Gas Turbine Market is Projected to Register 6.8% CAGR till 2028

The global gas turbine market size was valued at USD 20.38 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028.

The global Gas Turbine Market size is projected to reach USD 35.02 billion by 2028, registering a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. Supportive policies majorly determine the increasing demand for gas turbines in developing markets, such as Combined Heat and Power (CHP) support scheme executed by Germany. The growing urbanization is triggering the development in the building & construction as well as cement sectors.

The projected growth in end-user industries is estimated to trigger the growth of the overall market. Key Original Equipment Manufacturers (OEMs), including Siemens Energy and General Electric, are expanding their distribution, operations, and after-sales facilities worldwide to boost the >200 MW capacity segment over the projected period. The power & utility segment is projected to experience growth in demand owing to the rising need for electricity across the globe.

Furthermore, most of the major countries worldwide are expected to switch to gas-based power generation from coal-based power generation due to a rise in environmental concerns. High energy loss resulting in lower efficiencies is expected to be a major factor affecting the growth of the open cycle technology segment. Even though these systems require less space, unfavorable environmental conditions significantly affect their component efficiency, thus lowering the overall system efficiency compared to combined-cycle units.

However, open cycle technologies are being preferred by some industrial end-users, so a rise in industrial activities in the forecast period will boost the growth of open cycle technology in the forecast period. The rising population is a major factor significantly impacting the power generation market in the Europe region. Growth in population and GDP are projected to attract various end-use industry players looking to expand their consumer base.

The major end users for gas turbines in Europe include power generation, oil & gas, mobility, petrochemicals, food processing, and pulp & paper. The market in Europe is likely to observe slow growth owing to factors, such as stalled industrial output affected by the Covid-19 pandemic, the debt crisis, and growing unemployment. However, a positive outlook across Eastern Europe, in terms of consumerism and manufacturing, is expected to drive the market in the future.

Related Press Release @ Gas Turbine Market Report

Gas Turbine Market Report Highlights

• In 2020, the power & utility emerged as the largest application segment and accounted for over 85% share of the global revenue
• Increasing investments and new installations are resulting in the rising share of distributed power in the global energy mix hence propelling the market growth
• The >200 MW capacity segment is poised to register the fastest CAGR of over 7% from 2021 to 2028, owing to the growing electricity generation activities across the world
• In 2020, the open cycle application segment accounted for the highest revenue share of the overall market
• Saudi Arabia is among the major end users in the MEA region due to the strong presence of gas turbine providers in the country, which are working on enhancing their market share