Gas Turbine Market size to grow by USD 4,023.23 million from 2022 to 2027; 39% of the market growth to originate from APAC - Technavio

NEW YORK, June 16, 2023 /PRNewswire/ -- The gas turbine market size is expected to grow by USD 4,023.23 million from 2022 to 2027, progressing at a CAGR of 2.81% as per the latest Technavio market research report. APAC is going to have lucrative growth during the forecast period. APAC is estimated to account for 39% of the market's overall growth. In terms of revenue, countries like China, Japan, and India play a significant role in driving the growth of the regional market. The region is experiencing remarkable growth in electricity-consuming sectors. The increasing urban population and improving living standards have made electricity a crucial commodity in many major APAC countries. Consequently, several governments in the region have opened their power generation sectors to private players. This move aims to achieve improved efficiency in electricity production and distribution, reduce the overall price of electricity, and drive competition among power utilities. Hence these factors are driving the growth of the gas turbine market in the region. For more insights on the market share of various regions- Download a sample report in MINUTES

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Gas Turbine Market: Enhanced efficiency and robustness of gas turbines to drive growth

Gas turbine demand is expected to increase because of factors such as better efficiency, stronger carbon emission laws, and reduced costs associated with power generation utilizing gas turbines. Gas turbine manufacturers also place significant importance on durability, as the failure of gas turbines can lead to substantial financial losses, particularly for plants that require substantial capital investments. Contemporary gas turbines are designed to provide excellent durability, allowing for extended intervals between scheduled maintenance services. As a result, the enhanced efficiency and durability of gas turbines lead to reduced operational costs and offer operational advantages, thus increasing the adoption of gas turbines, particularly in power generation, throughout the forecast period.

Gas Turbine Market: The emergence of new power plants is one of the major market trends.

Gas turbines are utilized in gas-fired power plants with internal combustion engines. The growing number of power plant projects around the world is a major driver of market expansion. Countries such as China and India, for example, are major players in the power infrastructure market and are investing heavily in the development of power plant infrastructure. Many government organizations are including mobile power plants in their electricity operations. All these factors can influence the accelerated growth momentum of the market during the forecast period.

Gas Turbine Market: Handling natural gas is a major challenge

The significant challenges in handling natural gas are a major challenge to the global gas turbine market growth. Although gas-fired power plants are known for their higher efficiency compared to coal-fired power plants, there is a potential threat posed by the risk of gas leakage into the atmosphere. Natural gas, which is commonly used in such plants, contains methane - a greenhouse gas that is odorless and has a global warming potential 82 times greater than carbon dioxide. Methane leaks often go unnoticed, making them a major concern. Hence, the governments of various countries are expected to come up with strict gas storage regulations for natural gas-powered gas turbine power plants, which will hinder the growth of the market during the forecast period.

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Some of the key Gas Turbine Market Players:

The gas turbine market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the key vendors covered in the report include Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Doosan Corp., Harbin Electric Corp., General Electric Co., Hindustan Aeronautics Ltd., Kawasaki Heavy Industries Ltd., IHI Corp., MAN Energy Solutions SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC, OPRA Technologies B.V., PJSC Krasny Kotelshchik, Rolls Royce Holdings Plc, Shanghai Electric Group, Siemens AG, and Vericor Power Systems

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Gas Turbine Market: Segmentation Analysis

This market research report segments the gas turbine market by Product (Heavy-duty gas turbine and Aeroderivative gas turbine), End-user (Power generation, Mobility, Oil and gas, and Others), and Technology (CCGT and OCGT).

The market share growth by the heavy-duty gas turbine segment will be significant during the forecast period. With the increasing power consumption worldwide, there is a growing demand for electrical power. Environmental considerations are driving the shift towards gas-based power generation as an alternative to coal-based power generation. This shift is expected to lead to a surge in the demand for gas turbines globally. Heavy-duty gas turbines are particularly favored due to their high efficiency, prompting many power plant operators to adopt these turbines to generate the required power with fewer units.

