Gas Turbine Market Size to Grow by USD 4023.23 million From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation - Technavio

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Nov 21, 2022, 15:00 ET

NEW YORK, Nov. 21, 2022 /PRNewswire/ -- The Global Gas Turbine Market share is set to increase by USD 4023.23 million from 2022 to 2027. Moreover, the market's growth momentum will accelerate at a CAGR of 2.81% as per the latest market forecast report by Technavio. The market will also record a 2.67% Y-O-Y growth Rate during the forecast period.

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Technavio has announced its latest market research report titled Global Gas Turbine Market 2021-2025 2021-2025

Global Gas Turbine Market - Parent Market Analysis

Technavio categorizes the global gas turbine market as a part of the global heavy electrical equipment market within the global electrical equipment market. The global heavy electrical equipment market is an important manufacturing market that caters to the needs of the energy sector and other industrial sectors such as power, mining, and oil and gas. The global heavy electrical equipment market covers products and companies engaged in the manufacture of equipment for the generation, distribution, and transmission of power for fixed-use and large electrical systems.

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Global Gas Turbine Market Characteristics with Five Forces–

The Global Gas Turbine Market is fragmented and the five forces analysis by Technavio gives an accurate vision –

Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
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Global Gas Turbine Market – Customer Landscape
The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.
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Global Gas Turbine Market - Segmentation Assessment

Geography Segment Overview

Technavio's market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Gas Turbine Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Gas Turbine Market size and actionable market understandings.

Regional Highlights:

APAC is the fastest-growing region in the global Gas Turbine Market compared to other regions. 39% growth will originate from APAC. The largest income contributors to the regional market expansion are nations like China, Japan, and India. This is due to the APAC region's rapidly expanding sectors that use electricity. In several significant APAC nations, energy has become a vital resource due to the growing urban population and rising living standards. As a result, the governments of some APAC nations have allowed private companies in the domain of power generation. Lowering the overall cost of electricity and supporting fair competition among power companies, this aids in achieving the necessary efficiency in electricity production and distribution.

Type Segment Overview

The Global Gas Turbine Market as per Product segmentation is categorized into Heavy-duty gas turbines and Aeroderivative gas turbines.
Revenue Generating Segment - The Gas Turbine Market share growth by the heavy-duty gas turbine segment will be significant during the forecast period. The adoption of gas-based power generation over coal-based power generation is being driven by environmental concerns, which are predicted to raise demand for gas turbines around the world. During the projection period, high-baseload plants requiring gas turbines with a capacity greater than 300 MW are anticipated to have a substantial impact on the market segment's growth

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Global Gas Turbine Market – Market Dynamics

Major Driver Boosting the Market

The improved efficiency and durability of gas turbines is the primary factor driving the growth of the global gas turbine industry. Due to their improved efficiency, the implementation of stricter carbon emission rules, and the decrease in the cost of gas turbine-based power generation, it is anticipated that the demand for gas turbines would rise.
Manufacturers of gas turbines also place a high priority on durability because gas turbine failure results in significant financial losses, particularly for capital-intensive industries. As a result, the improvement in efficiency and durability will lower the operational costs of gas turbines and provide operational benefits, which will promote the increased adoption of gas turbines throughout the projection period, particularly in power generation.

Major trends influencing the growth of glamping

The growth of the global gas turbine industry will be fueled by the construction of new power facilities. One important element driving the market's growth is the increasing number of power plant projects being undertaken globally. Some of the leading nations in the electricity infrastructure sector are China and India.
These nations are spending a lot of money building the infrastructure for power plants. Around the world, mobile gas turbine demand is rising due to factors such as mobile power plant demand, which is being influenced by factors such as its improving efficiency and durability.

Major Challenges interrupting the market growth

The expansion of the worldwide gas turbine industry is significantly hampered by the inherent difficulties in managing natural gas. Gas-fired power plants are more efficient than coal-fired ones, but there is a danger that gas could leak into the atmosphere. Leaks of methane frequently go undetected. Environmentalists who keep an eye on global warming are particularly concerned about leaks related to natural gas storage. This may have a negative impact on natural gas-fired power plants.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19-impacted market research reports.

