Gas Turbines Market

Market Insights

A gas turbine is called an internal combustion engine that converts natural gas or any other fuel into energy. The power generated by these turbines is then used to operate the generator for electricity generation. The gas turbine can be performed using different fuel types, including fuel oil, natural gas, synthetic fuel, etc. The shaft, compressor, combustion chamber, and turbine are major gas turbine parts. Gas turbines are available in a wide range of capacities from as low as 1 M.W. to as high as above 300 MW. Operational cost of gas turbines is more downside than other power generation sources. Open Cycle and Combined Cycle are two technology segments of a gas turbine.

The Global Gas Turbines market is expected to witness a CAGR of 7.95% during the forecast period. The revenue generated by the global Gas Turbines market in 2021 was over USD 20,850 million and is expected to generate revenue worth USD 27,915 million in 2028. Therefore, the incremental growth opportunity offered by the global Gas Turbines is estimated to be USD 173.75 billion between 2022 and 2028.

Interesting Facts about Gas Turbines Industry

• The average work life of gas turbines is 20 years
• CAPEX required for a turbine in the U.S. is around USD 850 per kilowatt
• The average cost of a heavy-duty gas turbine ranges from USD 30 to USD 70 million
• Russia is one of the significant suppliers of Gas Turbines
• There are over 17,93 gas turbines installed all over the U.S.

Russia – Ukraine Was to Reshape Dynamic of Energy Industry

Gas turbines have been in great demand for the last few decades as energy demand has grown significantly worldwide. Although Germany, France, UK, and United States are leading gas turbine suppliers, Russia occupies a significant share. Russia has long been an essential player in the gas turbine industry. As the adoption of natural gas-based power generation technology has increased, several countries have preferred gas turbine installations for power generation. However, the ongoing Russian – Ukraine has affected the market dynamics severely. First, the new gas turbine supply has been stopped owing to trade-related sanctions on Russia, and it has also become challenging for customers to buy parts for gas turbines. This, in turn, can result in a significant decline in power generation in countries with Russian Build gas turbines. Secondly, companies like G.E. have also invested in Gas Turbine Plants in Russia, which have to shut down due to the war with Ukraine. This also affects the supply of gas turbines.

Ever Rising Natural Gas Power Generation

The intense energy demand mainly drives the demand for gas turbines. Growing energy needs have increasingly forced the countries to adopt natural gas power generation. Natural gas power generation requires heavy-duty gas turbine installation in power plants. Natural gas power generation capacity is anticipated to increase by 30% by the end of 2050 to reach over 2.4 terawatts. All natural gas power generation plants use a gas turbine. Based on rated capacity, the gas turbine market can be segmented into 1 to 40 M.W., 40 to 120 MW, 120 to 300 MW, and Above 300 MW. 40 to 120 MW segment will dominate the gas turbine demand with over one-third share in 2021.

Gas Turbines Market Shows Strong Growth in the U.S.

Heavy Duty Gas Turbines installation in the U.S. alone reached over 1,793 units in 2020. Natural gas-fired power plants accounted for over 38% share of the total natural gas consumption of the U.S. in 2021. Massive demand for electricity and abundant natural gas in the U.S. has resulted in strong demand for gas turbines. Heavy Duty Type and Aeroderivative Type are two significant types of gas turbines. However, heavy-duty gas turbines occupied the most important share, with over 80% of total demand by 2021 in revenue. Heavy duty gas turbines are mainly used in power generation.

Europe to Lead the Demand for Gas Turbines 

Europe dominated the demand for gas turbines with over 29% share in 2021. European manufacturers are at the forefront of gas turbine manufacturers. Germany, France, and the U.K. control over 50% share in gas turbine export. After the Fukushima nuclear accident in Japan, Germany has slowly moved towards other energy sources, with gas-fired power generation being the country’s largest energy source. However, Russia’s invasion of Ukraine forced the western world, including Germany, to impose sanctions on trade with Russia, severely affecting Germany’s gas supply. Germany imports 70% of its gas from Russia. With a shortage of natural gas, the gas turbine market in Germany is expected to have a significant impact on its growth. While in the Asia Pacific, Japan, China, and Singapore are substantial manufacturers of gas turbines in the region. However, the U.S. is the single largest market for gas turbines.