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 08: Executive Summary – Chart on Incremental Growth
• Exhibit 09: Executive Summary – Data Table on Incremental Growth
• Exhibit 10: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 11: Parent market
• Exhibit 12: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 13: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 14: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 15: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 17: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 18: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global gas turbine market 2017 - 2021 
• Exhibit 19: Historic Market Size – Data Table on Global gas turbine market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 End-User Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – End-User Segment 2017 - 2021 ($ million)

• 4.4 Technology Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

• 4.5 Geography Segment Analysis 2017 - 2021 
• Exhibit 23: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.6 Country Segment Analysis 2017 - 2021 
• Exhibit 24: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 25: Five forces analysis - Comparison between2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 26: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 27: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 28: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 29: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 30: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 31: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 32: Chart on Product - Market share 2022-2027 (%)
• Exhibit 33: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 34: Chart on Comparison by Product
• Exhibit 35: Data Table on Comparison by Product

• 6.3 Heavy-duty gas turbine - Market size and forecast 2022-2027 
• Exhibit 36: Chart on Heavy-duty gas turbine - Market size and forecast 2022-2027 ($ million)
• Exhibit 37: Data Table on Heavy-duty gas turbine - Market size and forecast 2022-2027 ($ million)
• Exhibit 38: Chart on Heavy-duty gas turbine - Year-over-year growth 2022-2027 (%)
• Exhibit 39: Data Table on Heavy-duty gas turbine - Year-over-year growth 2022-2027 (%)

• 6.4 Aeroderivative gas turbine - Market size and forecast 2022-2027 
• Exhibit 40: Chart on Aeroderivative gas turbine - Market size and forecast 2022-2027 ($ million)
• Exhibit 41: Data Table on Aeroderivative gas turbine - Market size and forecast 2022-2027 ($ million)
• Exhibit 42: Chart on Aeroderivative gas turbine - Year-over-year growth 2022-2027 (%)
• Exhibit 43: Data Table on Aeroderivative gas turbine - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 44: Market opportunity by Product ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 45: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 46: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 47: Chart on Comparison by End-user
• Exhibit 48: Data Table on Comparison by End-user

• 7.3 Power generation - Market size and forecast 2022-2027 
• Exhibit 49: Chart on Power generation - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Data Table on Power generation - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Chart on Power generation - Year-over-year growth 2022-2027 (%)
• Exhibit 52: Data Table on Power generation - Year-over-year growth 2022-2027 (%)

• 7.4 Mobility - Market size and forecast 2022-2027 
• Exhibit 53: Chart on Mobility - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Data Table on Mobility - Market size and forecast 2022-2027 ($ million)
• Exhibit 55: Chart on Mobility - Year-over-year growth 2022-2027 (%)
• Exhibit 56: Data Table on Mobility - Year-over-year growth 2022-2027 (%)

• 7.5 Oil and gas - Market size and forecast 2022-2027 
• Exhibit 57: Chart on Oil and gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Data Table on Oil and gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 59: Chart on Oil and gas - Year-over-year growth 2022-2027 (%)
• Exhibit 60: Data Table on Oil and gas - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027 
• Exhibit 61: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by End-user 
• Exhibit 65: Market opportunity by End-user ($ million)

8 Market Segmentation by Technology

• 8.1 Market segments
• Exhibit 66: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 67: Data Table on Technology - Market share 2022-2027 (%)

• 8.2 Comparison by Technology 
• Exhibit 68: Chart on Comparison by Technology
• Exhibit 69: Data Table on Comparison by Technology

• 8.3 CCGT - Market size and forecast 2022-2027 
• Exhibit 70: Chart on CCGT - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Data Table on CCGT - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Chart on CCGT - Year-over-year growth 2022-2027 (%)
• Exhibit 73: Data Table on CCGT - Year-over-year growth 2022-2027 (%)

