According to our latest study on "Global Gas Turbine Market Size and Forecasts (2021 - 2031), Regional Share, Trends, and Growth Opportunity Analysis - by Technology, Capacity, and Application," 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.

The global gas turbine market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Gas turbines play a significant role across the industrial sectors, powering applications from electricity generation to complex manufacturing procedures. However, maintaining optimum performance and uptime can be a noteworthy challenge, especially for turbines operating in harsh environments. Extreme temperatures, dust particles, and other factors accelerate component degradation, leading to costly unplanned shutdowns. These shutdowns interrupt production, damage equipment, and incur repair expenses. Therefore, guaranteeing gas turbine reliability and uptime is principal for cost-effective production and operational safety. The gas turbine market is enduring a transformative shift driven by digitalization and the incorporation of artificial intelligence (AI) for predictive maintenance. These improve operational efficiency and expand the lifespan of gas turbine assets, lowering downtime and minimizing maintenance expenses. By detecting changes in gas fuel properties, ambient temperature, and degradation, a program can share real-time adjustments to the turbine controls.

Using Level 2 software, artificial intelligence and machine learning are controlled to ensure they do not harm the gas turbine. For instance, GE Vernova offers artificial intelligence and machine learning solutions. Autonomous Tuning is an on-premises solution that shares adjustment details to the controls every two seconds. It is a major part of a larger platform strategy of Advanced Combustion Control. By moving from static, point-solution maps for the combustion system to a dynamic, adaptive, and model-based system, power generators benefited from automated tuning. These leveraged the foundation to advance the flexibility of their unit with emissions-compliant base load operation, emissions-compliant turndown, and overall part-load efficiency. Thus, the growing technological innovation and integration of artificial intelligence for predictive maintenance are the major trends which are anticipated to drive the global gas turbine market growth in the coming years.

Key Findings of Global Gas Turbine Market Study:

The gas turbine market is segmented on the basis of technology, capacity, and application. Based on technology, the market is bifurcated into open-cycle and combined cycle. Based on capacity, the market is segmented into below 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. Based on application, the market is bifurcated into Power Generation, Oil and Gas, and Industrial.

In terms of technology, the global gas turbine market is segmented into open-cycle and combined cycle. The combined cycle segment held the largest global gas turbine market share in 2024. The combined cycle power system technology is a well-established and traditional choice for most of the large onshore power generation plants. A combined cycle power system consists of gas turbines, steam turbines, and waste heat recovery units for steam generation, auxiliary equipment, and condensers. The combined cycle technology mainly utilizes a gas turbine for driving an electrical generator and recovers the waste heat produced in the turbine exhaust in order to generate steam. This steam is made to run through a steam turbine to provide supplemental electricity. The electrical efficiency of a combined cycle power system falls within the range 50-60%, which is 13% more efficient as compared to the Open-cycle technology. Combined cycle technology is suitable for stable load applications. Combined cycle gas turbines are widely used in utility-scale power generation, offering baseload and peaking power to meet electricity demand. Their high efficiency and low emissions make them a preferred choice for new power plants. Industries such as paper, chemicals, and food processing utilize combined cycle gas turbines for steam production and on-site power generation, enhancing energy efficiency and reducing operational expenses. Combined cycle gas turbines are often integrated into combined heat and power (CHP) systems, where they deliver both electricity and heat for district heating applications, boosting overall energy efficiency.

Based on capacity, the global gas turbine market is segmented into below 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. The 120-300 MW capacity segment targets medium to large power generation facilities, including centralized power plants and industrial complexes and hence registered the highest gas turbine market share in the market. Turbines in this range are designed for continuous operation, providing a stable and efficient power supply suitable for baseload or intermediate load demands. They typically feature advanced engineering to optimize fuel consumption, aid reliability, and enable emissions control. The segment is critical for meeting the energy needs of expanding urban and industrial areas, where a reliable power supply is essential for economic growth. High operational efficiency and durability are the key attributes that help reduce overall operational costs. Further, 120-300 MW turbines support integration with modern grid infrastructure and can often operate with a variety of fuel types. Their balanced capacity and performance make them a vital component in transitioning to cleaner and more sustainable energy systems.

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 players profiled in the global gas turbine market report. Several other major players were studied and analyzed during the global gas turbine market analysis to get a holistic view of the market and its ecosystem. The global gas turbine market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current global gas turbine market trends and their foreseeable impact during the forecast period.

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