Gas Turbine Market to Reach USD 26.5 Billion by 2032 | CAGR: 3.8% | DataHorizzon Research

Fort Collins, Colorado, Sept. 12, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Gas Turbine Market Size, Growth, Share, Statistics Report, By Technology (Open Cycle, Combined Cycle), By Design Type (Heavy Duty, and Aeroderivative), By Capacity (≤200 MW, >200 MW), By End-Use (Power & Utility, Industrial) By Region Forecasts, 2023-2032." 

According to DataHorizzon Research, The gas turbine market size was valued at USD 18.4 billion in 2022 and is expected to have a market size of USD 26.5 billion in 2032 with a CAGR of 3.8%. The rise in shift towards clean energy and increase in industrialization, contribute to the market growth.

The growing need for electricity in developing economies such as India, and China provide opportunities for manufacturers in the gas turbine market. These markets aim to improve their power generation capabilities and hence offer significant growth avenues to the prominent players in the market. Additionally, integrating renewable sources with power grids is also leading to market growth.

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Gas Turbine Market Report Highlights:

• The Gas Turbine market is projected to attain a CAGR of 3.8% by 2032.

• Combined cycle gas turbine accounted for a significant market share and is predicted to remain dominant during the forecast years owing to their increased demand. 

• The aeroderivatives segment is also expected to register high growth during the forecast period. The output range of these devices falls in the range required by oil & gas and other industries, leading to their high adoption.

• The power & utility segment is expected to account for a significant share of the gas turbine market during the forecast period. The high demand for electricity across the globe is adding to segment growth.

• North America is a major market for gas turbines due to the presence of multiple players in this region.

• The prominent players in the gas turbine market are Siemens Energy, Mitsubishi Heavy Industries, Ltd., General Electric, Kawasaki Heavy Industries, Ltd., Capstone Green Energy Corporation, Ansaldo Energia, United Engine Corporation, Rolls-Royce plc, Harbin Electric Machinery Company Limited, OPRA Turbines, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Centrax Gas Turbine, MTU Aero Engines AG, IHI Corporation, Wartsila, Doosan Heavy Industries & Construction, MAPNA Group, and Vericor Power Systems.

Report Snapshot:

Segmentation Overview: 

The gas turbine market has been segmented into technology, design type, capacity, end-use, and region. Based on the type, the combined cycle represented a large market share due to the high efficiency and adaptability of this system. Based on the design type, the aeroderivative segment is anticipated to exhibit substantial growth. This can be attributed to their low maintenance requirement. Based on end-use, the power & utility segment accounted for a major share of the gas turbine market owing to the increased demand for electricity. 

Geographically, North America held a significant share of the gas turbine market. The United States is the major market in this region which is due to the rising demand for energy and the growing use of gas-fired power plants to fulfill this demand. Asia Pacific is expected to grow significantly due to the paid industrialization in developing nations like India and China.

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Key Developments in the Industry:

• In July 2023, the Republic of Uzbekistan ordered two M701JAC gas turbines from Mitsubishi Power for its 1600 MW gas-fired power plant. The agreement for the supply of the components is signed between Mitsubishi Power and Harbin Electric International Company Ltd. Mitsubishi Power would also provide technical expertise for installation, commissioning, and support according to the agreement.

• In July 2023, Bharat Heavy Electricals Limited (BHEL) entered into a license and technical support agreement with General Electric Technology for gas turbines. This agreement extends the rights of BHEL to manufacture and supply GE-designed existing and new gas turbines to customers in India. The agreements also sanctioned BHEL to supply Hydrogen, Methanol, and Syngas fuel blends gas turbines, and hybrid configuration gas turbines.

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Gas Turbine Market Report Segmentation:

Gas Turbine Market, By Technology (2023-2032)

• Open Cycle
• Combined Cycle

Gas Turbine Market, By Design Type (2023-2032)

• Heavy Duty
• Aeroderivative

Gas Turbine Market, By Capacity (2023-2032)

• ≤200 MW
• >200 MW

Gas Turbine Market, By End-Use (2023-2032)

• Power & Utility
• Industrial

Gas Turbine Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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