• 8.4 OCGT - Market size and forecast 2022-2027 
• Exhibit 74: Chart on OCGT - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Data Table on OCGT - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Chart on OCGT - Year-over-year growth 2022-2027 (%)
• Exhibit 77: Data Table on OCGT - Year-over-year growth 2022-2027 (%)

• 8.5 Market opportunity by Technology 
• Exhibit 78: Market opportunity by Technology ($ million)

9 Customer Landscape

• 9.1 Customer landscape overview 
• Exhibit 79: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Geographic Landscape

• 10.1 Geographic segmentation 
• Exhibit 80: Chart on Market share by geography 2022-2027 (%)
• Exhibit 81: Data Table on Market share by geography 2022-2027 (%)

• 10.2 Geographic comparison 
• Exhibit 82: Chart on Geographic comparison
• Exhibit 83: Data Table on Geographic comparison

• 10.3 APAC - Market size and forecast 2022-2027 
• Exhibit 84: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 87: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 10.4 North America - Market size and forecast 2022-2027 
• Exhibit 88: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 10.5 Europe - Market size and forecast 2022-2027 
• Exhibit 92: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 10.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 96: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 99: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 10.7 South America - Market size and forecast 2022-2027 
• Exhibit 100: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 103: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 10.8 US - Market size and forecast 2022-2027 
• Exhibit 104: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 107: Data Table on US - Year-over-year growth 2022-2027 (%)

• 10.9 China - Market size and forecast 2022-2027 
• Exhibit 108: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 111: Data Table on China - Year-over-year growth 2022-2027 (%)

• 10.10 India - Market size and forecast 2022-2027 
• Exhibit 112: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 113: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 114: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 115: Data Table on India - Year-over-year growth 2022-2027 (%)

• 10.11 Japan - Market size and forecast 2022-2027 
• Exhibit 116: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 117: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 118: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 119: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 10.12 Germany - Market size and forecast 2022-2027 
• Exhibit 120: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 121: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 122: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 123: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 10.13 Market opportunity by geography 
• Exhibit 124: Market opportunity by geography ($ million)

11 Drivers, Challenges, and Trends

• 11.1 Market drivers

• 11.2 Market challenges

• 11.3 Impact of drivers and challenges 
• Exhibit 125: Impact of drivers and challenges in 2022 and 2027

• 11.4 Market trends

12 Vendor Landscape

• 12.1 Overview

• 12.2 Vendor landscape
• Exhibit 126: Overview on Criticality of inputs and Factors of differentiation

• 12.3 Landscape disruption
• Exhibit 127: Overview on factors of disruption

• 12.4 Industry risks
• Exhibit 128: Impact of key risks on business

13 Vendor Analysis

• 13.1 Vendors covered
• Exhibit 129: Vendors covered

• 13.2 Market positioning of vendors 
• Exhibit 130: Matrix on vendor position and classification

• 13.3 Ansaldo Energia Spa
• Exhibit 131: Ansaldo Energia Spa - Overview
• Exhibit 132: Ansaldo Energia Spa - Product / Service
• Exhibit 133: Ansaldo Energia Spa - Key news
• Exhibit 134: Ansaldo Energia Spa - Key offerings

• 13.4 Bharat Heavy Electricals Ltd. 
• Exhibit 135: Bharat Heavy Electricals Ltd. - Overview
• Exhibit 136: Bharat Heavy Electricals Ltd. - Business segments
• Exhibit 137: Bharat Heavy Electricals Ltd. - Key news
• Exhibit 138: Bharat Heavy Electricals Ltd. - Key offerings
• Exhibit 139: Bharat Heavy Electricals Ltd. - Segment focus

• 13.5 Capstone Green Energy Corp. 
• Exhibit 140: Capstone Green Energy Corp. - Overview
• Exhibit 141: Capstone Green Energy Corp. - Business segments
• Exhibit 142: Capstone Green Energy Corp. - Key offerings
• Exhibit 143: Capstone Green Energy Corp. - Segment focus

