Market Segmentation
- Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- Open Cycle
- Combined Cycle
- Gas Turbine End-use Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- Power & Utility
- Industrial
- Gas Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
- North America
- North America Gas Turbine Market, By Capacity
- North America Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- North America Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- U.S.
- U.S. Gas Turbine Market, By Capacity
- U.S. Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- U.S. Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Canada
- Canada Gas Turbine Market, By Capacity
- Canada Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Canada Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Mexico
- Mexico Gas Turbine Market, By Capacity
- Mexico Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Mexico Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Europe
- Europe Gas Turbine Market, By Capacity
- Europe Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Europe Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Germany
- Germany Gas Turbine Market, By Capacity
- Germany Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Germany Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- UK
- UK Gas Turbine Market, By Capacity
- UK Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- UK Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- France
- France Gas Turbine Market, By Capacity
- France Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- France Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Italy
- Italy Gas Turbine Market, By Capacity
- Italy Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Italy Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Spain
- Spain Gas Turbine Market, By Capacity
- Spain Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Spain Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Asia Pacific
- Asia Pacific Gas Turbine Market, By Capacity
- Asia Pacific Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Asia Pacific Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- China
- China Gas Turbine Market, By Capacity
- China Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- China Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- India
- India Gas Turbine Market, By Capacity
- India Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- India Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Japan
- Japan Gas Turbine Market, By Capacity
- Japan Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Japan Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- South Korea
- South Korea Gas Turbine Market, By Capacity
- South Korea Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- South Korea Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Australia
- Australia Gas Turbine Market, By Capacity
- Australia Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Australia Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Central and South America
- Central and South America Gas Turbine Market, By Capacity
- Central and South America Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Central and South America Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Brazil
- Brazil Gas Turbine Market, By Capacity
- Brazil Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Brazil Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Argentina
- Argentina Gas Turbine Market, By Capacity
- Argentina Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Argentina Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Middle East and Africa
- Middle East and Africa Gas Turbine Market, By Capacity
- Middle East and Africa Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Middle East and Africa Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- UAE
- UAE Gas Turbine Market, By Capacity
- UAE Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- UAE Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- Saudi Arabia
- Saudi Arabia Gas Turbine Market, By Capacity
- Saudi Arabia Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- Saudi Arabia Gas Turbine Market, By End-use
- Power & Utility
- Industrial
- South Africa
- South Africa Gas Turbine Market, By Capacity
- South Africa Gas Turbine Market, By Technology
- Open Cycle
- Combined Cycle
- South Africa Gas Turbine Market, By End-use
- Power & Utility
- Industrial
Gas Turbine Market Dynamics
Driver: Growing Demand For Power Generation Through Clean Energy Sources
According to the United Nations, in 2022, the global population was 8 billion, of which approximately 775 million people were deprived of electricity. Also, as per the United Nations, the world population is projected to reach 8.5 billion by 2030, driving the energy requirement even further. Natural gas is widely considered a transitional power source between fossil fuels like oil and coal and renewable sources such as solar and wind. This is because natural gas substantially lowers the amount of carbon emissions as compared to other traditional power sources such as oil and coal. The market for gas turbines is expected to increase over the forecast period owing to increasing awareness regarding sustainable energy sources. The global electricity demand is anticipated to witness a growth of nearly two-thirds of the current demand over the forecast period. A growing focus on projects related to distributed power & utility is anticipated to bolster the market growth over the forecast period.
Driver: Reduction In Natural Gas Prices
Increase in available sources of abundant gas supply and the shale gas revolution have resulted in reduced gas prices. As per a report by the European Commission, the wholesale prices witnessed a steep decline from 2016 to 2021. As a result, gas became one of the cheaper and cleaner alternatives for power generation. The prices of natural gas increased in the first half of 2022, due to the Eastern European geopolitical conflict, before reducing back down to pre-war levels by the end of the year. In the coming years, owing to the declining prices of natural gas, end-use applications such as power generation and industrial users are likely to generate much demand for natural gas. The advantage of using natural gas-fueled generator is that it is cleaner and greener as compared to other fuels. Natural gas, when used, does not produce a pungent odor and does not emit greenhouse gases which is common in the case of other non-renewable sources such as coal.
Restraint: Limited Natural Gas Reserves
Even though the demand for natural gas as a fuel for new capacity addition is rising, its limited availability is expected to pose a major challenge for the gas turbine industry. As per British Petroleum, countries such as Iran, regions in the former Soviet Union, and Qatar, account for over 60% of the world’s natural gas reserves. The recent shale gas boom in North America is also expected to support natural gas production in this region. Natural gas-powered turbines are expected to gain popularity owing to the environmental regulations to restrain coal-based power generation in the North American and European markets. Uneven distribution of natural gas reserves coupled with high shipping costs has caused countries to move toward renewable energy sources. The reserves-to-production ratio for fossil fuels gives a clear picture of their limited availability. As a result, renewable energy resources, such as solar and wind are expected to play a key role owing to their sustainability and abundant availability.
What Does This Report Include?
This section will provide insights into the contents included in this gas turbine market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Gas turbine market qualitative analysis
Gas turbine market quantitative analysis
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Market size, estimates, and forecast from 2018 to 2030
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Market estimates and forecast for product segments up to 2030
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Regional market size and forecast for product segments up to 2030
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Market estimates and forecast for application segments up to 2030
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Regional market size and forecast for application segments up to 2030
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Company financial performance