Gas Turbine Market Size

Gas Turbine Market size was over USD 15.59 billion in 2024 and is anticipated to reach USD 30.41 billion by the end of 2037, witnessing around 5.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of gas turbine is assessed at USD 16.25 billion. The growth of the market can be attributed to the growing demand for natural gas and fuel efficient power plants, increasing investments in the power sector, and growing demand for electricity, especially in emerging economies. Additionally, government plans to boost the power sector and reduce carbon emissions have further contributed to the market growth. There was a total inflow of USD 17 billion into the Indian power sector between April 2000 and June 2022. A total of 167 GW of renewable energy was installed in India as of October 31, 2022, representing 41% of the country's overall power capacity. Gas turbines produce fewer emissions than traditional coal-fired power plants and have become an increasingly popular option for governments to meet their emissions targets. This increased demand for gas turbines is expected to have a positive impact on the power sector, thereby driving market growth. 

In addition to these, factors that are believed to fuel the market growth of gas turbine include increasing demand for energy efficient, cost-effective, and reliable power generation solutions, along with increasing investments in research and development of more efficient and clean gas turbines. Moreover, a growing population, increased urbanization, and increased economic activity contribute to the increase in power consumption in rural and urban areas. According to the International Energy Agency, world total electricity consumption reached 22 848 TWh in 2019, an increase of 1.7% over 2018. As of 2019, OECD final electricity consumption stood at 9 672 TWh. Gas turbines are an efficient way to generate electricity, as they can convert a large amount of fuel into energy quickly.