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Gas Turbine Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist Gas Turbine Market growth during the next five years
Estimation of the Gas Turbine Market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the Gas Turbine Market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of Gas Turbine Market vendors

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Gas Turbine Market Scope
Report Coverage	Details
Page number	120
Base year	2022
Historical year	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 2.81%
Market growth 2023-2027	USD 4023.23 million
Market structure	Fragmented
YoY growth (%)	2.67
Regional analysis	APAC, North America, Europe, the Middle East and Africa, and South America
Performing market contribution	APAC at 39%
Key consumer countries	US, China, India, Japan, and Germany
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Doosan Corp., Harbin Electric Corp., General Electric Co., Hindustan Aeronautics Ltd., Kawasaki Heavy Industries Ltd., IHI Corp., MAN Energy Solutions SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC, OPRA Technologies B.V., PJSC Krasny Kotelshchik, Rolls Royce Holdings Plc, Shanghai Electric Group, Siemens AG, and Vericor Power Systems
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
Exhibit 07: Executive Summary – Chart on Market Segmentation by Technology
Exhibit 08: Executive Summary – Chart on Incremental Growth
Exhibit 09: Executive Summary – Data Table on Incremental Growth
Exhibit 10: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 11: Parent market
Exhibit 12: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 13: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 14: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 15: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 17: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 18: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global gas turbine market 2017 - 2021

Exhibit 19: Historic Market Size – Data Table on Global gas turbine market 2017 - 2021 ($ million)

4.2 Product Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

4.3 End-User Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – End-User Segment 2017 - 2021 ($ million)

4.4 Technology Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

4.5 Geography Segment Analysis 2017 - 2021

Exhibit 23: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.6 Country Segment Analysis 2017 - 2021

Exhibit 24: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 25: Five forces analysis - Comparison between2022 and 2027

5.2 Bargaining power of buyers

Exhibit 26: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 27: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 28: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 29: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 30: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 31: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

6.1 Market segments

Exhibit 32: Chart on Product - Market share 2022-2027 (%)
Exhibit 33: Data Table on Product - Market share 2022-2027 (%)

6.2 Comparison by Product

Exhibit 34: Chart on Comparison by Product
Exhibit 35: Data Table on Comparison by Product

6.3 Heavy-duty gas turbine - Market size and forecast 2022-2027

Exhibit 36: Chart on Heavy-duty gas turbine - Market size and forecast 2022-2027 ($ million)
Exhibit 37: Data Table on Heavy-duty gas turbine - Market size and forecast 2022-2027 ($ million)
Exhibit 38: Chart on Heavy-duty gas turbine - Year-over-year growth 2022-2027 (%)
Exhibit 39: Data Table on Heavy-duty gas turbine - Year-over-year growth 2022-2027 (%)

6.4 Aeroderivative gas turbine - Market size and forecast 2022-2027

Exhibit 40: Chart on Aeroderivative gas turbine - Market size and forecast 2022-2027 ($ million)
Exhibit 41: Data Table on Aeroderivative gas turbine - Market size and forecast 2022-2027 ($ million)
Exhibit 42: Chart on Aeroderivative gas turbine - Year-over-year growth 2022-2027 (%)
Exhibit 43: Data Table on Aeroderivative gas turbine - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Product

Exhibit 44: Market opportunity by Product ($ million)

7 Market Segmentation by End-user

7.1 Market segments

Exhibit 45: Chart on End-user - Market share 2022-2027 (%)
Exhibit 46: Data Table on End-user - Market share 2022-2027 (%)

7.2 Comparison by End-user

Exhibit 47: Chart on Comparison by End-user
Exhibit 48: Data Table on Comparison by End-user

7.3 Power generation - Market size and forecast 2022-2027

Exhibit 49: Chart on Power generation - Market size and forecast 2022-2027 ($ million)
Exhibit 50: Data Table on Power generation - Market size and forecast 2022-2027 ($ million)
Exhibit 51: Chart on Power generation - Year-over-year growth 2022-2027 (%)
Exhibit 52: Data Table on Power generation - Year-over-year growth 2022-2027 (%)

7.4 Mobility - Market size and forecast 2022-2027

Exhibit 53: Chart on Mobility - Market size and forecast 2022-2027 ($ million)
Exhibit 54: Data Table on Mobility - Market size and forecast 2022-2027 ($ million)
Exhibit 55: Chart on Mobility - Year-over-year growth 2022-2027 (%)
Exhibit 56: Data Table on Mobility - Year-over-year growth 2022-2027 (%)

7.5 Oil and gas - Market size and forecast 2022-2027

Exhibit 57: Chart on Oil and gas - Market size and forecast 2022-2027 ($ million)
Exhibit 58: Data Table on Oil and gas - Market size and forecast 2022-2027 ($ million)
Exhibit 59: Chart on Oil and gas - Year-over-year growth 2022-2027 (%)
Exhibit 60: Data Table on Oil and gas - Year-over-year growth 2022-2027 (%)

7.6 Others - Market size and forecast 2022-2027

Exhibit 61: Chart on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 62: Data Table on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 63: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on Others - Year-over-year growth 2022-2027 (%)

