Gas Turbine Market Share

APAC Market Statistics

The market share of gas turbine in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2037. The growth of the market can be attributed majorly to the rapid growth of the industrial sector that requires high power output, and the increasing demand for natural gas-fired gas turbines. It was observed that as of April 2021, India's industrial production reached an all-time high of 134%, an increase of 6% from 1994 to 2023. The total industrial production of China reached a record high of 35% in January of 2021, with an average growth rate of 11% between 1990 and 2023. Gas turbines are considered to be the most efficient and cost-effective type of power generation. As the industrial sector expands, businesses are compelled to invest in power generation to meet the increased demand for energy. These turbines are a viable option as they provide a consistent level of energy with low emissions. Additionally, the increasing focus on renewable energy sources, such as wind and solar, is expected to further boost the growth of this market in the region. Governments in the region are making huge investments in the development of renewable energy technology, and this is expected to contribute to an increase in the adoption of natural gas turbines as a source of energy.

North American Market Forecast

The North America gas turbine market is estimated to be the second largest, registering a share of about 33% by the end of 2037. The growth of the market can be attributed majorly to the increasing adoption of natural gas as a source of electricity, backed by presence of oil wells in the countries, such as, Canada, and United States. Energy Information Administration figures show that in 2020, the power sector consumed about 38% of total U.S. natural gas consumption, totaling 30.48 trillion cubic feet. Natural gas is a relatively clean burning fuel and can be used to generate electricity more efficiently than other sources of energy. As such, it has become increasingly popular in region as a way to generate electricity, which in turn is driving up demand for gas turbines. Moreover, rising demand for efficient and cost-effective gas turbine systems from the power generation sector, as well as the increasing demand for natural gas-based power generation as well as the abundance of natural gas supply is projected to fuel regional market growth in the coming years.

Europe Market Forecast

Further, the gas turbine market in the European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The increasing demand for efficient and reliable electricity supply, rising investments in the power sector, and the growing need for sustainable sources of energy are some of the major factors driving the market in Europe. As the demand for electricity increases, governments and businesses are investing more in power infrastructure, such as gas turbines. This increased investment in the power sector has driven the demand for gas turbines as they are necessary to generate electricity. Additionally, the increasing adoption of advanced technologies such as combined cycle plants, heat recovery steam generators, and advanced combustors is expected to further drive the market in the region.