India Gas Turbine Market Size & Outlook, 2023-2030
India gas turbine market, 2018-2030 (US$M)
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India gas turbine market highlights
- The India gas turbine market generated a revenue of USD 83.6 million in 2023 and is expected to reach USD 191.8 million by 2030.
- The India market is expected to grow at a CAGR of 12.6% from 2024 to 2030.
- In terms of segment, open 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 83.6 million |
| Market revenue in 2030 | USD 191.8 million |
| Growth rate | 12.6% (CAGR from 2023 to 2030) |
| Largest segment | Open 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, India accounted for 0.8% 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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India 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.
Open cycle was the largest segment with a revenue share of 62.2% in 2023. Horizon Databook has segmented the India gas turbine market based on open cycle, combined cycle covering the revenue growth of each sub-segment from 2018 to 2030.
India is currently a coal-based economy and the trend is expected to continue till 2030. Gas turbines face stiff competition from steam turbines, adversely affecting the former’s growth in the country. Moreover, India’s natural gas imports are primarily used for industrial operations and domestic purposes. The country’s share of gas turbines is low in comparison to the share of its counterparts in the Asian region.Significant CHP and captive power plants are the prime consumers of gas turbines. The missing link between strong environmental regulations and ground implementation of these regulations brings down the revenue of gas turbine providers.
Government initiatives are encouraging industrial establishments, which are anticipated to drive the gas turbine market for industrial end users over the forecast period. Power generation sector in India is inclined toward coal-based production. Limited coal reserves and limitations on the expansion of coal mines in environmentally sensitive areas in India are likely to result in a shortfall of coal in the coming years. This is expected to result in the implementation of favorable governmental regulations for the use of gas turbines for power generation and industrial application over the forecast period.
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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 India gas turbine market , including forecasts for subscribers. This country databook contains high-level insights into India gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India gas turbine market size, by technology, 2018-2030 (US$M)
India Gas Turbine Market Outlook Share, 2023 & 2030 (US$M)
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