7.7 Market opportunity by End-user

Exhibit 65: Market opportunity by End-user ($ million)

8 Market Segmentation by Technology

8.1 Market segments

Exhibit 66: Chart on Technology - Market share 2022-2027 (%)
Exhibit 67: Data Table on Technology - Market share 2022-2027 (%)

8.2 Comparison by Technology

Exhibit 68: Chart on Comparison by Technology
Exhibit 69: Data Table on Comparison by Technology

8.3 CCGT - Market size and forecast 2022-2027

Exhibit 70: Chart on CCGT - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Data Table on CCGT - Market size and forecast 2022-2027 ($ million)
Exhibit 72: Chart on CCGT - Year-over-year growth 2022-2027 (%)
Exhibit 73: Data Table on CCGT - Year-over-year growth 2022-2027 (%)

8.4 OCGT - Market size and forecast 2022-2027

Exhibit 74: Chart on OCGT - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Data Table on OCGT - Market size and forecast 2022-2027 ($ million)
Exhibit 76: Chart on OCGT - Year-over-year growth 2022-2027 (%)
Exhibit 77: Data Table on OCGT - Year-over-year growth 2022-2027 (%)

8.5 Market opportunity by Technology

Exhibit 78: Market opportunity by Technology ($ million)

9 Customer Landscape

9.1 Customer landscape overview

Exhibit 79: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Geographic Landscape

10.1 Geographic segmentation

Exhibit 80: Chart on Market share by geography 2022-2027 (%)
Exhibit 81: Data Table on Market share by geography 2022-2027 (%)

10.2 Geographic comparison

Exhibit 82: Chart on Geographic comparison
Exhibit 83: Data Table on Geographic comparison

10.3 APAC - Market size and forecast 2022-2027

Exhibit 84: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 85: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 87: Data Table on APAC - Year-over-year growth 2022-2027 (%)

10.4 North America - Market size and forecast 2022-2027

Exhibit 88: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 89: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 91: Data Table on North America - Year-over-year growth 2022-2027 (%)

10.5 Europe - Market size and forecast 2022-2027

Exhibit 92: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 93: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 95: Data Table on Europe - Year-over-year growth 2022-2027 (%)

10.6 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 96: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 97: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 99: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

10.7 South America - Market size and forecast 2022-2027

Exhibit 100: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 101: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 103: Data Table on South America - Year-over-year growth 2022-2027 (%)

10.8 US - Market size and forecast 2022-2027

Exhibit 104: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 105: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 106: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 107: Data Table on US - Year-over-year growth 2022-2027 (%)

10.9 China - Market size and forecast 2022-2027

Exhibit 108: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 109: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 110: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 111: Data Table on China - Year-over-year growth 2022-2027 (%)

10.10 India - Market size and forecast 2022-2027

Exhibit 112: Chart on India - Market size and forecast 2022-2027 ($ million)
Exhibit 113: Data Table on India - Market size and forecast 2022-2027 ($ million)
Exhibit 114: Chart on India - Year-over-year growth 2022-2027 (%)
Exhibit 115: Data Table on India - Year-over-year growth 2022-2027 (%)

10.11 Japan - Market size and forecast 2022-2027

Exhibit 116: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 117: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 118: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 119: Data Table on Japan - Year-over-year growth 2022-2027 (%)

10.12 Germany - Market size and forecast 2022-2027

Exhibit 120: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 121: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 122: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 123: Data Table on Germany - Year-over-year growth 2022-2027 (%)

10.13 Market opportunity by geography

Exhibit 124: Market opportunity by geography ($ million)

11 Drivers, Challenges, and Trends

11.1 Market drivers

11.2 Market challenges

11.3 Impact of drivers and challenges

Exhibit 125: Impact of drivers and challenges in 2022 and 2027

11.4 Market trends

12 Vendor Landscape

12.1 Overview

12.2 Vendor landscape

Exhibit 126: Overview on Criticality of inputs and Factors of differentiation

12.3 Landscape disruption

Exhibit 127: Overview on factors of disruption

12.4 Industry risks

Exhibit 128: Impact of key risks on business

13 Vendor Analysis

13.1 Vendors covered

Exhibit 129: Vendors covered

13.2 Market positioning of vendors

Exhibit 130: Matrix on vendor position and classification

13.3 Ansaldo Energia Spa

Exhibit 131: Ansaldo Energia Spa - Overview
Exhibit 132: Ansaldo Energia Spa - Product / Service
Exhibit 133: Ansaldo Energia Spa - Key news
Exhibit 134: Ansaldo Energia Spa - Key offerings

