Global Gas Turbine Market Synopsis

The Gas Turbine Market Was Valued at USD 25.9 Billion in 2022 and is Projected to Reach USD 38.85 Billion by 2030, Growing at a CAGR of 5.2% From 2023–2030.

A gas turbine is an internal combustion engine that transfers chemical energy in the form of rotational power into mechanical energy. Then, the major gas turbine manufacturers added another feature that drives the generator.

• Great dependability, low running costs, and high power density are all advantages of a gas turbine. The gas turbines can also be powered by clean, renewable energy sources, lowering carbon emissions.
• Gas turbines used in the cogeneration or combined heat and power (CHP) process improve plant efficiency by generating steam from exhaust gasses, which may then be utilized for a variety of applications without the use of extra fuel. These gas turbines are largely being used to reduce carbon emissions across the world. Also, the exhaust gases can be redirected to form steam, which in turn can be used for a variety of tasks. The products made by major gas turbine manufacturers help boost the efficiency of the overall system.
• Turbines are one of the most utilized power generation technologies. Chemical plants and refineries may be able to benefit from the power they generate. They have made a significant contribution to greener power generation in recent years. This would increase the efficiency of all of these businesses.
• With increased demand for efficient turbines throughout the world, gas turbine manufacturers are spending heavily on the development of high-efficiency gas turbines. North America is likely to witness a significant share of the global market. The increased demand for the market is due to the rising number of initiatives by the companies, along with the development of new projects across the region. Some projects are being undertaken by General Electric (GE) and Mitsubishi Power in the U.S., which are likely to witness increasing proportions of hydrogen being used in fuel for the product.

Key Players:

GE Power (U.S), Siemens Energy (Germany), Mitsubishi Power (Japan), Ansaldo Energia S.p.A (UAE), Mitsubishi Heavy Industries, Ltd. (Japan), Solar Turbines Inc. (U.S), Techno strength Private Limited (India), Baker Hughes (U.S), Nanjing Turbine & Electric Machinery (China), Bharat Heavy Electricals Limited (India), Kawasaki Heavy Industries, Ltd. (Japan), John F Welch Technology Center (India), OPRA Turbines (Netherlands), MAN, Energy Solutions SE (Germany), Shanghai Electric Group Company Limited (China), Dongfang Electric Corporation (China), Doosan Enerbility Co., Ltd. (South Korea), Capstone Turbine Corporation (U.S), Centrax Gas Turbine (U.K), Solar Turbine International company (California), Other major players.

Global Gas Turbine Market Trend Analysis

Increasing Electric Power

• For electric power generation, large central power plants that use steam or hydraulic turbines are expected to continue to predominate. The prospects appear bright, nonetheless, for medium-sized plants employing gas turbine engines in combination with steam turbines.
• Further use of gas turbine engines for peak power production is likely as well. These turbine engines also remain attractive for small and medium-sized, high-speed marine vessels and certain industrial applications. Gas turbines are used in the energy sector as propulsion and power generation technologies. Gas turbine technology remains important due to its flexibility in load demand, such as dynamical behavior, and the ability to work on different fuels with minor design changes.
• However, there would be no ambitious progress for gas turbines without reliable modeling and simulation. A simplified nonlinear model structure composed of s-domain transfer functions and nonlinear blocks represented by rate limiters, saturations, and look-up tables has been proposed.
• The model parameters have been optimized to fit real-world data. The verified model was then used to design a multiple PI/PD control to regulate the gas turbine via the inlet guide vane and fuel values. The aim is to raise and stabilize the compressor’s differential pressure or pressure ratio, as well as raise the set-point of the temperature exhausted from the combustion turbine; as a result, energy efficiency has been improved by an average of 237.16 MWh saving energy (or 8.96% reduction in fuel consumption) for a load range of 120 MW to 240 MW.

