In 2021, the worldwide market for gas turbines was USD 21,860 billion. This market is expected to grow at a 5.9 percent annual rate between 2023 to 2032.

The report will give you an analysis of the impact of recent market disruptions, such as the Russia-Ukraine war as well as Covid-19 on the market. The report gives a qualitative market analysis using various frameworks such as Porter and PESTLE analysis. The report offers detailed market size and segmentation information for various categories, product types, and applications, as well as in the different geographical regions. The report includes a comprehensive analysis of key issues and trends, drivers, restraints and challenges, competitive landscape, as well as recent developments like M&A activities in the market.

A gas turbine is often referred to as a combustion turbine. It is an internal combustion engine. It has an upstream rotating compressor which is coupled to a downstream turbine, and the combustion chamber that is between them. Gas turbines can be used for powering aircraft, and ships as well as electric generators, pumps, and many other gas compressors.

Key Trends

Three major trends are evident in the field of gas turbine technology The main trends are higher temperatures, higher pressures, and higher speeds.

More intense temperatures and higher pressures lead to greater efficiency in combustion and greater power output. Pressures and temperatures that are higher allow for more efficient combustion of the fuel which leads to more power generated. Speeds that are higher allow lighter, smaller turbines that operate at higher speeds and generate more power.

Key Drivers

The major drivers of the market for gas turbines are the increased demand for power, the demand for cleaner energy sources, as well as the progress in technology. As the global economy and population continue to increase, so has the demand for power. This has resulted in an increase in demand for power, which has resulted in an increase in demand for gas turbines.

Market Segmentation

The Gas Turbine market is segmented by technology, application capacity, capacity rating, and region. The market can be divided according to application, into power generation, oil and gas, and others. Technology-wise, the market is classified in the open cycle as well as the combined cycle. Based on capacity rated, the market is segmented into 1-40 MW, 40-120 MW 120-300 MW and above 300 MW. By region, the market is divided into North America, Europe, Asia-Pacific, and the rest of the world.

Key players

Ansaldo Energia is one of the major players in the world market for gas turbines.