Canada Gas Turbine Market Size & Outlook, 2023-2030

The gas turbine market in Canada is expected to reach a projected revenue of US$ 670.8 million by 2030. A compound annual growth rate of 7.7% is expected of Canada gas turbine market from 2024 to 2030.
Revenue, 2023 (US$M)
$399.4
Forecast, 2030 (US$M)
$670.8
CAGR, 2024 - 2030
7.7%
Report Coverage
Canada

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 2023USD 399.4 million
Market revenue in 2030USD 670.8 million
Growth rate7.7% (CAGR from 2023 to 2030)
Largest segmentCombined cycle
Fastest growing segmentCombined Cycle
Historical data2018 - 2022
Base year2023
Forecast period2024 - 2030
Quantitative unitsRevenue in USD million
Market segmentationOpen Cycle, Combined Cycle
Key market players worldwideAnsaldo 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 Companies

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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.

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.

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  • Our clientele includes a mix of gas turbine market companies, investment firms, advisory firms & academic institutions.
  • 30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
  • 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 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)

Canada gas turbine market size, by technology, 2018-2030 (US$M)

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