Ansaldo EnPower Machines, ergia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., General Electric Co., IHI Corp., United Engine Corporation, Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., OPRA Turbines and Siemens AG are leading players in global gas turbines market.

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Gas Turbines Market

3. Market Dynamics & Factors Analysis
3.1. Introduction
3.1.1. Global Gas Turbines Market Value, 2016-2028, (US$ Bn)
3.2. Market Dynamics
3.2.1. Key Growth Trends
3.2.2. Major Industry Challenges
3.2.3. Key Growth Pockets
3.3. Attractive Investment Proposition,2021
3.3.1. Design Type
3.3.2. Rated Capacity
3.3.3. Technology
3.3.4. Geography
3.4. Porter’s Five Forces Analysis
3.4.1. Threat of New Entrants
3.4.2. Bargaining Power of Buyers/Consumers
3.4.3. Bargaining Power of Suppliers
3.4.4. Threat of Substitute Design Type
3.4.5. Intensity of Competitive Rivalry
3.5. Value Chain Analysis

4. Market Positioning of Key Players, 2021
4.1. Company market share of key players, 2021
4.2. Top 6 Players
4.3. Top 3 Players
4.4. Major Strategies Adopted by Key Players

4.4.1. Key Strategies Analysis
4.4.2. Mergers and Acquisitions
4.4.3. Partnerships
4.4.4. Product Launch
4.4.5. Geographical Expansion
4.4.6. Others

5. COVID 19 Impact Analysis
5.1. Global Gas Turbines Market Pre Vs Post COVID 19, 2019 – 2028
5.2. Impact on Import & Export
5.3. Impact on Demand & Supply

6. North America
6.1. North America Gas Turbines Market, by Country, 2016-2028(US$ Bn)
6.1.1. U.S.
6.1.2. Canada
6.1.3. Mexico
6.2. North America Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
6.2.1. Overview
6.2.2. Heavy Duty Type
6.2.3. Aeroderivative Type
6.3. North America Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
6.3.1. Overview
6.3.2. 1 to 40 MW
6.3.3. 40 to 120 MW
6.3.4. 120 to 300 MW
6.3.5. Above 300 MW
6.4. North America Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
6.4.1. Overview
6.4.2. Open Cycle
6.4.3. Combined Cycle

7. Europe
7.1. Europe Gas Turbines Market, by Country, 2016-2028(US$ Bn)
7.1.1. UK
7.1.2. France
7.1.3. Germany
7.1.4. Italy
7.1.5. Russia
7.1.6. Spain
7.1.7. Belgium
7.1.8. Netherland
7.1.9. Austria
7.1.10. Sweden
7.1.11. Poland
7.1.12. Denmark
7.1.13. Switzerland
7.1.14. Rest of Europe
7.2. Europe Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
7.2.1. Overview
7.2.2. Heavy Duty Type
7.2.3. Aeroderivative Type
7.3. Europe Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
7.3.1. Overview
7.3.2. 1 to 40 MW
7.3.3. 40 to 120 MW
7.3.4. 120 to 300 MW
7.3.5. Above 300 MW
7.4. Europe Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
7.4.1. Overview
7.4.2. Open Cycle
7.4.3. Combined Cycle

