Global Gas Turbine Market Overview: 2024-2030

Base Year: 2023

Historical Years:  2019-22

Forecast Years: 2024-2030

The Global Gas Turbine Market size is projected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2024-30.

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Global Gas Turbine Market Dynamics: 2024-2030

Global Gas Turbine Market Driver:

Increasing Electricity Demand – In fact, one of the key factors propelling the growth of the Global Gas Turbine Market is rising electricity demand. Population growth, economic expansion, and industrialization all contribute to an increase in the need for electricity. Because they are a flexible and effective method of producing electricity, gas turbines are growing in popularity.

One of the most effective kinds of power plants accessible is the gas turbine. Compared to other types of power plants, including coal-fired facilities, they have an efficiency of over 50% in converting the fuel's energy into electricity. In addition, gas turbines produce fewer carbon emissions than other kinds of power plants, like coal-fired ones. Because of this, gas turbines are the most popular means of supplying the growing need for power, which is expected to boost the market size during the forecast period.

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Global Gas Turbine Market (2024-30): Segmentation Outlook

The market report has segmented the market into the following categories:

By Technology

-Open Cycle - Market Size Forecast 2019-2030F, USD Million

-Combined Cycle - Market Size Forecast 2019-2030F, USD Million

In the Global Gas Turbine Market, the combined cycle segment is leading. Over 88% of the worldwide gas turbine market's revenue was generated by the combined cycle segment in 2023.

By Design Type

-Heavy Duty- Market Size Forecast 2019-2030F, USD Million

-Aero-derivative- Market Size Forecast 2019-2030F, USD Million

By Rating Capacity 

-1-40 MW- Market Size Forecast 2019-2030F, USD Million

-41- 120 MW- Market Size Forecast 2019-2030F, USD Million

-121- 300 MW- Market Size Forecast 2019-2030F, USD Million

-Above 300 MW- Market Size Forecast 2019-2030F, USD Million

By End User

-Industrial Power Generation- Market Size Forecast 2019-2030F, USD Million

-Oil Space- Market Size Forecast 2019-2030F, USD Million

-Municipality- Market Size Forecast 2019-2030F, USD Million

-Other Industries (Manufacturing, Aerospace, etc.)- Market Size Forecast 2019-2030F, USD Million

By Region

-North America

-South America

-Europe

-The Middle East Africa

-Asia-Pacific

The Asia-Pacific region's economy has grown rapidly and is still growing, which is driving up energy demand.

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Top Companies Operating in the Global Gas Turbine Market:

Ansaldo Energia, Bharat Heavy Electricals Limited, Capestone Green Energy Corporation, Caterpillar Inc. (Solar Turbines Incorporated), General Electric, Harbin Electric Corporation, IHI Corporation, Kawasaki Heavy Industries. Ltd. , Mitsubishi Heavy Industries Ltd., Siemens Energy, Rolls-Royce Plc, Destinus Energy, MTU Aero Engines, Centrax Gas Turbine, Others

Industry Recent Development:

• In 2022, Edra Energy's 2.2 GW combined cycle power plant, the largest gas-based power plant in Malaysia, started up at Alor Gajah, Malacca. The new facility has three generating blocks, each with a capacity of more than 745 MW.

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