Global Gas Turbines Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Power Rating (<100 MW, 100 MW-300 MW, >300 MW), By Type (Gas Cycle, Combined Cycle, Cogeneration), By Application (Power Generation, Oil And Gas, Others), And By Geography- Forecasts From 2022 To 2027

  • Published : Nov 2022
  • Report Code : KSI061610037
  • Pages : 140

The global gas turbine market is expected to surge with a CAGR of 4.71% to achieve a market size of US$26.089 billion by 2027, from US$18.903 billion in 2020.

The market is projected to propel in the forecast period owing to the growing demand for power worldwide, the growth in shale gas exploration, and increasing investment in the energy and power sector by governments, which are some of the factors contributing to the growth of the gas turbine market. Fluctuations in the global power generation industry and the economic benefit of coal power generation may affect its growth in some major countries, restricting the expected overall growth.  The Asia Pacific accounts for the bulk of the demand for gas turbines and will continue to dominate the global market over the forecast period. Furthermore, factors such as rapid urbanization, growing investments in energy infrastructure, and industrialization are contributing to increasing the growth of the global gas turbine market in the forecast period.

Rapid urbanization is contributing to increasing the global demand for gas turbines, with the growing global demand for electricity.

With rampant urbanization, especially in the developing economies of the world, the demand for per capita energy use is also increasing, which has given rise to options such as natural gas as a source of power apart from other sources. Hence, this is driving the growth of the gas turbine market in these regions. The people are migrating from rural areas to urban areas and are becoming well-educated and thus demand modern living conditions, burgeoning the market demand in the forecast period. Furthermore, rapid urbanization has paved the way for concepts such as urban energy planning and urbanization management as a whole, further fueling the market demand with the growing demand for electricity in the forecast period. Additionally, such initiatives are providing a platform for designing a suitable framework for the use of sustainable energy in the forecast period and in the upcoming years.

The growing shale gas production is expected to propel the growth of the global gas turbine market in the forecast period, especially in the United States.

As natural gas is the most commonly used fuel for gas turbines, the market is projected to fuel the growing shale gas production. Production of natural gas from shale formations is the most rapidly increasing trend in the United States utilized for the exploration and production of energy. Additionally, this rapid exploration has further given rise to drilling for natural gas. Production activities have been observed in some parts of the country, in comparison to little or no activity in the recent past. According to the U.S. Energy Information Administration, the US natural gas consumption is forecasted to average 86.6 Bcf/d in 2022. The consumption has risen as compared to its 2021 levels owing to the increasing consumption by the end-user industries. The report also estimates a fall of 1.9Bcf/d in 2023 due to a decline in consumption in the industrial and electric power sectors. 

The Asia Pacific region is projected to hold a significant market share in the forecast period.

The growing demand for gas turbines in the Asia Pacific region is attributed to the high consumption level of electricity due to a high consumer base. This is because of the fact that the countries in the APAC region include highly populated countries like India and China, where the market is expected to soar in the forecast period. Also, with the growing urbanization and industrialization, the market is poised to fuel the growing demand for energy and electricity from natural gas, apart from other sources of energy.

Key Developments

  • In June 2021, Bakken Energy LLC, and Mitsubishi Power Americans, Inc signed a strategic partnership agreement to create a clean hydrogen hub in North Dakota, the U.S. Through this partnership Mitsubishi aims to bring hydrogen-enabled gas turbine technology to Entergy in Southeast Texas.

Product Offerings

  • Siemens Energy offers a wide range of advanced gas turbines in the North American region. SGT5-9000HL for 50Hz and for 60 Hz. These gas turbines have fast start-up capability coupled with advanced combustion systems for high efficiency which allows higher firing temperatures and more operational flexibility.
  • GE Gas Power offers a high-efficiency, air-cooled gas turbine named 9HA gas turbine among H-Class offerings. Furthermore, the 9HA gas turbine not only offers the most cost-effective conversion of fuel to electricity but also provides industry-leading operational flexibility.

COVID-19 Impact on Global Gas Turbines Market

The pandemic had a significant impact on the Gas Turbine market owing to the collapse in demand for oil and gas, and power generation. According to the IEA Oil 2021 fuel report published in March 2021, the global oil demand witnessed a steep decline from 2019 to Q2 of 2020. The total oil demand reduced from 99.7 mb/d in 2019 to 82.9 mb/d in Q2 2020. Furthermore, the Smart Infrastructure segment of Siemens witnessed a 5% and 2% reduction in overall orders and revenues in 2020 respectively. Such market conditions hindered the growth of the gas turbine market during the pandemic.

Global Gas Turbines Market Scope:


Report Metric Details
 Market Size Value in 2020  US$18.903 billion
 Market Size Value in 2027  US$26.089 billion
 Growth Rate  CAGR of 4.71% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Power Rating, Type, Application, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Siemens, General Electric, Mitsubishi Heavy Industries, Ltd., BHEL, Kawasaki Heavy Industries, Ltd., Centrax Gas Turbines, OPRA Turbines, MAN Energy Solutions SE, Ansaldo Energia S.p.A., Doosan Enerbility
 Customization Scope  Free report customization with purchase



  • By Power Rating
    • <100 MW
    • 100 MW - 300 MW
    • >300 MW
  • By Type
    • Gas Cycle
    • Combined Cycle
    • Cogeneration
  • By Application
    • Power Generation
    • Oil and Gas
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • UAE
      • Israel
      • Saudi Arabia
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Indonesia
      • Others

Frequently Asked Questions (FAQs)

Gas Turbine Market was valued at US$18.903 billion in the year 2020.
The global gas turbine market is expected to reach a market size of US$26.089 billion by 2027.
The gas turbine market is expected to surge with a CAGR of 4.71% over the forecast period.
Rapid urbanization is contributing to increasing the global demand for gas turbines, with the growing global demand for electricity.
The Asia Pacific region is projected to hold a significant share of the gas turbine market.

1. Introduction

1.1. Market Introduction 

1.2. COVID-19 Scenario 

1.3. Market Definition

1.4. Market Segmentation


2. Research Methodology

2.1. Research Data

2.2. Assumptions


3. Executive Summary

3.1. Research Highlights


4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis


5. Global Gas Turbine Market Analysis, by Power Rating

5.1. Introduction

5.2. <100 MW

5.3. 100 MW-300 MW

5.4. >300 MW


6. Global Gas Turbine Market Analysis, by Type

6.1. Introduction

6.2. Gas Cycle

6.3. Combined Cycle

6.4. Cogeneration


7. Global Gas Turbine Market Analysis, by Application

7.1. Introduction

7.2. Power Generation

7.3. Oil and Gas

7.4. Others


8. Global Gas Turbine Market Analysis, by Geography

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America 

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe 

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa 

8.5.1. UAE

8.5.2. Israel

8.5.3. Saudi Arabia

8.5.4. Others

8.6. Asia Pacific 

8.6.1. China

8.6.2. Japan

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Others


9. Competitive Environment and Analysis

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix


10. Company Profiles

10.1. Siemens

10.2. General Electric

10.3. Mitsubishi Heavy Industries, Ltd.

10.4. BHEL

10.5. Kawasaki Heavy Industries, Ltd.

10.6. Centrax Gas Turbines

10.7. OPRA Turbines

10.8. MAN Energy Solutions SE

10.9. Ansaldo Energia S.p.A.

10.10. Doosan Enerbility


General Electric

Mitsubishi Heavy Industries, Ltd.


Kawasaki Heavy Industries, Ltd.

Centrax Gas Turbines

OPRA Turbines

MAN Energy Solutions SE

Ansaldo Energia S.p.A.

Doosan Enerbility