| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gas Turbines in Thermal Power Market Analysis
The Gas Turbines in Thermal Power Market is expected to register a CAGR of greater than 3% during the forecast period.
- Generally, the turbine with a capacity above 120 MW is used for power generation. And with the demand for electricity expected to increase further, the turbines with a capacity of more than 120 MW is likely to dominate the market during the forecast period.
- Moreover, the threat associated with the nuclear power plant is likely to promulgate the government's decision to prefer gas-based power generation over the nuclear power plant, which, in turn, is expected provide an opportunity for the market growth in the coming years.
- Asia-Pacific was the dominant region for the market in 2018, owing to the increasing reliance on gas-based power generation and an increase in oil & gas activities.
Gas Turbines in Thermal Power Market Trends
Increasing Demand for Turbine with Capacity Above 120 MW for Power Generation.
- The 250-500 MW class is the backbone of the power generation industry and is likely to dominate the market for at least the next decade.
- After a few years of constant carbon emissions, the emission rose again in 2018, raising concern about the use of coal-based power plants across the globe. Various governments across the globe have now started to put in efforts to reduce the share of coal-based power plants, which has a potential to render opportunity for the increase in demand of gas turbine with a capacity of more than 120 MW for power generation over the forecast period.
- In 2018, Final Investment Decisions (FDIs) for the gas-based power generation in China grew by 70%, and for the first time, more gas-fired power capacity was sanctioned than that of coal. This is likely to provide a impetus to the growth of large capacity turbine segment over the forecast period.
- Moreover, the gas-based power generation is cheaper to install than the nuclear power plant; on the other hand, the gas-based power generation is a more reliable source as compared to renewables. These benefits clubbed with the urgency to reduce the carbon emission have fostered the increase in demand for high capacity gas turbines across the globe.
- The EU policymakers consider gas turbines as little more than a bridging technology to achieve the 2030 targets until other technologies mature. This is likely to drive the demand for gas turbines during the forecast period.
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Asia-Pacific Region Dominated the Market
- Asia-Pacific region dominated the gas turbine market with gas-based power generation increasing by 3.04% in 2018 as compared to that in 2017, and gas consumption over the same period increased by 7.41% in Asia-Pacific. The Asia-Pacific market is driven by several factors, such as the rising demand for energy, low environmental impact, and increasing flexibility and efficiency.
- Due to technological advancement and the decreasing cost of shale gas production, natural gas production globally increased by 18.75% during 2011-2018. Rapid industrialization and urbanization are driving a huge and ever-growing power demand in this region, which necessitates the development of numerous power generation projects. This, in turn, is driving the demand for gas turbines in China.
- India's power sector is dominated by coal-based generation, accounting for 54.7% of the total installed capacity in December 2018. The country has identified the potential of renewable energy and gas-based generation for decarbonizing the economy and meeting the targets as per the Paris Agreement. With the increasing share of gas-based generation, demand for gas turbines is expected to increase.
- Countries like Japan, with a growing social consensus against nuclear power, are considered as prospective markets in this regard, especially as the country is also one of the world's largest power consumers.
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Gas Turbines in Thermal Power Industry Overview
The global gas turbine in thermal power market is moderately fragmented. Some of the key companies in market under consideration are General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries Ltd., and Bharat Heavy Electricals Limited
Gas Turbines in Thermal Power Market Leaders
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General Electric Company
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Siemens AG
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Mitsubishi Heavy Industries Ltd
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Kawasaki Heavy Industries, Ltd
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Bharat Heavy Electricals Limited
- *Disclaimer: Major Players sorted in no particular order
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Gas Turbines in Thermal Power Industry Segmentation
The gas turbines in thermal power market report include:
| Capacity | Less than 30 MW |
| 31-120 MW | |
| Greater than 120 MW | |
| Type | Combined Cycle |
| Open Cycle | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
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Gas Turbines in Thermal Power Market Research FAQs
What is the current Gas Turbines in Thermal Power Market size?
The Gas Turbines in Thermal Power Market is projected to register a CAGR of greater than 3% during the forecast period (2025-2030)
Who are the key players in Gas Turbines in Thermal Power Market?
General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd, Kawasaki Heavy Industries, Ltd and Bharat Heavy Electricals Limited are the major companies operating in the Gas Turbines in Thermal Power Market.
Which is the fastest growing region in Gas Turbines in Thermal Power Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Gas Turbines in Thermal Power Market?
In 2025, the Asia Pacific accounts for the largest market share in Gas Turbines in Thermal Power Market.
What years does this Gas Turbines in Thermal Power Market cover?
The report covers the Gas Turbines in Thermal Power Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Gas Turbines in Thermal Power Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Gas Turbines in Thermal Power Industry Report
Statistics for the 2025 Gas Turbines in Thermal Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gas Turbines in Thermal Power analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
