Gas Turbine Industry

The global gas turbine market size was estimated at USD 10.19 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2030. A gas turbine is a type of engine that functions by heating a mixture of fuel and ambient air to extremely high temperatures. This high-temperature combustion process generates mechanical energy through the rapid spinning of turbine blades. The mechanical energy generated is then used to drive a generator, which in turn produces electrical energy. The combination of ongoing technological advancements within the energy sector and a growing emphasis on distributed power production technologies is acting as a key driver for the market’s growth. Furthermore, the market is anticipated to witness strong expansion throughout the forecast period, primarily due to increasing governmental support for cleaner and more efficient power generation methods that contribute to the global reduction of Carbon Dioxide (CO2) emissions.

Gas turbines are predominantly utilized in the field of power generation. However, operating a power plant based solely on a simple cycle turbine can prove to be more expensive for industries than procuring electricity from external sources. As a result, combined cycle power plants are more commonly adopted due to their higher efficiency. A Combined Heat and Power (CHP) plant represents one such example of a combined cycle system, which not only generates electricity but also delivers mechanical drive energy. The ongoing transition from coal-based to gas-based power generation across both developed and developing countries—including the United States, Japan, India, and China—along with favorable government initiatives promoting the establishment of gas-powered plants, are among the key factors contributing to the market’s steady development.

In the United States, the gas turbine market is forecasted to experience significant growth. This is largely due to strong governmental initiatives aimed at supporting power generation technologies that are focused on minimizing carbon dioxide emissions. One of the central reasons behind the country’s shift from coal-powered to gas-powered energy generation is the favorable economic outlook for gas-based systems, along with regulatory and policy-based incentives that simplify the process of building gas-fired power plants. Additionally, the long-term assurance of fuel availability in the United States adds further momentum to this market trend. Gas turbines play an essential role in reducing greenhouse gas (GHG) emissions. Compared to other combustion-based electricity generation methods, gas turbines offer superior efficiency and are recognized for contributing to a decrease in carbon emissions, thereby supporting environmental sustainability goals.

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1. What was the value of the global gas turbine market in 2023?

The global gas turbine market was estimated at USD 10.19 billion in 2023, reflecting its critical role in modern power generation and the increasing demand for efficient and lower-emission energy systems.

2. What is the projected growth rate of the gas turbine market from 2024 to 2030?

The market is expected to expand at a compound annual growth rate (CAGR) of 4.0% during the forecast period from 2024 to 2030. This growth is driven by rising demand for cleaner energy solutions, ongoing technological advancements, and policy support favoring gas-based power generation.

3. What is a gas turbine and how does it work?

A gas turbine is a combustion engine that mixes fuel with air and heats the mixture to high temperatures. This process causes turbine blades to spin at high speed, generating mechanical energy, which is then used to drive a generator and produce electrical energy. Gas turbines are valued for their high efficiency, especially in combined cycle systems.

4. What are the primary applications of gas turbines?

Gas turbines are primarily used for:

• Electricity generation in simple or combined cycle power plants.
• Mechanical drive systems in industrial settings.
• Aviation and marine propulsion, though the focus of this report is on stationary power generation.
  Combined Heat and Power (CHP) plants are an example where gas turbines are employed for both electricity and mechanical drive.

5. Why is there a shift from coal-based to gas-based power generation?

The shift is due to multiple factors:

• Lower carbon emissions and improved environmental performance of gas turbines.
• Higher efficiency, especially in combined cycle configurations.
• Government regulations and policies supporting the reduction of carbon footprints.
• Economic viability of gas-based power in countries like the U.S., China, Japan, and India.

6. How are governments supporting the gas turbine market?

Governments across various regions are encouraging gas-based power generation by:

• Offering regulatory incentives.
• Establishing emission reduction goals.
• Supporting the construction of gas-fired power plants.
  Such policies are helping utilities and industries transition toward more sustainable energy systems.

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