Global Gas Turbines Market Size By Application, By Type of Fuel, By Industry of End Users, By Geographic Scope and Forecast

Gas Turbines Market Size and Forecast

Gas Turbines Market size was valued at USD 17.9 Billion in 2023 and is projected to reach USD 21.5 Billion by 2030, growing at a CAGR of 2.6% during the forecasted period 2024 to 2030.

Global Gas Turbines Market Drivers

The market drivers for the Gas Turbines Market can be influenced by various factors. These may include

• Growing Global Energy Demand The market for gas turbines is significantly influenced by the rising worldwide need for energy and electricity across a number of industries, including manufacturing, aviation, oil and gas, and power generation. Gas turbines are commonly employed to supply mechanical power for a variety of purposes as well as energy in power plants and industrial sites.
• Transition to Cleaner Energy Sources As nations work to meet environmental requirements and lessen their carbon footprint, they are turning to cleaner energy sources like natural gas. The need for gas turbine-based power production solutions is being driven by the preference for gas turbines over coal-fired plants because of their lower emissions.
• Developments in Gas Turbine Technology The market is expanding as a result of ongoing developments in gas turbine technology, which have improved efficiency, dependability, and performance. In response to changing consumer needs, manufacturers are devoting resources to research and development in order to create next-generation gas turbines that are more efficient, emit less pollutants, and offer greater operational flexibility.
• Growing Investments in Power Infrastructure The market for gas turbines is being driven by rising investments in the development of power infrastructure, particularly in emerging economies. To fulfill the rising demand for electricity and enhance energy security, governments and utilities are making investments in new power plants and modernizing the infrastructure that already exists.
• Growth of Natural Gas Infrastructure The adoption of gas turbines is being propelled by the growth of the infrastructure for the production and distribution of natural gas, which is being fueled by the abundance of natural gas deposits and advantageous government policies. The cost and availability of natural gas are rising, boosting the economic viability of gas turbine-based power generation.
• Growing Need for Combined Cycle Power Plants Compared to conventional power plants, combined cycle power plants have lower emissions and higher efficiency thanks to their use of both gas and steam engines to generate energy. The market for gas turbines is being driven by the increasing need for combined cycle power plants, especially in areas with strict environmental restrictions.
• Growing Need for Distributed generating Gas turbine demand in decentralized power generating applications is being driven by the growing adoption of distributed generation solutions, such as microgrids and cogeneration systems. Gas turbines offer dependable and cost-effective power generating options for commercial buildings, industrial sites, and isolated towns.
• Growth of Industrial Applications Gas turbines are extensively employed in a wide range of industrial processes, such as manufacturing, petrochemicals, chemicals, and oil and gas processing. The need for gas turbines for onsite power generation and mechanical drive applications is being pushed by the rise of these industries, which is being fueled by economic growth and industrialization.
• Growth of the Aviation Industry Gas turbines are a vital part of the engines used in both military and civilian aircraft. The demand for gas turbines for aircraft propulsion systems is being pushed by the aviation industry’s growth, which is being fueled by rising air travel demand, fleet expansion, and technical advancements.

Global Gas Turbines Market Restraints

Several factors can act as restraints or challenges for the Gas Turbines Market. These may include