8. Asia Pacific
8.1. Asia Pacific Gas Turbines Market, by Country, 2016-2028(US$ Bn)
8.1.1. China
8.1.2. Japan
8.1.3. South Korea
8.1.4. India
8.1.5. Australia
8.1.6. New Zealand
8.1.7. Taiwan
8.1.8. Southeast Asia
8.1.9. Central Asia
8.1.10. Rest of Asia Pacific
8.2. Asia Pacific Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
8.2.1. Overview
8.2.2. Heavy Duty Type
8.2.3. Aeroderivative Type
8.3. Asia Pacific Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
8.3.1. Overview
8.3.2. 1 to 40 MW
8.3.3. 40 to 120 MW
8.3.4. 120 to 300 MW
8.3.5. Above 300 MW
8.4. Asia Pacific Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
8.4.1. Overview
8.4.2. Open Cycle
8.4.3. Combined Cycle

9. Latin America
9.1. Latin America Gas Turbines Market, by Country, 2016-2028(US$ Bn)
9.1.1. Brazil
9.1.2. Argentina
9.1.3. Peru
9.1.4. Chile
9.1.5. Colombia
9.1.6. Rest of Latin America
9.2. Latin America Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
9.2.1. Overview
9.2.2. Heavy Duty Type
9.2.3. Aeroderivative Type
9.3. Latin America Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
9.3.1. Overview
9.3.2. 1 to 40 MW
9.3.3. 40 to 120 MW
9.3.4. 120 to 300 MW
9.3.5. Above 300 MW
9.4. Latin America Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
9.4.1. Overview
9.4.2. Open Cycle
9.4.3. Combined Cycle

10. Middle East
10.1. Middle East Gas Turbines Market, by Country, 2016-2028(US$ Bn)
10.1.1. UAE
10.1.2. KSA
10.1.3. Israel
10.1.4. Turkey
10.1.5. Iran
10.1.6. Rest of Middle East
10.2. Middle East Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
10.2.1. Overview
10.2.2. Heavy Duty Type
10.2.3. Aeroderivative Type
10.3. Middle East Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
10.3.1. Overview
10.3.2. 1 to 40 MW
10.3.3. 40 to 120 MW
10.3.4. 120 to 300 MW
10.3.5. Above 300 MW
10.4. Middle East Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
10.4.1. Overview
10.4.2. Open Cycle
10.4.3. Combined Cycle

11. Africa
11.1. Africa Gas Turbines Market, by Country, 2016-2028(US$ Bn)
11.1.1. South Africa
11.1.2. Egypt
11.1.3. Nigeria
11.1.4. Rest of Africa
11.2. Africa Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
11.2.1. Overview
11.2.2. Heavy Duty Type
11.2.3. Aeroderivative Type
11.3. Africa Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
11.3.1. Overview
11.3.2. 1 to 40 MW
11.3.3. 40 to 120 MW
11.3.4. 120 to 300 MW
11.3.5. Above 300 MW
11.4. Africa Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
11.4.1. Overview
11.4.2. Open Cycle
11.4.3. Combined Cycle

12. Global
12.1. Global Gas Turbines Market, by Design Type, 2016-2028(US$ Bn)
12.1.1. Overview
12.1.2. Heavy Duty Type
12.1.3. Aeroderivative Type
12.2. Global Gas Turbines Market, by Rated Capacity, 2016-2028(US$ Bn)
12.2.1. Overview
12.2.2. 1 to 40 MW
12.2.3. 40 to 120 MW
12.2.4. 120 to 300 MW
12.2.5. Above 300 MW
12.3. Global Gas Turbines Market, by Technology, 2016-2028(US$ Bn)
12.3.1. Overview
12.3.2. Open Cycle
12.3.3. Combined Cycle

