Gas Turbine Market size was valued at USD 20.28 Bn. in 2023 and the total Gas Turbine revenue is expected to grow by 3.6 % from 2024 to 2030, reaching nearly USD 25.98 Bn.

Gas Turbine Market Overview:

Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the Gas Turbine Market. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The report provides the current state of the Gas Turbine market by thorough analysis, and projections are made up to 2030.

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Gas Turbine Market Scope and Methodology:

The Gas Turbine market report covers a wide range of topics that impact market dynamics, trends, opportunities, and challenges. It also includes a thorough analysis of the worldwide landscape. This comprehensive analysis also looks at how the market is divided into segments according to services category, company size, end-user sector, and geographical regions. The study also closely examines major industry participants, assessing their approaches, line of business, results, and place in the Gas Turbine market. To give a comprehensive picture of the market environment, a thorough evaluation of macroeconomic variables, regulatory frameworks, and technical developments is also carried out.

Also, the research offers detailed insights into the dynamics of the Gas Turbine market, including opportunities, challenges, constraints, and drivers. Using a bottom-up methodology, estimates of the size of the worldwide and regional Gas Turbine market were developed. The study provides a thorough value chain analysis that clarifies the Gas Turbine production process and incorporates information about distributors, consumers, and raw materials. Furthermore, the use of PORTER and PESTLE studies, in conjunction with evaluations of market attractiveness, enhances comprehension of the Gas Turbine market on a global and micro level.

Gas Turbine Market Segmentation:

by Type

Heavy Duty
Aeroderivative

Heavy Duty and Aeroderivative are the two segments of the gas turbine market. Because of its low cost structure, high capacity operations, and low pressure, which produces maximum power, the heavy-duty category leads the market. Delivering optimal cycle efficiency helps to meet the growing demand for heavy-duty gas turbines due to their modest turbine dimensions and low investment cost. The business environment is anticipated to be driven by the steady improvements in efficiency, adaptability, and reliability of technology. The aero-derivative segment is anticipated to grow at a compound annual growth rate (CAGR) of 8.1% over the forecast period. It is based on what are commonly referred to as aviation gas turbines, or aircraft engines. It weighs less than a large-duty engine, is simpler to install, and starts up more quickly.

by Technology

Open cycle
Combined cycle

The open cycle and mixed cycle segments make up the gas turbine market. With the highest revenue (78%), the combined cycle technology is predicted to continue to dominate. They reduce transmission and distribution losses while using less fuel to produce the required amount of electricity. Combined cycle turbines have efficiencies between 60 and 80% due to their high efficiency and user-friendliness. The technology is bolstered by stringent coal plant regulations, low gas prices, and the integration of renewable energy power in addition to this increasing demand. The combined cycle power plant offers a range of renewable energy output and is a good complement to solar and wind power due to its quick start and stop times. The expansion is largely due to proximity and effective waste heat use.

by Power Rating

Below 40
40-120
120-300
Above 300

Below 40 MW, 40-120 MW, 120-300 MW, and beyond 300 MW are the market segments. The market is anticipated to be dominated by turbines with power ratings between 120 and 300 MW, which are frequently chosen for power generation. The rise is ascribed to growing urbanization, which raises power consumption and product demand. The demand is mostly being driven by the switch from coal to gas-fired power plants. Additionally, the smaller turbines facilitate operation and maintenance, which is a major motivator.

by Application

Power generation
Oil & gas
Aerospace
Process plants

The market for gas turbine services is divided into several segments, including process plants, power generation, oil and gas, marine, and aerospace. The power utility industry is anticipated to dominate the global market throughout the forecast period. In many power plants, replacing conventional steam and coal-fired turbines is becoming more and more common. They produce electricity or gas turbine power with exceptional efficiency as compared to conventional power plants. There are a number of gas-fueled turbine plants that rely mostly on natural gas as fuel as gas exploration becomes more active. About 25% of the nation's electricity comes from natural gas, whereas over 40% comes from coal, according to the Energy Information Administration (EIA). By the end of the year, almost 49 GW of coal-fired power units had been deactivated.

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Gas Turbine Market Key Players:

1) General Electric Company
2) Siemens AG
3) Mitsubishi Hitachi Power Systems, Ltd.
4) Rolls-Royce Holdings plc
5) Ansaldo Energia S.p.A.
6) Solar Turbines Incorporated
7) Bharat Heavy Electricals Limited (BHEL)
8) Kawasaki Heavy Industries, Ltd.
9) Man Energy Solutions SE
10) Caterpillar Inc.
11) Harbin Electric Company Limited
12) Sulzer Ltd.
13) MTU Aero Engines AG
14) EthosEnergy Group
15) PW Power Systems, Inc.
16) NPO Saturn

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Gas Turbine Market Regional Insights :

The size and trends in the Gas Turbine market in each of the following regions are thoroughly examined in this research: North America (which includes the United States, Canada, and Mexico); Europe (which includes France, Spain, Germany, Italy, and other European countries); Asia-Pacific (which includes China, Japan, India, Australia, South Korea, ASEAN countries, and others APAC countries); South America (which includes Argentina, Brazil, and other South American countries); and Middle East and Africa (which includes South Africa, Egypt, and other MEA countries).

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Key questions answered in the Gas Turbine Market are:

• What is Gas Turbine?
• What was the Gas Turbine market size in 2023?
• Which are the factors expected to drive the Gas Turbine market growth?
• Who are the leading companies and what are their portfolios in Gas Turbine Market?
• What growth strategies are the players considering to increase their presence in Gas Turbine?
• What are the upcoming industry applications and trends for the Gas Turbine Market?
• What will be the CAGR at which the Gas Turbine market will grow?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Gas Turbine Market?
• What are the different segments of the Gas Turbine Market?
• What is the growth rate of the Gas Turbine Market?
• What segments are covered in the Gas Turbine Market?
• Who are the key players in the Gas Turbine market?
• What are the key challenges and opportunities in the Gas Turbine market?
• Which application holds the highest potential in the Gas Turbine market?

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 Key Offerings:

• Past Market Size and Competitive Landscape (2018-2023)
• Past Pricing and price curve by region (2018-2023)
• Market Size, Share, Size & Forecast by different segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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