China Gas Turbine Market Size & Outlook, 2023-2030
China gas turbine market, 2018-2030 (US$M)
Related Markets
China gas turbine market highlights
- The China gas turbine market generated a revenue of USD 1,444.0 million in 2023 and is expected to reach USD 2,034.3 million by 2030.
- The China market is expected to grow at a CAGR of 5% 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 1,444.0 million |
| Market revenue in 2030 | USD 2,034.3 million |
| Growth rate | 5% (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, China accounted for 14.2% 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 Asia Pacific, China gas turbine market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 191.8 million by 2030.
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Gas Turbine Market Scope
Gas Turbine Market Companies
| Name | Profile | # Employees | HQ | Website |
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China 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 82.24% in 2023. Horizon Databook has segmented the China gas turbine market based on open cycle, combined cycle covering the revenue growth of each sub-segment from 2018 to 2030.
China has been heavily dependent on coal; however, coal consumption has witnessed a declining trend from 2016 as the country committed to steering the fight against global warming and carbon emissions. There is a progressive rise in gas turbine installations, primarily in medium and large-scale industries.
The new facility shall provide approximately 2 GW of output to the Guangdong province. China has a diverse presence of OEM as well as non-OEM service operators. Non-OEM service providers who are well versed with General Electric, Mitsubishi Power, Ltd., Siemens AG turbine models are penetrating the regional market.
Besides this trend, China has been witnessing rampant acquisitions and mergers where OEM manufacturers are merging with non-OEM manufacturers to serve their customers with better efficiency and less lag time.
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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 country-level data and insights on the China gas turbine market , including forecasts for subscribers. This country databook contains high-level insights into China gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China gas turbine market size, by technology, 2018-2030 (US$M)
China Gas Turbine Market Outlook Share, 2023 & 2030 (US$M)
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