Gas Turbine Oil Market Analysis

 End use (Industrial, Utility)

The industrial segment in the gas turbine oil market is poised to garner the largest revenue share of 86% during the forecast period. Modern turbine oils with improved performance and reduced environmental effects are increasing in demand as energy solutions become eco-friendly and more efficient. The need for power generation and electricity globally has been steadily growing, which has improved the business outlook. The expansion of this segment will be additionally impacted by the widespread incorporation of renewable energy sources, such as solar and wind power, on a global scale.

Product (Mineral Oil-based Turbine Oil, Synthetic Turbine Oil, Bio-based Turbine Oil)

The mineral oil-based gas turbine oil segment in the gas turbine oil market is likely to hold the second-largest share of 50.1% by 2037. Due to their dependable performance in several gas turbine applications—especially in older, less demanding systems—these lubricants have long been preferred. The industrial outlook will improve with increased investments in infrastructure for electricity generation, especially in emerging markets due to increased energy demand. According to the National Infrastructure Pipeline 2019-2025, projects in the energy sector accounted for the largest portion (24%) of the overall projected capital expenditure of USD 1.4 trillion in India. ​ Moreover, the segment growth will be further supported by growing consumer knowledge of the advantages of premium turbine oils and the significance of routine equipment maintenance.

Our in-depth analysis of the gas turbine oil market includes the following segments