Covid-19 Impact on Gas Turbine Market 2024 Industry Challenges, by Key Players, Types, Applications, Countries, Market Size, Forecast to 2030

Soaring Demand for Renewable Energy Power Production Solutions to Aid Market Growth

The gas turbine market has witnessed consistent advancements over the past couple of decades due to evolving dynamics of the market. Due to the growing pressure by the regulatory bodies and mounting environmental concerns, natural gas continues to gain worldwide popularity among power producers as an efficient fuel of choice. While power producers continue to invest in new technologies in tandem with the evolving industrial and regulatory requirements, participants of the gas turbine market are expected to stay abreast with these developments. At present, players involved in the current gas turbine market landscape are primarily focusing on improving the reliability of their products and minimizing carbon emission.

Get Sample Copy:

Over the past decade, gas turbine manufacturers have increasingly invested noteworthy resources in research and development to accelerate various processes in the new product cycle, wherein new designs are being launched. Moreover, market players are also emphasizing on improving the efficiency and performance of their products to gain an advantage in the current market ecosystem. At present, market players are also inclined toward increasing their manufacturing prowess to cater to the ever-growing demand for gas turbines around the world. In their bid to attain that objective, market players are forging strategic alliances and partnerships with other players in the current market landscape.

At the back of these factors, along with the growing demand for renewable energy power production, the gas turbine market is expected to attain a market value of US$ 53.8 Bn by the end of 2030.

Technological Advancements to Propel Market Growth during Assessment Period

Over the past few decades, technological advancements have played an imperative role in revolutionizing the gas turbine market and the trend is set to continue over the course of the forecast period. The aviation sector was at the forefront in terms of innovations as aero-derivative technology entered the fray– a major step in the power production sphere and an imperative development in combine heat and power (CHP) generation. These advancements continue to play an important role in balancing the integration of different power sources, including wind and solar.

Grab an exclusive PDF Brochure of this report:

To understand how our report can bring a difference to your business strategy, Ask for a brochure

Similar to the aero derivative technology, technological advancements are expected to open gates to new possibilities for the players operating in the current gas turbine market landscape. At present, gas turbines are primarily designed for gas-fired power generation due to which, efficiency levels have reached new heights. Market players are increasingly emphasizing on addressing some major barriers in power generation such as grid fluctuation caused by multiple power sources. Market players are launching cutting-edge digital solutions to enhance performance of gas turbine operations.

Market Players Launch New Technologies, Forge Partnerships to Gain Advantage

As technological advancements continue to remain key for players operating in the gas turbine market, considerable investments have been made to develop new mobile and improved gas turbine models or units. In recent years, several companies have launched cutting-edge technologies and models. For instance, ENGIE offered a contract to Emerson– a deal initiated to replace legacy combustion turbine controls with new turbine control technologies. In terms of innovations, GE has consistently remained at the forefront and spearheads the gas turbine market as far as rolling out innovative gas turbines is concerned. For instance, the DLN-2.6e combustion was launched by GE in recent years, wherein fuel nozzles could influence pressure oscillations, emissions, and dynamic pressures.

The growing global interest in liquefied natural gas is expected to pave the way for lucrative opportunities for players operating in the gas turbine market, particularly in developing regions, including India, China, and Indonesia.

Request For Customization:

Delay in Project Completion Likely amid COVID-19 Pandemic

The advent of the novel COVID-19 pandemic is expected to have a short-term impact on the growth of the global gas turbine market. Although the demand for gas turbines is projected to remain lower than initial projections due to the ongoing COVID-19 pandemic, the upcoming years are likely to present an array of opportunities for market players. Furthermore, various barriers across the supply chain due to stringent regulations on cross-border trade and transportation are likely to have a negative impact on the operations across the gas turbine market. Gas and wind turbine OEMs, particularly in India and China, are likely to address the hurdles in the manufacturing processes caused by the COVID-19 pandemic to mitigate losses. Delays in the completion of several gas turbine projects around the world are anticipated to occur in 2020 due to a host of factors.

Analysts’ Viewpoint

The global gas turbine market is expected to grow at a CAGR of ~4%, in terms of revenue, during the forecast period. The market growth can be attributed to the growing demand for renewable energy, mounting environmental concerns, growing investments in research and development activities, and fast-paced advancements in technology. Market players should focus on expanding their market share by forging new partnerships, increasing their manufacturing capacity, and introducing new and efficient concepts to the market. The rising demand for gas turbines for use in an array of applications in different industries, including aviation, oil & gas, and power generation, will remain the key factor for market growth during the assessment period.

