Canada Gas Turbine Market Size & Outlook, 2023-2030
Canada gas turbine market, 2018-2030 (US$M)
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Canada gas turbine market highlights
- The Canada gas turbine market generated a revenue of USD 399.4 million in 2023 and is expected to reach USD 670.8 million by 2030.
- The Canada market is expected to grow at a CAGR of 7.7% 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.
Gas turbine market data book summary
| Market revenue in 2023 | USD 399.4 million |
| Market revenue in 2030 | USD 670.8 million |
| Growth rate | 7.7% (CAGR from 2023 to 2030) |
| Largest segment | Combined cycle |
| Fastest growing segment | Combined Cycle |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Canada accounted for 3.9% of the global gas turbine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. gas turbine market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 670.8 million by 2030.
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Gas Turbine Market Scope
Gas Turbine Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada 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 89.38% in 2023. Horizon Databook has segmented the Canada gas turbine market based on open cycle, combined cycle covering the revenue growth of each sub-segment from 2018 to 2030.
The gas turbine market in Canada is expected to grow due to several factors, including the country's abundant natural gas reserves and the growing demand for distributed power generation. Canada's push toward reducing greenhouse gas emissions is driving the demand for cleaner energy sources, such as natural gas-fired combined cycle power plants that incorporate gas turbines. Another unique driver for the gas turbine market in Canada is its harsh weather conditions, which require reliable and efficient power generation systems to ensure uninterrupted power supply during extreme weather events.
Many companies in the country are looking to develop gas turbines that work with other forms of technology such as hydrogen, biofuels, or geothermal to supplement natural gas, reduce carbon emissions, and increase the efficiency of the plant. In March 2023, Razor Energy Corp. announced the completion of Canada’s first co-produced natural gas and geothermal power project. The power plant will generate energy using Organic Rankine Cycle (ORC) turbine and natural gas turbine to generate electricity.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada gas turbine market , including forecasts for subscribers. This country databook contains high-level insights into Canada gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada gas turbine market size, by technology, 2018-2030 (US$M)
Canada Gas Turbine Market Outlook Share, 2023 & 2030 (US$M)
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