Market Size of Gas Turbine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Turbine Market Analysis
The global gas turbine market is expected to record a CAGR of 4% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic. However, the market has now reached pre-pandemic levels.
Factors such as lower operating costs, lower emissions, and high-power density are expected to drive the market's growth. Increasing demand for electricity across the world, advancements in the technologies leading to an increase in shale gas production, and various countries opting for the generation of power through gas-fired plants are expected to drive the global gas turbine market's growth.
However, increasing renewable energy deployments, especially in countries like the United States, China, Brazil, and India, are expected to hinder the growth of the gas turbine market.
There is a rise in demand for natural gas-fired plants and global initiatives across the countries for the reduction in emission of carbon dioxide, based on the technology. The combined cycle segment would provide significant opportunities to the market due to its overall electrical efficiency, typically ranging from 50-60% compared to open cycle with 33%.
Asia-Pacific is witnessing substantial growth in the demand for gas turbines during the forecast period, primarily due to growing concerns about increasing pollution levels in the region.