Gas Turbine Market: Overview

  • The global gas turbine market is expected to register a CAGR of ~4% (revenue) between 2020 and 2030
  • Rising adoption of gas turbines to produce electricity, growing demand for natural gas-fired power plants, accessibility of efficient power generation, effect of the shale gas revolution, and reduction in the emission of carbon dioxide across the world is expected to boost the gas turbine market in the near future
  • The global gas turbine market is expected to reach US$ 53.8 Bn by 2030 from US$ 36.7 Bn in 2020
  • North America holds major share of the gas turbine market in terms of volume and is anticipated to dominate the gas turbine market during the forecast period, followed by Asia Pacific and Europe
  • North America remains the leading region in the gas turbine market, with revenues in 2020 estimated at US$ 10,510 Mn
  • The gas turbine market in Middle East & Africa and South America is also expected to show moderate growth during the forecast period
  • Asia Pacific is projected to expand significantly, in terms of share, of the global gas turbine market during the forecast period. This is due to the growth of the gas turbine market across Asia Pacific with increasing consumption of electricity and subsequent investments in developing new large gas-fired combined cycle power generation, which has propelled the demand for gas turbines in the region.
  • The gas turbine market report provides analysis of the global gas turbine market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 – 2030 is the forecast period
  • The study on the gas turbine market would help clients to understand the adoption analysis of gas turbines in different countries
  • Gas turbine is the heart of a power plant and is known as a combustion turbine. Gas turbines are used to produce electric current. A gas turbine is an engine, which is used to transform other liquid fuels or natural gas to mechanical energy. This mechanical energy then drives a generator and thus, it produces electrical energy.
  • Each gas turbine has three main elements, including an upstream rotating gas compressor; a combustor; and a downstream turbine on the same shaft as the compressor
  • For converting energy into electricity, a mixture of fuel and air at very high temperature heated by the gas turbine causes turbine blades to spin. The spinning turbine drives the generator, and thus electricity is generated.

North America Gas Turbine Market Snapshot

  • North America is a developed region and hence, innovation and new technologies are expected to be trends witnessed in this region over the next few years. North America is projected to hold a prominent share of the global gas turbine market in 2020. For the same reason, North America is likely to witness the highest opportunity addition in the gas turbine market globally, with Europe and Asia Pacific being the next closest regions.

Key Growth Drivers of Gas Turbine Market

  • Growing Number of Power Plants across the World
    • The shifting trend toward sustainable power sources across the world has augmented the usage of gas turbines to produce cleaner power by curbing carbon emissions
    • Growth in demand for electricity or rising energy demand across the globe is likely to result in high number of coal power plants and thermal power plants, which is expected to drive the demand for gas turbines in the global market. Furthermore, carbon-free technologies are growing at a rapid pace in the process of power generation or electricity generation. Gas turbines used in combined heat and power (CHP) or cogeneration processes can increase the efficiency of plants by utilizing exhaust gases to generate steam that can again be used for various purposes without consuming additional fuel. This, in turn, is expected to increase the demand for gas turbines worldwide.
  • Rising Oil & Gas Exploration and Production (E&P) Activities
    • Demand for oil & gas products is increasing at a significant rate; however, supply of the same is declining due to decrease in oil & gas reserves around the globe. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil & gas extraction efficiency. Governments of different countries such as India and China are investing in oil & gas companies. This, in turn, is expected to enhance the demand for gas turbines with the rising number of oil & gas plants.
    • The North America region is witnessing heavy investments by oil & gas companies in exploration activities. The rise in the U.S. upstream spending is primarily driven by factors such as growing oil field services costs and increased drilling activity, which has boosted the growth of the gas turbine market.

Key Challenges Faced by Gas Turbine Market Players

  • Complex operations and high maintenance cost may restrain the growth of the gas turbine market

Gas Turbine Market: Competition Landscape

  • In February 2024, GE announced that it has completed its first battery-assisted black start of a GE 7F.03 gas turbine at the 150-MW unit located at Entergy Louisiana’s Perryville Power Station
  • In May 2024, Siemens AG launched the SGT5-9000 HL turbine, which was built in its Berlin manufacturing plant. The SGT5-9000 HL turbine has 593-MW capacity that will be installed at the Keadby 2 Power Plant located in Lincolnshire for SSE Thermal.

Gas Turbine Market: Company Profiles

  • Siemens AG: Established in 1847, Siemens AG is one of the leading global manufacturers of resource-saving and energy-efficient technologies. The company primarily operates through seven business segments that include digital industries, smart infrastructure, gas & power, mobility, Siemens Healthineers, Siemens Gamesa Renewable Energy, and Financial Services (SFS). Siemens AG is one of the world’s leading suppliers to the oil & gas industry. In September 2014, the company acquired Dresser-Rand to expand its product offerings for petrochemical, oil & gas, chemical, and other process industries, which include reciprocating compressors, monitoring systems, drive systems, turbines, and engines.
  • General Electric Company: Incorporated in 1892, General Electric is a provider of automation and controls technology and services for power generation, distribution, and related applications across industries. The company operates under seven business segments: power, aviation, renewable energy, healthcare, oil & gas, transportation, and energy connections & lighting. General Electric is a pioneer in manufacturing, repairing, and offering services for gas turbines. The company distributes its products through its distribution channels Fuseco and Weutscheck Distributor. It operates in approximately 180 countries across the world.
  • Ansaldo Energia: Incorporated in 1853, Ansaldo Energia is an Italian power engineering company active in the power generation industry. The company manufactures power equipment such as gas & steam turbines, generators, and micro turbines, besides offering related services. ​The Ansaldo Energia Group is the world’s fourth largest producer of systems for the production of electricity and is present in over 35 countries worldwide.
  • Other major players operating in the global gas turbine market and profiled in the report include
    • Kawasaki Heavy Industries, Ltd
    • Bharat Heavy Electricals Ltd.
    • Centrax Gas Turbines
    • Mitsubishi Hitachi Power Systems, Ltd.
    • OPRA Turbines B.V.
    • Solar Turbines Incorporated
    • Vericor Power Systems

Read Our Latest Press Release:

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.


Transparency Market Research State Tower,

90 State Street,

Suite 700,

Albany NY – 12207

United States

USA – Canada Toll Free: 866-552-3453

Email: [email protected]