13.4 Bharat Heavy Electricals Ltd.

Exhibit 135: Bharat Heavy Electricals Ltd. - Overview
Exhibit 136: Bharat Heavy Electricals Ltd. - Business segments
Exhibit 137: Bharat Heavy Electricals Ltd. - Key news
Exhibit 138: Bharat Heavy Electricals Ltd. - Key offerings
Exhibit 139: Bharat Heavy Electricals Ltd. - Segment focus

13.5 Capstone Green Energy Corp.

Exhibit 140: Capstone Green Energy Corp. - Overview
Exhibit 141: Capstone Green Energy Corp. - Business segments
Exhibit 142: Capstone Green Energy Corp. - Key offerings
Exhibit 143: Capstone Green Energy Corp. - Segment focus

13.6 Caterpillar Inc.

Exhibit 144: Caterpillar Inc. - Overview
Exhibit 145: Caterpillar Inc. - Business segments
Exhibit 146: Caterpillar Inc. - Key offerings
Exhibit 147: Caterpillar Inc. - Segment focus

13.7 Doosan Corp.

Exhibit 148: Doosan Corp. - Overview
Exhibit 149: Doosan Corp. - Business segments
Exhibit 150: Doosan Corp. - Key news
Exhibit 151: Doosan Corp. - Key offerings
Exhibit 152: Doosan Corp. - Segment focus

13.8 Harbin Electric Corp.

Exhibit 153: Harbin Electric Corp. - Overview
Exhibit 154: Harbin Electric Corp. - Product / Service
Exhibit 155: Harbin Electric Corp. - Key offerings

13.9 General Electric Co.

Exhibit 156: General Electric Co. - Overview
Exhibit 157: General Electric Co. - Business segments
Exhibit 158: General Electric Co. - Key news
Exhibit 159: General Electric Co. - Key offerings
Exhibit 160: General Electric Co. - Segment focus

13.10 Kawasaki Heavy Industries Ltd.

Exhibit 161: Kawasaki Heavy Industries Ltd. - Overview
Exhibit 162: Kawasaki Heavy Industries Ltd. - Business segments
Exhibit 163: Kawasaki Heavy Industries Ltd. - Key news
Exhibit 164: Kawasaki Heavy Industries Ltd. - Key offerings
Exhibit 165: Kawasaki Heavy Industries Ltd. - Segment focus

13.11 IHI Corp.

Exhibit 166: IHI Corp. - Overview
Exhibit 167: IHI Corp. - Business segments
Exhibit 168: IHI Corp. - Key news
Exhibit 169: IHI Corp. - Key offerings
Exhibit 170: IHI Corp. - Segment focus

13.12 MAN Energy Solutions SE

Exhibit 171: MAN Energy Solutions SE - Overview
Exhibit 172: MAN Energy Solutions SE - Product / Service
Exhibit 173: MAN Energy Solutions SE - Key offerings

13.13 MAPNA Group Co.

Exhibit 174: MAPNA Group Co. - Overview
Exhibit 175: MAPNA Group Co. - Product / Service
Exhibit 176: MAPNA Group Co. - Key offerings

13.14 Mitsubishi Heavy Industries Ltd.

Exhibit 177: Mitsubishi Heavy Industries Ltd. - Overview
Exhibit 178: Mitsubishi Heavy Industries Ltd. - Business segments
Exhibit 179: Mitsubishi Heavy Industries Ltd. - Key news
Exhibit 180: Mitsubishi Heavy Industries Ltd. - Key offerings
Exhibit 181: Mitsubishi Heavy Industries Ltd. - Segment focus

13.15 Motor Sich JSC

Exhibit 182: Motor Sich JSC - Overview
Exhibit 183: Motor Sich JSC - Product / Service
Exhibit 184: Motor Sich JSC - Key offerings

13.16 OPRA Technologies B.V.

Exhibit 185: OPRA Technologies B.V. - Overview
Exhibit 186: OPRA Technologies B.V. - Product / Service
Exhibit 187: OPRA Technologies B.V. - Key offerings

13.17 Siemens AG

Exhibit 188: Siemens AG - Overview
Exhibit 189: Siemens AG - Business segments
Exhibit 190: Siemens AG - Key news
Exhibit 191: Siemens AG - Key offerings
Exhibit 192: Siemens AG - Segment focus

14 Appendix

14.1 Scope of the report

14.2 Inclusions and exclusions checklist

Exhibit 193: Inclusions checklist
Exhibit 194: Exclusions checklist

14.3 Currency conversion rates for US$

Exhibit 195: Currency conversion rates for US$

14.4 Research methodology

Exhibit 196: Research methodology
Exhibit 197: Validation techniques employed for market sizing
Exhibit 198: Information sources

14.5 List of abbreviations

Exhibit 199: List of abbreviations

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