Global Gas Turbine Market Size & Outlook, 2023-2030
Global gas turbine market, 2018-2030 (US$M)
Related Markets
Global gas turbine market highlights
- The global gas turbine market generated a revenue of USD 10,189.4 million in 2023 and is expected to reach USD 13,979.9 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 4.6% by 2030.
- In terms of segment, combined cycle accounted for a revenue of USD 8,969.2 million in 2023.
- Combined Cycle is the most lucrative technology segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
- Country-wise, South Africa is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 10,189.4 million |
| Market revenue in 2030 | USD 13,979.9 million |
| Growth rate | 4.6% (CAGR from 2023 to 2030) |
| Largest segment | Combined cycle |
| Fastest growing segment | Combined Cycle |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Open Cycle, Combined Cycle |
Other key industry trends
- In terms of revenue, the North America accounted for 28.0% of the global gas turbine market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, South Africa is the fastest growing regional market and is projected to reach USD 19.8 million by 2030.
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Gas Turbine Market Scope
Gas Turbine Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global gas turbine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to gas turbine market will help companies and investors design strategic landscapes.
Combined cycle was the largest segment with a revenue share of 88.02% in 2023. Horizon Databook has segmented the Global gas turbine market based on open cycle, combined cycle covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Gas Turbine Technology Outlook (Revenue, USD Million, 2018-2030)
- Open Cycle
- Combined Cycle
- Global Gas Turbine Capacity Outlook (Revenue, USD Million, 2018-2030)
- Greater than equal to 200 MW
- >200 MW
- Global Gas Turbine End-Use Outlook (Revenue, USD Million, 2018-2030)
- Power & Utility
- Industrial
- Global Gas Turbine Application Outlook (Revenue, USD Million, 2018-2030)
- Oil & Gas
- Power Generation
- Marine
- Aerospace
- Process Plants
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Our clientele includes a mix of gas turbine market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global gas turbine market , including forecasts for subscribers. This global databook contains high-level insights into Global gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global gas turbine market size, by regions, 2018-2030 (US$M)
Top 10 countries: Gas turbine market size, 2023 (US$M)
Global gas turbine market share, by technology, 2023 & 2030 (%, US$M)
Gas turbine market: Opportunity assessment by country
Global gas turbine market, by region, 2023 (US$M)
| Technology | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 3,239.0 | 3,419.2 | 2,735.4 | 2,618.4 | 2,704.1 | 2,848.5 | 3,095.4 | 3,235.8 | 3,488.3 | 3,768.5 | 3,904.6 | 4,027.4 | 4,142.2 | 5.5% |
| Europe | 3,186.6 | 3,306.1 | 2,599.3 | 2,444.9 | 2,464.0 | 2,563.2 | 2,750.7 | 2,839.5 | 2,990.3 | 3,132.8 | 3,165.8 | 3,169.2 | 3,138.5 | 2.9% |
| Asia Pacific | 4,493.4 | 4,704.8 | 3,733.5 | 3,545.0 | 3,622.5 | 3,791.2 | 4,093.2 | 4,267.3 | 4,599.5 | 4,958.2 | 5,130.5 | 5,296.7 | 5,401.8 | 5.2% |
| Latin America | 252.5 | 263.6 | 208.6 | 197.5 | 201.6 | 210.1 | 226.0 | 233.8 | 249.2 | 264.3 | 270.4 | 274.6 | 260.0 | 3.1% |
| MEA | 728.7 | 800.8 | 665.6 | 660.8 | 729.4 | 776.3 | 851.9 | 882.6 | 964.3 | 993.1 | 1,030.1 | 1,029.3 | 1,037.3 | 4.2% |
| Overall | 11,900.2 | 12,494.6 | 9,942.3 | 9,466.5 | 9,721.5 | 10,189.4 | 11,017.2 | 11,459.0 | 12,291.6 | 13,116.8 | 13,501.3 | 13,797.2 | 13,979.9 | 4.6% |
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