• Exorbitant Initial expenditure Costs The installation of gas turbines necessitates a substantial upfront expenditure in equipment acquisition, site preparation, and infrastructure development. Potential purchasers may be discouraged by the high capital costs of gas turbine projects, especially in areas with low financial resources or unstable economic situations.
• Long Lead periods for Project Execution Gas turbine projects usually have lengthy lead periods for construction, engineering, and procurement, which causes delays in the start of the project and the production of income. Project developers and investors may face difficulties as a result of delays in acquiring permits, delivering equipment, and starting construction. These delays can also lengthen project schedules and raise project expenses overall.
• Market Saturation and Competition A number of well-known suppliers and manufacturers are vying for market share in the fiercely competitive gas turbine industry. Intense rivalry and market saturation in specific areas or market segments can put downward pressure on pricing and profit margins, restricting market participants’ chances for revenue development.
• Environmental and Regulatory Constraints Gas turbine projects must comply with a number of environmental laws and permits, such as those pertaining to noise levels, emission limitations, and land use. Stricter environmental regulations might limit market growth potential by raising project costs and complexity, especially in areas with strict regulatory frameworks.
• Volatility in Fuel Prices Fuel price volatility affects gas turbine operations. This is especially true for natural gas, which is the main fuel source used in the majority of gas turbine power plants. Fuel price volatility can impact gas turbine projects’ economic feasibility, impacting both developers’ and operators’ investment choices and project economics.
• Technological Difficulties and Trust Issues Because they are intricate mechanical systems, gas turbines need constant upkeep and managerial supervision to function dependably and effectively. Technical issues that can impair turbine reliability and uptime and result in higher maintenance costs and operating downtime include turbine blade erosion, combustion instability, and compressor fouling.
• Market Shift toward Renewable Energy Gas turbine-based power generation faces competition from the increased emphasis on renewable energy sources including wind, solar, and hydropower. With government incentives and falling costs, more people are adopting renewable energy sources, which may lessen the need for gas turbines in some markets, especially for baseload power generation.
• Geopolitical Risks and Market Uncertainty Trade conflicts, regulatory changes, and geopolitical tensions can all contribute to market uncertainty and influence investment choices in the gas turbine industry. Trade obstacles, unpredictability in regulations, and political unrest can all impede market expansion in impacted areas, upend supply chains, and raise project risks.

Global Gas Turbines Market Segmentation Analysis

The Gas Turbines Market is segmented on the basis of Application, Type of Fuel, Industry of End Users And Geography.

By Application

• Power Generation Gas turbines are utilized in captive power plants, independent power producers (IPPs), and utilities to generate energy.
• Oil & Gas Gas turbines used for pumping, compression, and power production in upstream, midstream, and downstream processes.
• Aviation The propulsion systems of both military and commercial aircraft use gas turbines.
• Industrial Gas turbines used in a range of industrial processes, such as district heating, petrochemicals, manufacturing, and chemicals.

By Type of Fuel

• Natural Gas By utilizing the plentiful and reasonably priced natural gas, gas turbines are tailored for industrial uses and natural gas-fired power generation.
• Diesel Gas turbines that can run on diesel fuel are frequently utilized in off-grid applications, isolated areas, and emergency backup power systems.
• Dual-Fuel Gas turbines that can run on a variety of fuels, including liquid fuels, diesel, and natural gas, offering fuel resiliency and flexibility.

By Industry of End Users

• Utilities Gas turbines used by utility companies to generate electricity and maintain system stability for emergency backup, peaking, and baseload power.
• Oil & Gas Gas turbines are used on-site by oil and gas industries for processing, pumping, compression, and power generation.
• Aerospace Gas turbines, such as turbofan, turboprop, and turboshaft engines, integrated into military and commercial aircraft as propulsion systems.
• Manufacturing Process heating, steam generation, and mechanical drive applications are among the uses of gas turbines in the manufacturing sector.

By Geography

• North AmericaNorth America is the largest gas turbine market, fueled by huge investments in the oil and gas, aerospace, industrial, and power generating sectors.
• Europe An advanced gas turbine market with an emphasis on decarbonization, energy transition, and the uptake of renewable energy technologies.
• Asia Pacific Increasing urbanization, industrialization, and rising energy consumption in emerging economies are driving this region’s fast-growing gas turbine industry.
• Middle East & Africa Growing investments in power infrastructure, oil and gas projects, and industrial development initiatives are driving the region’s need for gas turbines.
• Latin America A developing gas turbine market with prospects in the oil and gas, industrial, and power generating sectors, bolstered by economic expansion and infrastructural development.

Key Players

The major players in the Gas Turbines Market are

• Siemens Energy
• General Electric (GE)
• Mitsubishi Hitachi Power Systems (MHPS)
• Rolls-Royce
• Kawasaki Heavy Industries
• Solar Turbines (Caterpillar)
• Pratt & Whitney
• Safran Aircraft Engines

Report Scope

Research Methodology of Market Research

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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