Energy and Power

Gas Turbine Market to Reach USD 57.44 Billion by 2034

Posted on by Shubham Nikam

The global Gas Turbine Market is valued at USD 28.14 billion in 2024 and is expected to reach USD 57.44 billion by 2034, growing at a CAGR of 7.48%.

Gas Turbine Market Key Insights

  • Asia Pacific accounted for approximately 37% of total revenue in 2023.
  • The >200 MW capacity segment held a significant 66% revenue share in 2023.
  • Combined cycle turbines led the market with a 74% revenue share in 2023.
  • The power & utility sector dominated with over 82% of revenue share in 2023.
  • The aero-derivative segment is projected to grow at a 9% CAGR from 2024 to 2033.

Gas Turbine Market Size 2024 to 2034

The gas turbine market is experiencing a dynamic phase, shaped by technological advancements, policy shifts, and evolving energy demands. As of 2025, the global market is valued at approximately USD 25.26 billion, with projections indicating growth to USD 34.75 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.66%. This expansion is driven by the increasing need for efficient power generation solutions and the versatility of gas turbines across various applications.

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Market Drivers

Several factors are propelling the growth of the gas turbine market. The rising global energy demand, particularly from sectors like artificial intelligence (AI) data centers, necessitates reliable and efficient power sources. Natural gas-fired power plants have become a preferred choice due to their ability to provide consistent energy output. Additionally, technological innovations have enhanced the efficiency and robustness of gas turbines, making them more appealing for modern power generation needs. For instance, companies like GE Vernova have reported increased demand for their natural gas turbines, driven by the electricity requirements of AI data centers.

Opportunities

The market presents several opportunities, especially with the integration of alternative fuels. The development of gas turbines capable of operating on hydrogen blends is gaining traction, aligning with global decarbonization efforts. This shift not only addresses environmental concerns but also opens new avenues for turbine manufacturers to innovate and capture emerging markets. Moreover, the expansion of LNG infrastructure in regions like Asia offers prospects for gas turbine applications in power generation, catering to the growing energy needs of developing economies.

Challenges

Despite the positive outlook, the gas turbine market faces challenges. The increasing focus on renewable energy sources poses competition, as wind and solar power become more cost-competitive and environmentally favorable. Additionally, geopolitical factors and policy changes can impact natural gas availability and pricing, influencing the adoption of gas turbines. For example, in Asia, the substantial expansion of coal-fired power capacity and prioritization of renewable energy over gas-fired plants present hurdles for gas turbine growth in the region.

Regional Insights

Regionally, the Asia-Pacific area leads the market, holding a 38.2% share in 2023, with revenues reaching USD 7.0 billion. This dominance is attributed to rapid industrialization and urbanization, driving energy demand. North America also shows significant growth potential, supported by technological advancements and a robust energy infrastructure. The region’s focus on reducing greenhouse gas emissions further promotes the adoption of efficient gas turbine technologies. In contrast, regions heavily investing in coal and renewables may see slower gas turbine market growth due to policy and economic factors.

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Market Companies