• 13.6 Caterpillar Inc.
• Exhibit 144: Caterpillar Inc. - Overview
• Exhibit 145: Caterpillar Inc. - Business segments
• Exhibit 146: Caterpillar Inc. - Key offerings
• Exhibit 147: Caterpillar Inc. - Segment focus

• 13.7 Doosan Corp.
• Exhibit 148: Doosan Corp. - Overview
• Exhibit 149: Doosan Corp. - Business segments
• Exhibit 150: Doosan Corp. - Key news
• Exhibit 151: Doosan Corp. - Key offerings
• Exhibit 152: Doosan Corp. - Segment focus

• 13.8 Harbin Electric Corp. 
• Exhibit 153: Harbin Electric Corp. - Overview
• Exhibit 154: Harbin Electric Corp. - Product / Service
• Exhibit 155: Harbin Electric Corp. - Key offerings

• 13.9 General Electric Co.
• Exhibit 156: General Electric Co. - Overview
• Exhibit 157: General Electric Co. - Business segments
• Exhibit 158: General Electric Co. - Key news
• Exhibit 159: General Electric Co. - Key offerings
• Exhibit 160: General Electric Co. - Segment focus

• 13.10 Kawasaki Heavy Industries Ltd. 
• Exhibit 161: Kawasaki Heavy Industries Ltd. - Overview
• Exhibit 162: Kawasaki Heavy Industries Ltd. - Business segments
• Exhibit 163: Kawasaki Heavy Industries Ltd. - Key news
• Exhibit 164: Kawasaki Heavy Industries Ltd. - Key offerings
• Exhibit 165: Kawasaki Heavy Industries Ltd. - Segment focus

• 13.11 IHI Corp.
• Exhibit 166: IHI Corp. - Overview
• Exhibit 167: IHI Corp. - Business segments
• Exhibit 168: IHI Corp. - Key news
• Exhibit 169: IHI Corp. - Key offerings
• Exhibit 170: IHI Corp. - Segment focus

• 13.12 MAN Energy Solutions SE 
• Exhibit 171: MAN Energy Solutions SE - Overview
• Exhibit 172: MAN Energy Solutions SE - Product / Service
• Exhibit 173: MAN Energy Solutions SE - Key offerings

• 13.13 MAPNA Group Co.
• Exhibit 174: MAPNA Group Co. - Overview
• Exhibit 175: MAPNA Group Co. - Product / Service
• Exhibit 176: MAPNA Group Co. - Key offerings

• 13.14 Mitsubishi Heavy Industries Ltd. 
• Exhibit 177: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 178: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 179: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 180: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 181: Mitsubishi Heavy Industries Ltd. - Segment focus

• 13.15 Motor Sich JSC
• Exhibit 182: Motor Sich JSC - Overview
• Exhibit 183: Motor Sich JSC - Product / Service
• Exhibit 184: Motor Sich JSC - Key offerings

• 13.16 OPRA Technologies B.V. 
• Exhibit 185: OPRA Technologies B.V. - Overview
• Exhibit 186: OPRA Technologies B.V. - Product / Service
• Exhibit 187: OPRA Technologies B.V. - Key offerings

• 13.17 Siemens AG
• Exhibit 188: Siemens AG - Overview
• Exhibit 189: Siemens AG - Business segments
• Exhibit 190: Siemens AG - Key news
• Exhibit 191: Siemens AG - Key offerings
• Exhibit 192: Siemens AG - Segment focus

14 Appendix

• 14.1 Scope of the report

• 14.2 Inclusions and exclusions checklist 
• Exhibit 193: Inclusions checklist
• Exhibit 194: Exclusions checklist

• 14.3 Currency conversion rates for US$ 
• Exhibit 195: Currency conversion rates for US$

• 14.4 Research methodology
• Exhibit 196: Research methodology
• Exhibit 197: Validation techniques employed for market sizing
• Exhibit 198: Information sources

• 14.5 List of abbreviations 
• Exhibit 199: List of abbreviations

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