allows the gas turbine to convert natural gas and various liquid fuels into mechanical energy, which is then utilized to power generators for electricity production. Gas turbines offer numerous benefits, including a high power-to-weight ratio and low operational pressure. Despite their compact size, these turbines deliver significant power output. Additionally, they are designed to minimize carbon emissions, resulting in lower environmental impact compared to other engine types.

The gas turbine market is categorized based on application into three main segments: power generation, oil and gas, and industrial. In 2018, the power generation segment held the largest market share. Gas turbines are among the most prevalent technologies used in electricity generation. They convert the liquid fuels or natural gas supplied to them into mechanical energy, which subsequently drives generators to produce electrical energy. This electricity is then distributed to residential and commercial users through power lines. The process involves heating a mixture of air and fuel to extremely high temperatures, which causes the turbine blades to spin. It is crucial to note that it is the hot gases produced during fuel combustion, rather than the fuel itself, that cause the turbine blades to rotate. The environmentally friendly characteristics of gas turbines, particularly their use of natural gas and lower emissions, have significantly contributed to the growth of the power generation segment in the global gas turbine market.

Geographically, the gas turbine market is divided into several regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. In 2018, North America dominated the global market, followed closely by Europe. The expansion of the gas turbine market in North America can be largely attributed to the rapid growth of the power generation sector in this area. Furthermore, stringent environmental regulations aimed at reducing carbon emissions, coupled with low shale gas prices, have also driven market growth. The increasing demand for energy, particularly from manufacturing facilities and related industrial sectors, is expected to further propel market expansion. Additionally, advancements in the power generation industry in key countries such as the United States and Canada are enhancing the demand for gas turbines in North America. The combination of reduced power generation costs and technological innovations is likely to support the growth of the gas turbine market in this region.

Key players in the global gas turbine market include Ansaldo Energia S.p.A, General Electric Company, Harbin Electric Company Limited, Kawasaki Heavy Industries, Ltd, Man Energy Solutions, Mitsubishi Hitachi Power Systems, Ltd, Siemens AG, Solar Turbines Incorporated, W?rtsil? Corporation, and Bharat Heavy Electricals Limited (BHEL).

The size of the global gas turbine market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the gas turbine sector.