UK Gas Turbine Market Size & Outlook, 2023-2030
UK gas turbine market, 2018-2030 (US$M)
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UK gas turbine market highlights
- The UK gas turbine market generated a revenue of USD 454.8 million in 2023 and is expected to reach USD 577.5 million by 2030.
- The UK market is expected to grow at a CAGR of 3.5% 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 454.8 million |
| Market revenue in 2030 | USD 577.5 million |
| Growth rate | 3.5% (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, UK accounted for 4.5% 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 Europe, Germany gas turbine market is projected to lead the regional market in terms of revenue in 2030.
- Italy is the fastest growing regional market in Europe and is projected to reach USD 278.5 million by 2030.
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Gas Turbine Market Scope
Gas Turbine Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK 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 92.26% in 2023. Horizon Databook has segmented the UK 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 the UK is expected to grow due to several factors, including the country's aging power infrastructure and the need for more efficient and flexible power generation systems. One of the primary drivers for the gas turbine market in the UK is increasing focus on energy security, which is driving the need for more reliable and resilient power generation systems that can operate during extreme weather conditions. In addition, the UK government has implemented several policies and initiatives to encourage the adoption of renewable energy Sources, which could potentially impact the growth of the gas turbine market.
The country has been looking into expanding natural gas in its energy mix. The UK is one of the largest producers of natural gas in Western Europe making gas-powered electricity generation cheaper as compared to other electricity generation Sources. In August 2022, Mitsubishi Heavy Industries, Ltd. received a contract for a gas turbine combined cycle (GTCC) power plant and CO2 capture plant. The company will provide an M701JAC series gas turbine for a new power plant in Peterhead Power Station in Aberdeenshire, Scotland.
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Horizon Databook provides a detailed overview of country-level data and insights on the UK gas turbine market , including forecasts for subscribers. This country databook contains high-level insights into UK gas turbine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK gas turbine market size, by technology, 2018-2030 (US$M)
UK Gas Turbine Market Outlook Share, 2023 & 2030 (US$M)
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