Gas Turbine Market Trends, Share, Growth Factors, and Forecast 2025-2033

According to the latest report by IMARC Group, titled “Gas Turbine Market Report by Technology (Combined Cycle Gas Turbine, Open Cycle Gas Turbine), Design Type (Heavy Duty (Frame) Type, Aeroderivative Type), Rated Capacity (Above 300 MW, 120-300 MW, 40-120 MW, Less Than 40 MW), End User (Power Generation, Mobility, Oil and Gas, and Others), and Region 2025-2033”, offers a comprehensive analysis of the industry, which comprises insights on the global gas turbine market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global gas turbine market size reached USD 26.0 billion in 2024. Looking forward, IMARC Group expects the market to reach USD 35.2 billion by 2033, exhibiting a growth rate (CAGR) of 3.07% during 2025-2033.

The increasing demand for electricity, particularly in emerging economies, is driving the global market. The transition towards cleaner energy sources has also propelled the market, as gas turbines produce lower carbon emissions compared to traditional coal-fired plants. Moreover, continual advancements in turbine technology have led to enhanced efficiency and operational flexibility, further propelling market demand. The rise in industrial activities and the expansion of power infrastructure in developing regions are additional drivers of market growth.

Furthermore, government initiatives promoting the use of natural gas as a primary fuel for power generation play a crucial role in the market’s expansion. The growing need for energy security and the increasing focus on decentralized power generation are also pivotal factors. Additionally, the rising investments in the development of large-scale combined cycle power plants continue to stimulate market growth.

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Gas Turbine Market Trends:

The scope of the market is expanding due to the increasing adoption of gas turbines in the oil and gas industry, particularly for offshore and onshore applications where reliability and efficiency are paramount. The growing focus on reducing greenhouse gas emissions is also encouraging the shift towards gas turbines as a cleaner alternative, thus broadening the market’s reach. Moreover, the integration of gas turbines with renewable energy sources, such as wind and solar, to create hybrid power plants is further enhancing the market's scope. This integration not only ensures a steady power supply but also maximizes energy efficiency. Additionally, the development of advanced materials and coatings that improve turbine durability and performance is driving market expansion.

Furthermore, the increasing investments in research and development aimed at enhancing turbine efficiency and reducing operational costs are crucial factors broadening the market’s scope. The expansion of gas infrastructure in developing regions and the rising demand for distributed power generation solutions are also contributing to the market's growth potential.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Global Gas Turbine Market are Given Below:

• Kawasaki Heavy Industries

• Siemens

• GE

• MHPS

• Ansaldo

• Harbin Electric

• OPRA

• MAN Diesel

• Solar Turbines

• Vericor Power

• BHEL

• Centrax

• Zorya

• Caterpillar

• General Electric

• Mitsubishi Heavy Industries

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/gas-turbine-market

Key Market Segmentation:

Breakup by Technology:

• Combined Cycle Gas Turbine 

• Open Cycle Gas Turbine

According to the report, combined cycle gas turbine represented the largest segment.

Breakup by Design Type:

• Heavy Duty (Frame) Type

• Aeroderivative Type

According to the report, heavy duty (frame) type accounted for the largest market share.

Breakup by Rated Capacity:

• Above 300 MW

• 120-300 MW

• 40-120 MW

• Less Than 40 MW

According to the report, above 300 MW represented the largest segment.

Breakup by End User:

• Power Generation

• Mobility

• Oil and Gas

• Others

According to the report, power generation represented the largest segment.

Regional Insights:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance

• Market Outlook 

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Historical, Current and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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