The global gas turbine equipment market size was US$ 22.2 billion in 2021. The global gas turbine equipment market is forecast to grow to US$ 36.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

Gas turbines are used to develop mechanical energy through turbine blades for electricity. A mixture of fuel and outside air is heated at a high temperature to generate electricity.

Factors Influencing the Market

The primary factor influencing the growth of the gas turbine equipment market is the steadily rising demand for electricity across the globe. Moreover, the fact that coal-fired power plants emit large amounts of toxic gases will surge the demand for gas turbines in the coming year, thereby propelling the global gas turbine equipment market forward.

Gas turbines use natural gases with significantly less amount of sulfur. Moreover, gas turbines emit 0.37 kilograms of CO2 per kWh of electricity generated, whereas lignite emits 1.01 kg/kWh and anthracites emit 0.8 kg/kWh. This factor is expected to drive the growth of the global gas turbine equipment market. Stringent government measures and crucial steps aiming at lowering carbon emissions will benefit the global gas turbine equipment market. Moreover, rising awareness related to the benefits of natural gas coal will offer ample growth opportunities for the market during the forecast period.

The growing range of innovative strategies will also drive the demand for gas turbine equipment. For instance, Ansaldo Energia and Shanghai Electric Group inked an agreement with Bangladesh Power Development Board's North-West Power Generation Company Ltd. Through this, the companies aim to design and build an 880 MW combined cycle power plant in Bangladesh through the consortium they signed.

Fluctuations in the cost of natural gas may limit the growth of the global gas turbine equipment market.

COVID-19 Impact Analysis

The COVID-19 pandemic halted maximum industrial work, which reduced the electricity demand. As a result, it also hampered the growth of the gas turbine equipment market. Moreover, mining work was also reduced due to the wake of the pandemic. Labor shortage and unavailability of raw materials ultimately impeded the growth of the gas turbine equipment market.

Regional Analysis

North America is expected to hold dominance in the gas turbine equipment market in terms of revenue. It is attributed to the rising demand for gas turbine equipment from shale gas reserves in the region. Furthermore, growing technological development in extraction and mining technology will benefit the market in the coming years. Moreover, technological advancements in multistage hydraulic fracturing techniques will also contribute to the growth of the market.

Competitors in the Market

General Electric
Siemens Energy
Mitsubishi Power, Ltd.
Kawasaki Heavy Industries, Ltd.
Ansaldo Energi
Bharat Heavy Electricals Ltd.
MAN Energy Solutions
Other Prominent Players
Market Segmentation

The global gas turbine equipment market segmentation focuses on Capacity, Technology, End-Use, and Region.

By Capacity Outlook

Less than equal to 200 Megawatt (?200 MW)
Greater than 200 Megawatt (>200 MW)
By Technology Outlook

Open Cycle
Combined Cycle
By End-Use Outlook

Power & Utility
Industrial
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America