The gas turbine market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period. Gas turbines are majorly used for power generation. However, they are also used for mechanical drive purposes and in jet engines. Asia Pacific accounted for the largest share of the global gas turbine market in 2020 due to infrastructural expansions, ongoing power generation projects, and technological innovations in countries such as China and India.
Some of the key market players in the gas turbine market include Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany). These players have adopted product launches, contracts, partnerships, agreements, collaborations, Memorandum of Understanding (MoU), and joint ventures as their growth strategies to meet the growing demand for gas turbines.
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Siemens Energy is an energy technology company that builds fossil fuel power plants and power generating components. In December 2020, Siemens Energy has collaborated with Cyfield Construction Ltd., one of Cyprus' leading construction companies. This collaboration enabled Siemens Energy to provide technology and long-term servicing for the 260-megawatt (MW) Cyfield Mari combined-cycle power plant.
Another important player in the gas turbine market is Mitsubishi Heavy Industries, Ltd. (MHI). In October 2021, Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), received an order for two M701F gas turbines and connected auxiliaries’ equipment from Snowy Hydro Limited, one of the integrated energy businesses for the Hunter Power Project in New South Wales, Australia. This development strengthens the position of Mitsubishi in the gas turbine market.
Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy Duty and Aeroderivative), End User (Power Generation, Oil & Gas), Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW), and Region - Global Forecast to 2026
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