Maximizing Rotor Component Commonality

• The field of gas turbine technology increases in sophistication daily. Every manufacturer has a unique design philosophy. Primarily, design development work concentrates on improving the core of already established designs. The market entry of a new gas turbine model with a substantially different core represents a major capital investment and is usually only done if there is a substantial gap in the original equipment manufacturers (OEM's) product line that the specific OEM intends to cover.
• Several gas turbines have dual-frequency capability. Siemens SGT-200 Industrial Gas Turbine for Power Generation (ISO) 6.75MW (e) Power Generation Package is of light modular construction, 50Hz or 60Hz, and suitable for small power generation, especially in locations where the power-to-weight ratio is important, and a small footprint is required.
• The SGT-200 is available as a factory-assembled packaged power plant for utility and industrial power generation applications. It incorporates the gas turbine, gearbox, generator, and all systems mounted on a base. The package is available for either multi-point or three-point mounting for onshore or offshore use, as required.

Volatility in Natural Gas Prices

• Volatility in natural gas prices will hamper the market growth of gas turbines. Natural gas prices are affected by disruptions in the supply of natural gas. Geopolitics is an attention-seeking factor that causes unsureness regarding the availability or demand for gas. This can affect gas price volatility. Crushed rock gas exploitation has reduced the cost of gas in the U.S., but around the world, the value remains relatively high. In the Middle East region, most of the countries account for a significant share of natural gas reserves. It is a highly unstable region due to political and cultural issues.

Gas Turbine Market Segment Analysis

The global gas turbine market is segmented by capacity, application, design, technology, and end users. By design type, the aeroderivative segment is anticipated to dominate the market over the forecast period.

• The aeroderivative segment is dominated by growth during the forecast period. The design for aeroderivative gas turbines is based on aircraft engines or aviation gas turbines. Aeroderivative gas turbines weigh less, are easy to install, and are faster to start up compared to heavy-duty gas turbines.
• By TECHNOLOGY, the power generation segment dominated the growing market over the forecast period.
• The power generation segment is capturing the gas turbine market. Gas turbine power plants are widely used as medium-sized peak-load plants used to run intermittently during short durations of high-power demand on an electric system. They are also used as cogeneration plants for industrial plants with high heat loads and district heating schemes.

Global Gas Turbine Market: Regional Insights

Asia Pacific is expected to Dominate the Market over the Forecast period

• Asia Pacific, an energy transition in the region must be vital in its response to climate change. Asia-Pacific countries are at different levels of development and have uneven resource funding, with diverse geographical and technological capacities. The rising spending on technological developments and increasing investment in R&D activities, combined with the rising demand for electricity utilization from economies such as China and India, are driving regional industry growth.
• Additionally, the quick evolution of the electricity landscape in the region is projected to lead to increased demand for the industry. The rising number of enterprises undertaken by the regional government to encourage efficient ways of generating electricity.

COVID-19 Impact of Gas Turbine Market

• COVID-19 has had a considerable impact on every industrial sector. The power sector was widely affected by the pandemic and the lockdown imposed by several countries, which added to the adverse effects of the pandemic. Due to the lockdown, the workforce was not available, the supply chain was disrupted, and several power plant projects faced investment issues.
• The government closed international borders and imposed travel restrictions, due to which the machinery, the power generation equipment, and the experts required to install equipment were not available. This factor delayed several projects.
• A decrease in demand leads to a drop in oil prices, as has been noted in 2020 across the globe. Fossil fuel demand drops have a direct effect on renewable energy sources since the economic slowdown becomes a limiting force on the adoption of green fuels.

Top Key Players of the Gas Turbine Market

• GE Power(U.S)
• Siemens Energy (Germany)
• Mitsubishi Power (Japan)
• Ansaldo Energia S.p.A (UAE)
• Mitsubishi Heavy Industries, Ltd. (Japan)
• Solar Turbines Inc. (U.S)
• Techno Strength Private Limited (India)
• Baker Hughes (U.S)
• Nanjing Turbine & Electric Machinery (China)
• Bharat Heavy Electricals Limited (India)
• Kawasaki Heavy Industries, Ltd. (Japan)
• John F Welch Technology Center (India)
• OPRA Turbines (Netherlands)
• MAN, Energy Solutions SE (Germany)
• Shanghai Electric Group Company Limited (China)
• Dongfang Electric Corporation (China)
• Doosan Energy Co., Ltd. (South Korea)
• Capstone Turbine Corporation (U.S)
• Centrax Gas Turbine (U.K)
• Solar Turbine International company (California)

Key Industry Developments in the Gas Turbine Market

In April 2023, GE Gas Power acquired Nexus Controls from Baker Hughes, creating a new full-service control business line. With the addition of this leading aftermarket control system upgrade and field service capability, GE Gas Power, part of GE Vern ova, created a single, full-service controls business line responsible for further developing GE's proprietary Mark Vle control systems platform and the implementation of the On-Core system.

