Gas Turbine Market: Current Analysis and Forecast (2023-2030)
Emphasis on Design Type (Heavy Duty and Aeroderivative); Technology (Open Cycle and Combined Cycle); Application (Power Generation, Oil & Gas, and Others); Rated Capacity (1-40 MW, 40–120 MW, 120-300 MW and Above 300 MW); Region and Country
Global Gas Turbine market is expected to grow at a significant rate of around 4% during the forecast period. A gas turbine is a type of turbine that spins on a pressurized gas to produce electricity or provide kinetic energy to an aircraft or jet. The Brayton cycle is the interaction necessary to achieve this. Compressed gas is produced in all modern gas turbines by burning fuels like flammable gas, lamp oil, propane, or fly fuel, the demand for gas turbine has risen dramatically due to the rising technological advancement & and rising applications in end-use industries, electrical appliances, etc. Additionally growing industrialization is also a major factor for the demand for gas turbines. Moreover, due to growing government support for power generation technologies that aim to reduce carbon dioxide (CO2) emissions worldwide, the gas turbine market is anticipated to expand significantly over the forecast period. Factors such as the increased electricity demand coupled with the increasing demand for power generation are driving the growth of the market. Major companies in the market offer gas turbine facilities for power generation, mechanical drive, aero-derivative, and electrical purposes to cater to different industrial and corporate clients and associations. For instance, in April 2023, GE’s Gas Power business completed the acquisition of Nexus Controls, a leading aftermarket controls business, from Baker Hughes. With the addition, GE Gas Power created a single, full-service controls business line responsible for further developing GE’s proprietary Mark Vle controls systems platform, the implementation of the OnCore system, as well as streamlining and improving the delivery and service of its controls offerings for customers.
Wärtsilä, Bharat Heavy Electricals Limited, MITSUBISHI HEAVY INDUSTRIES, LTD, Harbin Electric Corporation Co.,Ltd, Siemens, MAN Energy Solutions SE, General Electric, Kawasaki Heavy Industries Ltd, Solar Turbines Incorporated and Ansaldo Energia How The Gas Turbine Is Increasing The Electricity Demand
Insights Presented in the Report
“Amongst design type, aeroderivative segment is expected to grow with a robust CAGR during the forecast period”
Based on design type, the market is segmented into heavy duty and aeroderivative. The aeroderivative segment is expected to grow with a robust CAGR during the forecast period. This is mainly owing to the high expansion of captive-generating power stations coupled with the rising demand for electricity across the industrial sector leading to the growth of the market. Moreover, advanced aircraft engines and space technologies have been used to provide maintainable, flexible, lightweight, and compact aeroderivative gas turbines. Thus, increasing the use of aeroderivative gas turbine in the market.
“Amongst technology, combined cycle segment is expected to grow with a robust CAGR during the forecast period”
Based on technology, the market is divided into open cycle and combined cycle. The combined cycle segment is expected to grow with a robust CAGR during the forecast period. This is mainly due to the efficient waste heat utilization, proximity to the environment, and operational effectiveness offered by combined cycle over the open cycle. In addition, the high demand from the power plants are also increasing the market for gas turbine. gradually converted to a combined cycle.
Gas Turbine Market Report Coverage
“North America is likely to grow at a substantial growth rate during the forecast period”
North America is likely to grow at a substantial growth rate during the forecast period. This is due to the need for reliable and efficient power generation, the desire to reduce greenhouse gas emissions, and the availability of abundant natural gas resources. Gas turbines are well-suited for power generation in North America due to their high efficiency, flexibility, and ability to operate on a variety of fuels. Also, North America has the potential to reduce greenhouse gas emissions. Gas turbines are a cleaner-burning alternative to traditional fossil fuels, and they can help to reduce emissions from power generation. Additionally, gas turbines can be fueled by renewable natural gas, such as biogas and syngas, which can further reduce emissions. Thus, such factors are increasing the demand for gas turbines in the North America region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Gas Turbine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Gas Turbine Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Gas Turbine market were the three major steps undertaken to create and analyze the adoption of gas turbine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global gas turbine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the gas turbine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the gas turbine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as design type, technology, application, and rated capacity. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Gas Turbine market. Further, we conducted factor analysis using dependent and independent variables such as various mixer design type, technology, application, and rated capacity of gas turbine. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the gas turbine market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Gas Turbine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Gas Turbine market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Gas Turbine market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global gas turbine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of design type, technology, application, and rated capacity in the global gas turbine market.
The main objective of the global gas turbine market Study
The current & future market trends of the global Gas Turbine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Gas Turbine market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of design type, technology, application, and rated capacity.
- Define and analysis of the regulatory framework for the gas turbine
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the gas turbine market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Gas Turbine market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global gas turbine market?
Q2: What are the driving factors for the growth of the global gas turbine market?
Q3: Which segment has the largest share of the global gas turbine market by Design Type?
Q4: What are the emerging technologies and trends in the global gas turbine market?
Q5: Which region will dominate the global gas turbine market?
Q6: Who are the key players operating in the global gas turbine market?
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