Gas Turbine Market Size to Worth USD 34.4 Billion by 2033 | Straits Research

The global gas turbine market size was valued at USD 21.5 billion in 2024 and is projected to grow from USD 22.6 billion in 2025 to reach USD 34.4 billion by 2033, exhibiting a CAGR of 5.3% during the forecast period (2025-2033).

New York, United States, Feb. 03, 2025 (GLOBE NEWSWIRE) -- A gas turbine is a type of combustion engine commonly used in power plants to convert fuels like natural gas or liquid fuels into mechanical energy. This mechanical energy drives a generator that produces electricity. The gas turbine operates by mixing air and fuel, then heating this mixture to very high temperatures. This causes the turbine blades to spin, generating mechanical power. In many power plants, gas turbines are paired with steam turbines in a combined-cycle setup to enhance efficiency and maximize electricity production.

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Market Dynamics

Demand from the aviation industry and marine propulsion systems drives the global market

Gas turbines play a vital role in the aviation and marine sectors due to their high power-to-weight ratio, compact design, and efficiency. These turbines are used to power a variety of vessels, including military fast patrol boats, corvettes, hovercraft, and commercial vessels like luxury yachts and fast ferries. In the military, combustion turbines enhance defense capabilities by providing rapid, reliable propulsion.

In the commercial sector, major cruise lines such as Carnival Corporation, Cunard Line, and Princess Cruises rely on gas turbines for propulsion across their fleets, offering high-speed, dependable power. A prime example is the Royal Caribbean Group, which uses GE Vernova LM2500 gas turbines in eight ships across its brands, making it one of the largest operators of this turbine technology globally.

The ongoing adoption of gas turbines in marine and aviation applications ensures sustained demand and growth in these industries.

Technological advancements aimed at enhancing the efficiency of gas turbines create tremendous opportunities

Technological advancements are unlocking significant potential in the global gas turbine market by improving both efficiency and performance. Innovations in materials science, such as superalloys and thermal barrier coatings (TBCs), enable turbines to operate at temperatures exceeding 1500°C, enhancing their efficiency and durability. Additionally, additive manufacturing allows for the creation of complex turbine components, optimizing design and reducing production costs.

A standout example is GE’s 9HA gas turbine, which leverages advanced materials to increase efficiency and reduce emissions. Its ability to operate at higher temperatures enhances power output while maintaining environmental performance. Moreover, the integration of digital technologies like digital twins and predictive maintenance is transforming turbine operations.

By utilizing sensors and data analytics, companies such as Siemens can predict failures, optimize performance, and minimize downtime and maintenance costs. These innovations are driving the growth of combustion turbines across various industries, from power generation to aerospace, delivering enhanced operational efficiency and cost-effectiveness.

Regional Analysis

Asia-Pacific is emerging as the dominant region in the global gas turbine market, driven by the wide-ranging applications of gas turbines in power generation, aviation, and marine propulsion. The region's rapid industrial growth, combined with a growing population, is fueling the demand for alternative energy solutions, such as gas-fired power plants. These plants are valued for their quick start-up times and their ability to integrate seamlessly into power grids, enabling efficient energy distribution across large areas.

In India, for instance, which accounts for around 6.7% of the global market share in natural gas-based electricity generation, efforts are underway to increase the share of natural gas in the country’s energy mix to 15% by 2030. India currently operates 62 gas-fired power plants with a total capacity of 23,845 MW and plans to expand with an additional 5,000 MW of NTPC gas-based capacity. This expansion is part of the country’s strategy to meet the anticipated peak demand of 230 GW by 2030.

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Key Highlights

• The global gas turbine market size was valued at USD 21.5 billion in 2024 and is projected to grow from USD 22.6 billion in 2025 to reach USD 34.4 billion by 2033, exhibiting a CAGR of 5.3% during the forecast period (2025-2033).
• Based on Type, the global market is segmented into combined cycle and open cycle. The combined cycle gas turbine accounts for the highest market share.
• Based on Capacity, the global market is bifurcated into up to 50 MW, 50 MW – 100 MW, and above 100 MW. The up to 50 MW capacity accounts for a significant market share.
• Based on End-User, the global market is segmented into aerospace, marine, power, oil and gas, chemicals, industrial, and others. The power sector accounted for the major market share.
• Asia-Pacific is the most significant shareholder in the global gas turbine market.

Competitive Players

1. Siemens Energy
2. General Electric
3. Ansaldo Energia
4. IHI Corporation
5. MAPNA GROUP
6. Mitsubishi Heavy Industries, Ltd.
7. Rolls-Royce
8. Bharat Heavy Electricals Limited (BHEL)
9. Baker Hughes Company
10. Solar Turbines Incorporated
11. Kawasaki Heavy Industries, Ltd.
12. Doosan Enerbility
13. Zorya-Mashproekt
14. MAN AG Energy Solutions
15. Destinus Energy
16. Vericor Power Systems

Recent Developments

• In January 2024, IGE Vernova and IHI Corporation signed a Joint Development Agreement (JDA) to develop a new gas turbine combustor capable of utilizing 100% ammonia as a viable fuel option for power generation. The combustor will be compatible with GE Vernova's 6F.03, 7F, and 9F combustion turbines, marking a major step toward cleaner energy solutions for the power industry.

Segmentation

By Type

• Combined Cycle
• Open-Cycle

By Capacity

• Up to 50 MW
• 50 MW – 100 MW
• Above 100 MW

By End-User

• Aerospace
• Marine
• Power
• Oil and Gas
• Chemicals
• Industrial
• Others

By Regions

• North America
• Europe
• Asia Pacific
• Central & South America
• The Middle East & Africa

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