Gas Turbine Market Size & Share Analysis - Growth Trends and Forecast (2027 - 2032)

Market Overview

Gas Turbine Market Snapshot & Metrics Overview

Study Period	2021 - 2032
Market Size (2027)	USD 22.47 Billion
Market Size (2032)	USD 31.32 Billion
Growth Rate (2027 - 2032)	6.87 %
Fastest Growing Market	Asia-Pacific
Largest Market	Asia-Pacific
Market Concentration	Medium
Major Players* GE Vernova Inc. Siemens Energy AG Ansaldo Energia SpA Rolls-Royce Holdings plc Mitsubishi Heavy Industries Ltd.	*Disclaimer: Major Players sorted in no particular order

• Asia
• Europe
• North America

Market Trends and Insights

LNG-linked Island Grids in SEA Driving Mobile Aeroderivative Demand

Isolated island grids turn local electricity requirements into demand for on-site aeroderivative turbine capacity. PT PLN Batam operated 20 TM2500 Gen4 SAC gas turbines across 9 isolated-grid locations in Indonesia in 2026. Serving separate isolated grids distributes the equipment requirement across individual sites rather than concentrating it at one interconnected generating station. That deployment also gives overhaul timing and parts supply a recurring commercial role across a substantial fleet. The common turbine platform makes the operator a fleet-scale customer, while each isolated location gives the supplier a separate availability requirement. An equipment supplier can address several local generating requirements through one fleet relationship, provided its delivery and support reach the dispersed locations.

Petrochemical Cogeneration Build-out in Middle East

Petrochemical expansion creates turbine demand tied to simultaneous steam and electricity requirements, giving cogeneration a distinct industrial investment basis. In September 2026, MEED reported continuing construction of the Najim cogeneration facility for the Amiral petrochemicals complex in Jubail, Saudi Arabia. The facility is planned to supply up to 475 MW of power and approximately 452 metric tons of steam per hour. Also in September, MEED reported, citing sources, that Petrokemya selected Siemens Energy for its planned 730 MW electricity and steam cogeneration project in Jubail. Supplier selection and construction create different commercial entry points within the same regional build-out.

Disaster-Relief Leasing Surge for Aeroderivative Sets in Caribbean

When a disaster interrupts an island grid, restoring essential loads creates a temporary need for generating capacity before permanent repairs are complete. For a Caribbean utility facing that gap, leased aeroderivative sets offer a way to acquire discrete generating units for the restoration period. Portability and rapid installation matter in this application because the buyer needs power at the affected location while network repairs proceed. Lease duration and transition terms can match that temporary generating requirement to an uncertain restoration timetable. The supplier's fleet decision is then how much deployable capacity to reserve for recovery work rather than commit to longer assignments.

Gas-price Volatility Following Russia's Invasion of Ukraine Curtailing EU Projects

EU wholesale gas prices rose early in 2025 after Russian pipeline gas exports via Ukraine halted in January 2025. The European Commission's EU wholesale gas benchmark, based on Dutch TTF day-ahead prices, averaged EUR 36/MWh (USD 40.7/MWh) in 2025, 5% above 2024 but 22% below 2021. At an unchanged electricity selling price, a higher gas bill leaves less cash flow to repay the initial turbine equipment investment. An annual average can also conceal the timing of a short-term increase within the operating year. A developer whose proposal works only at that average has limited room to absorb a recurrence of the early-year price pressure.

Utility-scale Battery Storage Displacing Peaking Turbines (US/Australia)

Australian peaking proposals must connect the cost of new capacity with the electricity prices available during their intended operating period. CSIRO's July 2026 GenCost report found that 4-hour batteries cost less than large open-cycle gas turbines in Australia.^[1] It expected that cost advantage to widen over the following 2 years. The report also linked added battery capacity to lower peak-evening prices in the National Electricity Market as batteries competed with traditional gas generation. Those price effects connect turbine economics to competing capacity already added to the system. A turbine proposal can therefore lose potential repayment headroom through lower peak prices before its developer makes a final equipment choice.

*Our forecasts treat driver/restraint impacts as directional, not additive. The impact forecasts reflect baseline growth, mix effects, and variable interactions.

Gas Turbine Market Segment Analysis

Turbines above 120 MW accounted for a 58.15% share of the gas turbine market size in 2026, making them the largest segment. As turbine manufacturer and turnkey contractor, Mitsubishi Heavy Industries completed 10 M701JAC units across 3 combined-cycle sites in Thailand by January 2025. The M701JAC's published 2015 and 2018 simple-cycle ISO base ratings are 574 MW and 448 MW, respectively, placing both versions above 120 MW. The Thailand program covered 6,700 MW of total combined-cycle plant output. Winning this kind of program requires manufacturing capacity and turnkey execution capability, since the same contractor delivers both turbines and complete plants.

