Gas Turbine Market Share | Global Leaders & Key Players 2025

Q: What is the current size of the gas turbine market and its projected value by 2031?

The market is valued at USD 19.3 billion in 2024 and is projected to reach USD 27.6 billion by 2031.

Q: What is the expected CAGR of the gas turbine market from 2024 to 2031?

The gas turbine market is expected to grow at a CAGR of 4.2% during the forecast period.

Q: Which factors are driving the growth of the gas turbine market globally?

Key drivers include the need for cleaner energy, power infrastructure upgrades, and the growth of industrial and distributed power applications.

Q: Who are the major players in the global gas turbine market?

Major companies include General Electric, Siemens Energy, Mitsubishi Power, and Rolls-Royce.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA4586

Publication Date: Jun 2025

What is the share of the Gas turbine Market?

According to 6Wresearch internal database and industry insights, the Global gas turbine market was demonstrated approximately USD 19.3 billion in 2024, and is projected to reach USD 27.6 billion by 2031, expanding at a CAGR of 5.2% during the forecast period. Gas turbine platforms account for over 43% estimated market share as this has scalability, industrial extension and remote access capabilities.

The global gas turbine market is valued at USD 19.3 billion in 2024 and is expected to reach USD 27.6 billion by 2031, driven by more demand for cleaner ways to make electricity, government laws are more supportive of low-emission energy, and power projects are growing around the world on both a utility and an industrial scale. The market is also growing because of improvements in turbine design and fuel efficiency.

Key Growth Factors of the Gas turbine Market

Growth in distributed power generation
Expanding industrialization in emerging economies
Rising replacement of aging coal-fired plants
Increasing demand for efficient power generation
Growing adoption of natural gas as a transition fuel
Increasing focus on decarbonization
Technological innovations in gas turbines
Expansion of combined-cycle power plants

Gas turbine Market Trends

The gas turbine market is witnessing a moving towards more efficient and adaptable turbine models, which are commonly made to work in combined-cycle systems. The push to lower greenhouse gas emissions has led to more people using hydrogen and hybrid-fuelled turbines. Also, computerised monitoring and predictive maintenance technologies are becoming standard in modern turbine systems.

Emerging Developments in the Gas turbine Market

The market is evolving with the use of more modern combustion technologies, hydrogen-ready turbine solutions, and the increasing use of gas turbines in hybrid renewable energy systems. OEMs and utility companies are also forming more strategic collaborations for long-term service agreements. These relationships help with innovation and system optimisation.