13. Company Profiles
13.1. Ansaldo Energia Spa
13.2. Bharat Heavy Electricals Ltd.
13.3. Capstone Green Energy Corp.
13.4. Caterpillar Inc.
13.5. General Electric Co.
13.6. IHI Corp.
13.7. United Engine Corporation
13.8. Kawasaki Heavy Industries Ltd.
13.9. Mitsubishi Heavy Industries Ltd.
13.10. OPRA Turbines
13.11. Siemens AG
13.12. Others
List of Figures
FIG. 1 Global Gas Turbines Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global Gas Turbines Market Segmentation
FIG. 4 Global Gas Turbines Market, by Material, 2019 (US$ Bn)
FIG. 5 Global Gas Turbines Market, by Design Type, 2019 (US$ Bn)
FIG. 6 Global Gas Turbines Market, by Technology, 2021 (US$ Bn)
FIG. 7 Global Gas Turbines Market, by Geography, 2021 (US$ Bn)
FIG. 8 Attractive Investment Proposition, by Geography, 2021
FIG. 9 Global Market Positioning of Key Gas Turbines Market Manufacturers, 2019
FIG. 10 Global Gas Turbines Market Value Contribution, By Design Type, 2021 & 2028 (Value %)
FIG. 11 Global Gas Turbines Market, by Heavy Duty Type, Value, 2016-2028 (US$ Bn)
FIG. 12 Global Gas Turbines Market, by Aeroderivative Type, Value, 2016-2028 (US$ Bn)
FIG. 13 Global Gas Turbines Market Value Contribution, By Rated Capacity, 2021 & 2028 (Value %)
FIG. 14 Global Gas Turbines Market, by 1 to 40 MW, Value, 2016-2028 (US$ Bn)
FIG. 15 Global Gas Turbines Market, by 40 to 120 MW, Value, 2016-2028 (US$ Bn)
FIG. 16 Global Gas Turbines Market, by 120 to 300 MW, Value, 2016-2028 (US$ Bn)
FIG. 17 Global Gas Turbines Market, by Above 300 MW, Value, 2016-2028 (US$ Bn)
FIG. 18 Global Gas Turbines Market Value Contribution, By Technology, 2021 & 2028 (Value %)
FIG. 19 Global Gas Turbines Market, by Open Cycle, Value, 2016-2028 (US$ Bn)
FIG. 20 Global Gas Turbines Market, by Combined Cycle, Value, 2016-2028 (US$ Bn)
FIG. 21 U.S. Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 22 Rest of North America Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 23 U.K. Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 24 Germany Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 25 France Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 26 Italy Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 27 Spain Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 28 Russia Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 29 BENELUX Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 30 Poland Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 31 Austria Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 32 Rest of Europe Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 33 Japan Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 34 China Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 35 India Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 36 South Korea Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 37 Australia Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 38 Southeast Asia Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 39 Rest of Asia Pacific Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 40 Middle East & Africa Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 41 South Africa Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 42 Nigeria Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 43 Egypt Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 44 GCC Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 45 Israel Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 46 Latin America Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 47 Mechanicalzil Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 48 Argentina Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 49 Colombia Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 50 Peru Gas Turbines Market, 2016-2028 (US$ Bn)
FIG. 51 Chile Gas Turbines Market, 2016-2028 (US$ Bn)

List of Tables
TABLE 1 Market Snapshot: Global Gas Turbines Market
TABLE 2 Global Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 3 Global Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 4 Global Gas Turbines Market, by Material, 2016-2028 (US$ Bn)
TABLE 5 Global Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 6 Global Gas Turbines Market, by Geography, 2016-2028 (US$ Bn)
TABLE 7 North America Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 8 North America Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 9 North America Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 10 North America Gas Turbines Market, by Country, 2016-2028 (US$ Bn)
TABLE 11 Europe Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 12 Europe Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 13 Europe Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 14 Europe Gas Turbines Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 15 Asia Pacific Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 16 Asia Pacific Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 17 Asia Pacific Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 18 Asia Pacific Gas Turbines Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 19 Latin America Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 20 Latin America Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 21 Latin America Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 22 Latin America Gas Turbines Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 23 Middle East Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 24 Middle East Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 25 Middle East Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 26 Middle East Gas Turbines Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 27 Africa Gas Turbines Market, by Design Type, 2016-2028 (US$ Bn)
TABLE 28 Africa Gas Turbines Market, by Technology, 2016-2028 (US$ Bn)
TABLE 29 Africa Gas Turbines Market, by Rated Capacity, 2016-2028 (US$ Bn)
TABLE 30 Africa Gas Turbines Market, by Country/Region, 2016-2028 (US$ Bn)