Gas turbine market grows with innovations and emission targets.

The global gas turbine market is experiencing significant growth due to increasing demand from heavy industries and innovations in low-emission, fuel-efficient engines to reduce air pollution. The combined cycle power system technology is a traditional choice for large onshore power generation plants, utilizing gas turbines for driving electrical generators and recovering waste heat. The industry is evolving with the introduction of special gas turbines in manufacturing, utilities, and remote generation application sectors.

The global gas turbine market is witnessing significant growth, propelled by increasing demand from heavy industries and innovations in low-emission, fuel-efficient engines aimed at reducing air pollution. According to a comprehensive report from The Insight Partners [1], the market is projected to reach $32.005 billion by 2031, registering a CAGR of 4.84%.

The demand for natural gas-fired power plants is rising globally, with gas turbines being eco-friendly combustion engines that run on natural gas and produce less exhaust gas pollution compared to internal combustion engines. These turbines are less polluting than coal or nuclear sources, as the hot gas during fuel combustion produces energy and not the fuel. The natural-gas-driven turbine produces nearly three times less carbon dioxide emission compared to coal-driven turbines [1].

The combined cycle power system technology, which utilizes gas turbines to drive electrical generators and recover waste heat, is a well-established choice for large onshore power generation plants. This technology offers electrical efficiency within the range of 50–60%, making it 13% more efficient than open-cycle technology. Combined cycle technology is suitable for stable load applications and is widely used in utility-scale power generation, offering baseload and peaking power to meet electricity demand [1].

The industry is evolving with the introduction of special gas turbines in manufacturing, utilities, and remote generation application sectors. The adoption of hydrogen-blended and zero-carbon gas turbines is a significant trend, reducing or eliminating carbon emissions from power generation by utilizing hydrogen as a fuel source. Companies such as GE Vernova are working on the application of hydrogen as a gas turbine fuel, pushing the usage of 100% hydrogen in gas turbines [1].

Geographically, North America led the market in 2024, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period. The market is segmented into open cycle and combined cycle technologies, with the combined cycle segment dominating the market in 2024. Based on capacity, the 120-300 MW segment dominated the market in 2024, and the power generation segment led the market in terms of application [1].

Major players in the gas turbine market include GE Vernova Inc., Siemens AG, Mitsubishi Heavy Industries Ltd., Caterpillar Inc., Kawasaki Heavy Industries Ltd., Baker Hughes Co., Capstone Green Energy Holdings, Inc., Industrial Boilers America, Doncasters Group, and Vericor Power Systems. These companies are focusing on innovations in gas turbine technology to meet the growing demand for clean and efficient power generation [1].

The global gas turbine market plays a crucial role in the overall energy and industrial landscape. Growing demands for energy, stringent environmental regulations, and increasing advancements in turbine technology drive the market's growth. Gas turbines are becoming a preferred alternative for power generation due to their lower carbon dioxide emissions compared to coal-fired power plants, aligning with the global drive toward decarbonization and the adoption of low-carbon energy technologies [1].

References:
[1] https://www.theinsightpartners.com/sample/TIPRE00010050