Gas Turbine Market is projected to reach US$ 32,005.2 million by 2031; it is expected to register a CAGR of 4.84% | The Insight Partners
NEW YORK, Aug. 29, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global gas turbine market is observing significant growth owing to growing demand from heavy industries.
The gas turbine manufacturing industry is evolving with innovations in natural gas turbine offerings to support emission targets. Rising demand for low-emission, fuel-efficient engines to reduce air pollution and the advent of special gas turbine in the manufacturing, utilities, and remote generation application sectors propels the gas turbine market growth. The combined cycle power system technology is a well-established and traditional choice for most of the large onshore power generation plants.
A combined cycle power system consists of gas turbines, steam turbines, and waste heat recovery units for steam generation, auxiliary equipment, and condensers. The combined cycle technology mainly utilizes a gas turbine for driving an electrical generator and recovers the waste heat produced in the turbine exhaust in order to generate steam. This steam is made to run through a steam turbine to provide supplemental electricity. The electrical efficiency of a combined cycle power system falls within the range 50–60%, which is 13% more efficient as compared to the Open-cycle technology. Combined cycle technology is suitable for stable load applications. Combined cycle gas turbines are widely used in utility-scale power generation, offering baseload and peaking power to meet electricity demand.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The gas turbine market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.
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Overview of Report Findings
- Rising Demand for Clean and Efficient Power Generation: The demand for natural gas-fired power plants is rising globally. Gas turbines are eco-friendly combustion engines that run on natural gas and produce less exhaust gas pollution as compared to internal combustion engines. These turbines are less polluting in comparison to coal or nuclear sources, as the hot gas during fuel combustion produces energy and not the fuel.
The natural-gas-driven turbine produces nearly three times less carbon dioxide emission as compared to coal-driven turbines. Moreover, the gas-fired turbines are faster, more efficient, and less polluting than coal-fired and nuclear power plants. These turbines use natural gas, light gas, and bioethanol for operations. Regional governments are offering incentives to companies using natural gas-based turbines for power generation, oil & gas, aviation, and process plants to lower carbon emissions. Concerns regarding emissions released by GHG and stringent government norms for the adoption of gas-fired turbines accelerate the demand for gas turbines.
For example, increasing announcements of corporate power purchase agreements (PPA) volumes propel the energy demand in the US, setting a record of ~28 gigawatts (GW) in 2024, higher than ~26% from 2022. Moreover, ~183 deals for clean power were signed in 2024, which is nearly double the amount of PPAs in the prior year. Natural gas continued to be the largest electricity generation source, representing ~42.9% of total output in 2024. Demand for US natural gas increased by ~1.3% to reach ~99.7 billion cubic feet per day, fueled by growth in liquefied natural gas (LNG) exports and a surge in power consumption in 2024. Meanwhile, coal's contribution to power generation reduced to ~14.7% in 2024, and was replaced by natural gas and renewables, which combinedly contributed ~67.1% of the generation mix. Thus, growing emphasis and demand for efficient and clean power generation drive the global gas turbine market growth. - Growing proliferation of Hydrogen-Blended and Zero-Carbon Gas Turbines: The growing adoption of hydrogen-blended and zero-carbon gas turbines is a significant trend in the global shift toward decarbonized energy systems. These turbines reduce or eliminate carbon emissions from power generation, particularly by utilizing hydrogen as a fuel source, either as a blend with natural gas or in pure form. Hydrogen as a zero-carbon fuel is becoming a significant component for decarbonizing the economy. It can be utilized as a storage medium and fuel for power generation equipment. Gas turbines can burn any gaseous fuel that meets the requirements for the combustion chamber. Combustion of 100% hydrogen (H2) in the combustion chamber of an operating gas turbine is complex without deep technological advancement.
Hydrogen application has been a new and promising technology in gas turbines, paving the way toward a cleaner and more sustainable energy future. Companies such as GE Vernova are working on the application of hydrogen as a gas turbine fuel. Companies operating in the gas turbine sector are emphasizing on the differences between natural gas and hydrogen along with safe usage of hydrogen as a primary source in the gas turbines. The growing innovation and rising development in the gas turbine sector, pushing the usage of 100% hydrogen in the gas turbine, is expected to offer lucrative opportunities in the gas turbine market during the forecast period. - Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on technology, the market is categorized into open cycle and combined cycle. The combined cycle segment dominated the market in 2024.
- Based on capacity, the market is categorized into below 40 MW, 40–120 MW, 120–300 MW, and above 300 MW. The 120-300 MW segment dominated the market in 2024.
- Based on application, the market is divided into power generation, oil & gas, industrial, and others. The power generation segment dominated the market in 2024.
- The gas turbine market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South America.
Competitive Strategy and Development
- Key Players: A few major companies operating in the Gas Turbine Market are GE Vernova Inc.; Siemens AG; Mitsubishi Heavy Industries Ltd; Caterpillar Inc; Kawasaki Heavy Industries Ltd; Baker Hughes Co; Capstone Green Energy Holdings, Inc.; Industrial Boilers America; Doncasters Group; and Vericor Power Systems.
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Global Headlines on Gas Turbine Market
- GE Vernova (NYSE:GEV) announced it has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units from Técnicas Reunidas and Orascom Construction (TR & ORASCOM CONSTRUCTION). The two companies have signed, under a 50-50 joint venture, the Engineering, Procurement and Construction (EPC) contract for Qurayyah Independent Power Plant (IPP) Expansion Project in the Eastern Province in Saudi Arabia.
- Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), announced that it received two major orders in cooperation with Doosan Enerbility Co., Ltd. to supply six state-of-the-art M501JAC gas turbines, generators, and auxiliary equipment for the Rumah-1 and Al-Nairyah-1 Independent Power Plant (IPP) projects in Saudi Arabia.
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Conclusion
The global gas turbine market plays a crucial role in the overall energy and industrial landscape. Growing demands for energy, rising stringent environmental regulations, and increasing advancements in turbine technology drive the gas turbine market growth. Gas turbines play a pivotal role in power generation, industrial applications, and the transition toward cleaner energy sources. Stringent environmental regulations are pushing utilities and industries to adopt cleaner energy solutions.
Gas turbines, which release less carbon dioxide compared to coal-fired power plants, are becoming a preferred alternative for power generation. This aligns with the global drive toward decarbonization and the adoption of low-carbon energy technologies. Combined heat and power systems, which utilize gas turbines to produce both electricity and heat, are gaining momentum. These systems provide higher competence and lower emissions compared to conventional power generation procedures.
In addition, the development of hydrogen-fueled gas turbines is a promising trend in the market. These turbines can function on a blend of natural gas and hydrogen, reducing carbon emissions and supporting the transition to a hydrogen-based economy. As the regions continue to transition toward a low-carbon energy future, gas turbines play a substantial role in bridging the gap between conventional fossil fuels and renewable energy sources. With an emphasis on innovation and sustainability, the global gas turbine market is expected to remain crucial in the global energy landscape during the forecast period.
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