In May 2022, Siemens Energy AG announced a voluntary cash tender offer for all outstanding shares in Siemens Gamesa Renewable Energy, S.A. to delist and integrate the business. The transaction supports management's efforts to resolve the current challenges at Siemens Games Renewable Energy and generate value for the company's shareholders.

In October 2021, Mitsubishi Heavy Industries, Ltd. (MHI) inaugurated a new structure reflecting its absorption of business previously performed by Mitsubishi Power, Ltd. Operations involving the design, manufacturing, sales, engineering, and installation of Mitsubishi Power, Ltd.'s thermal power systems have been transferred to the new "Energy Transition & Power Headquarters" established within MHI's Energy Systems domain.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. ANALYSIS OF THE IMPACT OF COVID-19
       1. Impact On The Overall Market
       2. Impact On The Supply Chain
       3. Impact On The Key Manufacturers
       4. Impact On The Pricing
       5. Post-COVID Situation
   11. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   12. ECOSYSTEM
6. GAS TURBINE MARKET BY TYPE (2016-2030)
   1. GAS TURBINE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. LESS THAN 40 MW
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. 40-120 MW
   5. 120-300 MW
   6. AND ABOVE 300 MW
7. GAS TURBINE MARKET BY APPLICATION (2016-2030)
   1. GAS TURBINE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3.  INDUSTRIAL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. POWER
   5. UTILITY
8. GAS TURBINE MARKET BY DESIGN (2016-2030)
   1. GAS TURBINE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. HEAVY-DUTY
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. AERO-DERIVATIVE
9. GAS TURBINE MARKET BY TECHNOLOGY (2016-2030)
   1. GAS TURBINE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. OPEN CYCLE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. COMBINED CYCLE
10. GAS TURBINE MARKET BY END-USER (2016-2030)
    1. GAS TURBINE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. POWER GENERATION
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2016 – 2030F)
       3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. OIL and GAS
    5. MARINE
    6. AEROSPACE
    7. PROCESS PLANTS
11. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Positioning
       2. GAS TURBINE Market Share By Manufacturer (2022)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers and Acquisitions
    2. GE POWER (U.S)
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. SIEMENS ENERGY (GERMANY)
    4. MITSUBISHI POWER (JAPAN)
    5. ANSALDO ENERGIA S.P.A (UAE)
    6. MITSUBHISHI HEAVY INDUSTRIES, LTD. (JAPAN)
    7. SOLAR TURBINES INC. (U.S)
    8. TECHNO STRENGTH PRIVATE LIMITED (INDIA)
    9. BAKER HUGHES (U.S)
    10. NANJING TURBINE & ELECTRIC MACHINERY (CHINA)
    11. BHARAT HEAVY ELECTRICALS LIMITED (INDIA)
    12. KAWASAKI HEAVY INDUSTRIES, LTD. (JAPAN)
    13. JOHN F WELCH TECHNOLOGY CENTER (INDIA)
    14. OPRA TURBINES (NETHERLANDS)
    15. MAN, ENERGY SOLUTIONS SE (GERMANY)
    16. SHANGHAI ELECTRIC GROUP COMPANY LIMITED (CHINA)
    17. DONGFANG ELECTRIC CORPORATION (CHINA)
    18. DOOSAN ENERBILITY CO., LTD. (SOUTH KOREA)
    19. CAPSTONE TURBINE CORPORATION (U.S)
    20. CENTRAX GAS TURBINE (U.K)
    21. SOLAR TURBINE INTERNATIONAL COMPANY (CALIFORNIA)
12. GLOBAL GAS TURBINE MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Type
       5. Historic And Forecasted Market Size By Application
       6. Historic And Forecasted Market Size By Design
       7. Historic And Forecasted Market Size By Technology
       8. Historic And Forecasted Market Size By End User
       9. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Impact Of Covid-19
       3. Key Manufacturers
       4. Historic And Forecasted Market Size By Segments
       5. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
13. INVESTMENT ANALYSIS
14. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies