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Gas Turbine Market Report：the global Gas Turbine market size is projected to reach USD 30.15 billion by 2031
A gas turbine is a type of internal combustion engine. Essentially, the engine can be viewed as an energy conversion device that converts energy stored in the fuel to useful mechanical energy in the form of rotational power. The term “gas” refers to the ambient air that is taken into the engine and used as the working medium in the energy conversion process.
This air is first drawn into the engine where it is compressed, mixed with fuel and ignited. The resulting hot gas expands at a high velocity through a series of airfoil-shaped blades transferring energy created from combustion to turn an output shaft. The residual thermal energy in the hot exhaust gas can be harnessed for a variety of industrial processes.
Gas Turbine Market Summary
According to the new market research report “Gas Turbine - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”, published by QYResearch, the global Gas Turbine market size is projected to reach USD 30.15 billion by 2031, at a CAGR of 8.0% during the forecast period.
Figure00001. Global Gas Turbine Market Size (US$ Million), 2020-2031
Source: QYResearch, "Gas Turbine - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”
Figure00002. Global Gas Turbine Top 9 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)
Source: QYResearch, "Gas Turbine - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”
According to QYResearch Top Players Research Center, the global key manufacturers of Gas Turbine include GE Vernova, Siemens Energy, MHPS, Dongfang Electric Corporation, Solar Turbines, Baker Hughes, Ansaldo, Kawasaki, BHEL, etc. In 2024, the global top five players had a share approximately 79.0% in terms of revenue.
In terms of product type, currently Heavy Duty Gas Turbine is the largest segment, hold a share of 77.2%, primarily used in large-scale power plants. Aeroderivative Gas Turbines with strong growth due to their flexibility and suitability for distributed generation and oil & gas operations.
In terms of product application, currently Power Generation is the largest segment, hold a share of 73.6%. Gas turbines are widely used in both base-load and peak-load power plants due to their high efficiency, fast start-up capabilities, and lower emissions compared to coal-fired units. In many regions, especially in Asia-Pacific, the Middle East, and the U.S., governments and utilities are investing in combined cycle gas turbine (CCGT) plants to replace aging coal infrastructure and meet cleaner energy targets. Additionally, the increasing integration of renewable energy sources is driving demand for gas turbines as flexible backup solutions to ensure grid stability.
Gas Turbine Market Dynamics
Market Drivers:
Growing Electricity Demand: Rising global energy consumption—especially in emerging economies—drives investment in gas-based power plants.
Shift Toward Cleaner Power Generation: Compared to coal, gas turbines emit less CO₂ and are increasingly used as a transitional technology in decarbonization strategies.
Expansion of Industrial and Oil & Gas Operations: Gas turbines are critical for mechanical drive applications (e.g., pipeline compression, LNG facilities).
Restraint:
Competition from Renewables: Rapid cost declines in wind and solar energy reduce the share of gas turbines in new power capacity additions.
Volatility in Natural Gas Prices: Fluctuating fuel costs impact the economics of gas turbine power plants.
High Capital Investment: Large-scale combined-cycle and aeroderivative turbine installations require substantial upfront costs.
Opportunity:
Replacement & Modernization: Aging fleets of gas turbines in North America and Europe require upgrades, retrofits, and efficiency improvements.
Distributed Energy & Microgrids: Smaller gas turbines and CHP (combined heat and power) solutions for localized power and industrial processes.
About The Authors
Airong Wang– As a Junior Analyst with two years of experience at QYResearch, I specialize in market research and the preparation of in-depth industry reports. With a strong foundation in data collection and analysis, I effectively identify key market trends, assess competitive landscapes, and provide actionable insights for clients.
Leveraging my academic background in logistics and auto, I bring a technical understanding of the industry, which enhances the quality of my analysis and reports. My expertise lies in conducting feasibility studies, identifying growth opportunities, and helping businesses make informed, strategic decisions.
Email: wangairong@qyresearch.com
About QYResearch
QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 17 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.
QYResearch is a world-renowned large-scale consulting company. The industry covers various high-tech industry chain market segments, spanning the semiconductor industry chain (semiconductor equipment and parts, semiconductor materials, ICs, Foundry, packaging and testing, discrete devices, sensors, optoelectronic devices), photovoltaic industry chain (equipment, cells, modules, auxiliary material brackets, inverters, power station terminals), new energy automobile industry chain (batteries and materials, auto parts, batteries, motors, electronic control, automotive semiconductors, etc.), communication industry chain (communication system equipment, terminal equipment, electronic components, RF front-end, optical modules, 4G/5G/6G, broadband, IoT, digital economy, AI), advanced materials industry Chain (metal materials, polymer materials, ceramic materials, nano materials, etc.), machinery manufacturing industry chain (CNC machine tools, construction machinery, electrical machinery, 3C automation, industrial robots, lasers, industrial control, drones), food, beverages and pharmaceuticals, medical equipment, agriculture, etc.
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