Turbines rated 30 to 120 MW are the fastest-growing segment, with a forecast CAGR of 7.3% over 2027-2032. In November 2025, Mitsubishi Power received an H-25 order for Chang Chun Petrochemical's Miaoli cogeneration facility in Taiwan through Mitsubishi Corporation Machinery. The turbine's output is approximately 30 MW, and operation was scheduled around the end of 2028. The factory project was designed to convert boilers fired by heavy oil and coal to a natural-gas-fired system supplying electricity and steam. Here, equipment demand comes from redesigning an industrial utility system, giving the capacity band a route into factory conversion projects with a specified combined power-and-steam requirement.

Combined cycle was the largest segment at 75.21% of industry revenue in 2026 and is forecast to be the fastest-growing segment, with a CAGR of 7.3% over 2027-2032. Siemens Energy's May 2026 agreement with Mai-Liao Power Corporation covered equipment and long-term service for 2 planned 1,200 MW combined-cycle units in Taiwan.^[2] The new plant would replace 1,800 MW of coal-fired generation, with commercial operation scheduled by December 31, 2029. That replacement links turbine demand to a generator's transition between generating assets, while the service agreement extends the supplier relationship beyond equipment delivery. The planned plant's total capacity exceeds the coal capacity it would replace, so replacement also creates an expansion opportunity for turbine suppliers.

Engineering, procurement and construction (EPC) contractors also shape the segment's turbine orders by connecting equipment selection with responsibility for plant delivery. In May 2025, GE Vernova secured an order for 5 of its 7H-class gas turbines from the Técnicas Reunidas and Orascom Construction EPC joint venture for Saudi Arabia's 3 GW Qurayyah combined-cycle expansion. The expansion included readiness to build a carbon-capture unit. That EPC procurement structure places the turbine package within the contractor's wider responsibility for delivering the generating plant. The planned carbon-capture interface gives the equipment bid an integration requirement beyond supplying the specified turbine units.

Natural gas represented a 90.04% gas turbine market share in 2026, making it the largest segment. Natural gas made up 44% of Georgia Power's own 2025 capacity mix, measured for that fuel on designated or demonstrated capacity. In June 2026, the U.S. Department of Energy described Georgia Power's plan to purchase and install 3 nominal 463 MW simple-cycle turbines at Plant Yates in Georgia. Commercial operation of the 3 units was planned for December 2026, May 2027 and August 2027, respectively. Each Plant Yates unit is dual fuel, so this natural-gas utility project also carries a fuel-oil capability requirement.

Other fuel types, including hydrogen and biogas, are the fastest-growing segment, with a forecast CAGR of 16.6% over 2027-2032. In October 2025, PacificLight Power awarded Mitsubishi Power and Jurong Engineering an EPC contract for a 670 MW combined-cycle plant on Singapore's Jurong Island. The plant is designed for a fuel blend containing 30% hydrogen and future operation entirely on hydrogen, with operations planned for 2029. This commercial commitment makes fuel flexibility part of the equipment configuration before the plant begins operation. In September 2026, PacificLight's subsidiary PLM Power broke ground on the plant, moving the hydrogen-capable project from contract award into construction.

Power was the largest segment, accounting for 69.87% of industry revenue in 2026. Vietnam Electricity broke ground on October 20, 2026, on Vietnam's planned 1,612.8 MW LNG-fired Quang Trach II combined-cycle power plant. Mitsubishi Power also received a September 2025 contract with CTCI for Taiwan Power Company's planned 5-unit, 2,800 MW Tung Hsiao plant, with sequential operations scheduled for 2030 to 2031. These utility-led programs turn generation requirements into multi-unit project commitments involving equipment and plant delivery. For Taiwan Power Company, sequential commissioning would phase the availability of new generation, so the contracted capacity would not arrive as a single operating block.

Other end-user industries, including industrial and marine applications, are the fastest-growing segment, with a forecast CAGR of 7.5% over 2027-2032. In September 2025, Mitsubishi Power received an order for a 100-MW-class combined-cycle plant using blast-furnace gas at Jiangsu Lihuai Steel's Huai'an steelworks, with operation planned for 2027. GE Aerospace announced an April 2025 order for 8 LM500 marine gas turbines for ships 9 through 12 in the Republic of Korea Navy's PKX-B Batch-II program. Hanwha Aerospace is the in-country engine assembly and testing licensee. The programs show distinct growth routes, from matching a steelworks' process fuel to supplying turbine hardware within a naval assembly chain, giving suppliers application-specific ways to participate beyond utility generation.

Geography Analysis

Asia-Pacific Gas Turbine Market

Asia-Pacific was the largest region with a 60.01% share of the gas turbine market size in 2026 and is forecast to be the fastest-growing, with a CAGR of 7.8% over 2027-2032. Doosan Enerbility's September 30, 2026, Petrovietnam contract covers Vietnam's planned 1,155 MW O Mon III combined-cycle plant, with EPC alongside Petrovietnam subsidiary PTSC and Doosan steam-turbine supply, targeting completion by 2030. Malakoff's February 2026 Mitsubishi Power agreement allowed manufacturing/delivery slot reservations for 2 M701JAC turbine-generator sets at a planned 1,400 MW northern Peninsular Malaysia plant, contingent on a definitive supply agreement. O Mon III gives the contractor a defined delivery commitment, while the Malakoff reservation leaves the equipment sale dependent on a definitive supply agreement.

In the rest of Europe, Energa Group was building a combined-cycle plant in Gdańsk, Poland, in October 2026 as flexible capacity for the national electricity system. In the rest of Asia-Pacific, AGL agreed in October 2025 to buy 4 Siemens AB gas turbines for Western Australia's Kwinana Swift Gas 2 firming project, approved for investment in March 2026. In South America, Brazil's approximately 1.7 GW GNA II plant began commercial operation in May 2025, with a 500 kV grid connection and a private LNG terminal serving its complex. In the rest of South America, Guyana's September 2026 Wales project update described preparation of its first turbine to receive natural gas before expected December firing and testing. For a South American plant developer, procuring a turbine leaves fuel access and grid connection as separate requirements for delivering power.

In the rest of the Middle East and Africa, Mitsubishi Power's January 2026 Facility E turbine contract in Qatar serves a planned project combining electricity generation and desalination. In North America, on October 6, 2026, Doosan Enerbility shipped a gas turbine for U.S. company SpaceXAI for planned deployment in U.S. power and AI infrastructure. In the United Arab Emirates, Fujairah Power Company F3 LLC began commercial operation of its natural-gas combined-cycle plant on July 12, 2025. Emirates Water and Electricity Company (EWEC) was that project company's electricity offtaker. Its power purchase agreement with EWEC tied the generation business to long-term contracted electricity sales.

Regulatory Framework and Outlook

The comparison assesses selected jurisdictions from the perspective of developers of gas-fired power plants, covering emissions duties, project authorizations and forward policy direction. The United Kingdom comparison covers medium-combustion permitting in England and Wales and UK Emissions Trading Scheme (UK ETS) exposure for covered power generators in Great Britain. The United States stationary-turbine standards effective January 15, 2026, cover affected sources beginning construction, modification or reconstruction after December 13, 2024. Separating equipment emissions specifications from licensing and carbon-pricing obligations clarifies where each regime affects the developer's project.

The United States' September 2026 final repeal decision for new base-load turbines' carbon-capture-based Phase 2 greenhouse-gas standards points toward easing, while Great Britain's 2031-2040 UK ETS extension prolongs carbon-pricing exposure. China's March 2026 draft would adjust air-pollutant limits and add compliance-determination requirements for covered thermal power plants and gas turbine units, so operators would face revised limits and compliance tests if adopted. Brazil's July 2026 provisional capacity-trading changes and September 2026 operational-classification consultation address market administration, while generating and environmental authorizations continue to define project-entry requirements. South Africa's October 7, 2026, proposed capacity determination prioritizing 5,000 MW of gas-to-power supports a better project-pipeline outlook alongside provisional or standard licensing duties for covered listed activities.

Value Chain Stages

The comparison follows turbine equipment from manufacture through plant integration and lifecycle service, separating the activities that generate supplier revenue. Siemens Energy supplies options ranging from core turbines to complete gas-fired power plants. GE Vernova's Gas Power business manufactures turbines in Greenville and repairs utility customers' turbine components in Richmond. A core-turbine sale leaves plant integration outside that equipment scope, while a complete-plant offer brings those interfaces into the supplier's bid.

Mitsubishi Power provides field service, parts, upgrades, remote monitoring and component repair, giving it several points of participation after installation. This service range makes the relationship between equipment condition and repair scope commercially significant, because different interventions generate different supplier work. Mitsubishi Heavy Industries' 2025 GTCC briefing said long-term after-sales contracts are often signed with new installation orders, so the service position is frequently settled when the equipment is sold.

Key Opportunities for Market Participants

The comparison distinguishes equipment opportunities in Canadian and German generation projects from the associated opening for future turbine service revenue. In July 2026, IESO Nova Scotia opened procurement for one or 2 fast-acting 300 MW natural-gas facilities, permitting combustion turbines or reciprocating engines, with proposals due January 21, 2027. EnBW's potential Karlsruhe combined-cycle project largely depends on winning a German government capacity tender, with a competitive tendering process planned for December 29, 2026. Tender outcomes determine whether these buyer requirements become turbine equipment and service contracts.

The central opening is to link turbine equipment proposals with a defined service offer while the generating technology remains undecided. Nova Scotia's allowance for reciprocating engines makes that service opportunity conditional on the turbine configuration winning the equipment decision. An integrated bid therefore connects the initial equipment decision with the prospective maintenance economics facing the same project developer.