Asia Pacific Gas Turbine Market Size & Outlook, 2023-2030
Asia Pacific gas turbine market, 2018-2030 (US$M)
Related Markets
Asia Pacific gas turbine market highlights
- The Asia Pacific gas turbine market generated a revenue of USD 3,791.2 million in 2023.
- The market is expected to grow at a CAGR of 5.2% from 2024 to 2030.
- In terms of segment, combined cycle was the largest revenue generating technology in 2023.
- Combined Cycle is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 3,791.2 million |
| Market revenue in 2030 | USD 5,401.8 million |
| Growth rate | 5.2% (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 |
| Key market players worldwide | Ansaldo Energia, GE Aerospace, Kawasaki Heavy Industries Ltd, ManpowerGroup Inc, Mitsubishi Corp, Opera Ltd ADR, Siemens AG, Caterpillar Inc |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 37.2% of the global gas turbine market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 4,142.2 million by 2030.
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Gas Turbine Market Scope
Gas Turbine Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific 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 87.04% in 2023. Horizon Databook has segmented the Asia Pacific gas turbine market based on open cycle, combined cycle covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific’s gas turbine market is projected to grow at a CAGR of 2.7% over the forecast period. The market is driven by the need for efficient power generation systems. East Asia has witnessed a rise in sales of gas turbines with improved efficiency.
The industrial gas turbine market in Asia Pacific is anticipated to progress at a significant growth rate over the forecast period owing to the growth of chemicals, food, and paper & pulp industries along with the adoption of combined heat & power systems in APAC countries.
These factors are expected to boost the market for gas turbines over the forecast period. In addition, some of the major players in the Asia Pacific gas turbine market include General Electric, Siemens AG, Mitsubishi Hitachi Power Systems Ltd., and Bharat Heavy Electricals Limited.
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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 continent-level data and insights on the Asia Pacific gas turbine market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific gas turbine market size, by country, 2018-2030 (US$M)
Asia Pacific Gas Turbine Market Outlook Share, 2023 & 2030 (US$M)
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