Mexico Gas Turbine Market Size & Outlook, 2023-2030
Mexico gas turbine market, 2018-2030 (US$M)
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Mexico gas turbine market highlights
- The Mexico gas turbine market generated a revenue of USD 175.1 million in 2023 and is expected to reach USD 211.1 million by 2030.
- The Mexico market is expected to grow at a CAGR of 2.7% 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 175.1 million |
| Market revenue in 2030 | USD 211.1 million |
| Growth rate | 2.7% (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, Mexico accounted for 1.7% 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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Mexico 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 92.52% in 2023. Horizon Databook has segmented the Mexico 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 Mexico is expected to grow due to the energy reforms that plan to diversify the country’s power sector. These reforms focus on increasing competition, attracting private investments, and modernizing the energy infrastructure. As a result, several private investors have planned on developing new gas-fired power plants, which are expected to drive the demand for gas turbines in the country. These new plants are expected to improve energy security by reducing dependence on foreign sources of energy and increasing domestic generation capacity.
Mexico has abundant natural gas reserves, which are increasingly being utilized as a primary source of power generation. Natural gas-fired power plants currently account for around two-thirds of Mexico's total electricity generation capacity. This reliance on natural gas is driving the demand for gas turbines, as they are the most efficient and reliable way to generate power. The abundance of natural g reserves and favorable government regulations are expected to boost the market 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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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico gas turbine market , including forecasts for subscribers. This country databook contains high-level insights into Mexico gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico gas turbine market size, by technology, 2018-2030 (US$M)
Mexico Gas Turbine Market Outlook Share, 2023 & 2030 (US$M)
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