The report is updated with the impact of the COVID-19 pandemic on the Gas Turbine Market . Every industry vertical across the globe has been affected by the pandemic, and the report assesses if the impact of the pandemic on the Gas Turbine Market has been positive or negative. It also sheds light on the effect of the financial difficulties and supply disruption caused by the pandemic in the overall growth of the market. Furthermore, the report covers a current and future impact assessment of the pandemic on the overall growth of the Gas Turbine Market .

The Gas Turbine Market is expected to grow from an estimated USD 10.8 billion in 2024 to USD 16.0 billion in 2033, at a CAGR of 4.50%. Growing international pressures have ensured that governments make efforts toward clean energy sources, which has remained to be in the front by organisational and governmental forces. 

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The global gas turbine market is in a phase of renewed expansion driven by rising electricity demand, grid flexibility needs and transitional fuels strategies. Estimates for market size vary across analysts, reflecting differing scopes (equipment-only versus services-inclusive), with reported valuations ranging from roughly USD 14–24 billion for 2024 and widely-cited projections showing mid-single-digit to high-single-digit CAGRs into the next decade. Investment is concentrated in heavy-duty and aeroderivative segments for utility and fast-start capacity, while industrial gas turbines continue to support onsite power for refining, petrochemical and marine end-users. Services, upgrades and long-term maintenance contracts represent a growing share of vendor revenue as owners seek life-extension and efficiency improvements.

Key Market Drivers

Key growth drivers include electrification and industrial growth in emerging markets, coal-to-gas switching policies, and short-term needs to reinforce grids (especially where renewables cannot yet meet load growth). Surging demand from hyperscale data centers and industrial electrification programs has translated into sizable order backlogs and plant expansion contracts. In parallel, the ability to operate on hydrogen blends or 100% hydrogen (in some designs) positions gas turbines as transitional assets in national decarbonization roadmaps, which supports retrofit and new-build spending. Services demand — long-term service agreements and parts/overhaul cycles — further underpins stable aftermarket revenue.

Restraints:

The market faces headwinds from volatile natural gas prices and supply geopolitics, which can make gas-fired generation economically uncertain in some regions. Stringent emissions targets and increasing policy support for zero-carbon technologies (wind, solar, storage) create long-term uncertainty for new gas capacity. Financing constraints and investor pressure to reduce fossil investments are slowing some greenfield projects, while parts lead times and supply-chain bottlenecks for specialized components can delay deliveries and inflate project costs. These restraints push buyers toward retrofits, life-extension and hybrid solutions rather than large new fossil builds in certain jurisdictions.

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Growth Opportunities

Opportunities exist in flexible hybrid plants (gas turbine + battery + renewables), hydrogen-capable conversions, and expanding aftermarket services in regions phasing out coal. Repowering aging coal sites with combined-cycle gas turbines or fast-ramping aero units offers large project pipelines. Emerging markets with rising industrialization and electrification needs present attractive new-build demand, while digital retrofit packages (condition monitoring, performance upgrades) create recurring revenue streams. Additionally, specialized markets — data centers, desalination, and remote industrial complexes — continue to buy aeroderivative and industrial units for reliability and compact footprint benefits.

Key Market Insights

Leading OEMs (notably the large incumbents) are capturing the majority of new large-frame and H-class orders while service providers and OEM service divisions secure long-term aftermarket contracts that account for a material portion of industry revenue. Order backlogs and slot reservations have grown substantially in 2024–2025, driven by utility and hyperscaler customers seeking rapid capacity additions; this has improved near-term visibility for manufacturers and led to prioritized production and supply-chain investments. The split between equipment and services revenue is increasingly

 Gas Turbine Market Segmentation Analysis

• Technology Outlook (Revenue, USD Billion; 2020-2033)
  • Open Cycle
  • Combined Cycle

• Capacity Outlook (Revenue, USD Billion; 2020-2033)
  • ≤200 MW
  • 200 MW

• End-use Outlook (Revenue, USD Billion; 2020-2033)
  • Power & Utility
  • Industrial
  • Oil & Gas

 Regional Outlook (Revenue, USD Billion; 2020-2033)

• • North America

1. United States
2. Canada
3. Mexico

1. Germany
2. France
3. United Kingdom
4. Italy
5. Spain
6. Benelux
7. Rest of Europe

1. China
2. India
3. Japan
4. South Korea
5. Rest of Asia-Pacific

1. Brazil
2. Rest of Latin America

1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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Some of the key companies in the global Aloe Vera Gel Market include:

• Ansaldo Energia
• Bharat Heavy Electricals Ltd.
• Centrax Gas Turbines
• General Electric
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Power, Ltd.
• OPRA Turbines
• Siemens Energy
• Solar Turbines Inc.

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