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Gas Turbine Market Size To Lead USD 61.13 Billion By 2035


2026-02-26 09:17:15
(MENAFN- GlobeNewsWire - Nasdaq) The gas turbine market size is anticipated to reach USD 61.13 billion by 2035, increasing from USD 30.24 billion in 2025, with a strong CAGR of 7.29% from 2026 to 2035.

Ottawa, Feb. 26, 2026 (GLOBE NEWSWIRE) -- According to Precedence Research, the gas turbine market size

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Key Highlights of the Gas Turbine Market

  • By region, the Asia Pacific has held largest share of the total revenue share of 37% in 2025. North America is expected to grow at the fastest CAGR over the forecast period.
  • By capacity, the>200 MW segment dominated the market with the largest share of 66% in 2025.
  • By technology, the combined cycle turbines sector has the highest market share 74% in 2025.
  • By application, the power & utility segment held the highest market share 82% in 2025.

The Surge in Energy Demand is Helpful for the Growth of the Gas Turbine Market

The market is witnessing a rapid surge in gas demand due to rising energy needs. The government across the globe has set robust targets to improve electricity generation capacity. In addition, the transition towards cleaner energy sources aligns with global trends, implying that the market will play an essential role in fulfilling energy demands.

Ongoing Development of High-Efficiency Turbines Is Fuelling Market Expansion

The growing development of highly efficient turbines is the major trend shaping positive market growth. Gas turbines produce more energy for the same amount of fuel if they reuse and capture the waste heat. Furthermore, this leads to the overall fuel costs and emissions, which makes power generation

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New Trends in the Gas Turbine Market

  • There is an ongoing trend of using synthetic natural gas and biogas, particularly in aeroderivative turbines, to minimize overall carbon footprints.
  • Rapid innovations in materials, turbine design, and control systems are allowing market players to manufacture more functional gas turbines that emit fewer pollutants and consume less fuel.
  • Major companies such as GE Vernova and Siemens Energy are using digital twins' virtual models of turbines to simulate operations, minimizing forced outages by up to 30% and propelling efficiency by 2% to 3%.

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Gas Turbine Market Dynamics

What are the growth Drivers of the Gas Turbine Market?

The rapid urbanisation and growing use of clean electricity are the major factors driving market growth. The surge in economic activities and developments has led to the increasing demand for electrical appliances across the globe. In addition, the growth of the end-use sector, especially in developing countries such as India, China, and Southeast Asia, will impact positive market growth.

Component Shortages Hampering the Growth of the Market

A major shortage of rotor forgings, super-alloy casting, and hot-section blades is a major factor hampering the growth of the market. Some frame turbines are increasingly being shipped without rotors or blades to keep tight construction schedules, with parts installed later on-site. Moreover, the growing need for renewable energy sources across various sectors due to strict policies regarding minimizing carbon emissions can hamper growth soon.

Surged Durability and Efficiency of Gas Turbines

The improved durability and efficiency of gas turbines and the emergence of stringent carbon emission rules are creating lucrative opportunities in the market. Furthermore, major market players such as Siemens and General Electric are making heavy investments in the development of high-efficiency gas turbines, contributing to market expansion in the near future.

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Market Scope

Report Highlights Details
Market Size in 2025 USD 30.24 Billion
Market Size in 2026 USD 32.51 Billion
Market Size by 2035 USD 61.13 Billion
Growth Rate from 2026 to 2035 CAGR of 7.29%
Fastest Growing Market Asia Pacific
Base Year 2025
Forecast Period 2026 to 2035
Segments Covered Product, Application, Technology, Capacity, Region
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

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Regional Insights

Asia Pacific Gas Turbine Market Size and Growth 2026 To 2035

The Asia Pacific gas turbine market size is valued at USD in 2025 and is expected to be worth around USD 22.62 billion by 2035, growing at a CAGR of 7.29% from 2026 to 2035.

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Asia Pacific dominated the market with the largest share in 2025. The dominance of the region can be attributed to the increasing electricity demand due to ongoing urbanisation or industrialization, especially in China and India, along with the rapid transition towards cleaner energy to replace coal. In addition, to minimize carbon emissions, several countries are transitioning from coal to natural gas-fired power plants, leading to regional growth.

North America is expected to grow at the fastest CAGR over the forecast period. The growth of the region can be credited to the growing adoption of hydrogen-ready technologies and the extensive availability of natural gas. In North America, the US led the market due to rapid innovations in turbine efficiency and the growing adoption of aeroderivative turbines for power and heat applications.

Europe is expected to grow at a significant CAGR over the forecast period. The growth of the region can be driven by ongoing investment in H2-ready turbines and a transition towards cleaner natural gas, coupled with technological innovations in production technology. Furthermore, the surge in economic activities and developments in developed countries has led to an increasing demand for electrical appliances in the region.

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Gas Turbine Market Segmental Analysis

Capacity Insights

The >200 MW segment dominated the market with the largest share in 2025. The dominance of the segment can be attributed to the increasing electricity demand and growing demand for large-scale power generation. In addition, these units are crucial for offering consistent base-load power for industrial zones and large cities, as well as for grid stabilization, leading to further segment growth.

Application Insights

The power & utility segment held the largest market share in 2025. The dominance of the segment can be linked to the increasing demand for natural gas-fired power and the need for peak-load management in the power grid facilities. Also, the development of innovative and high-efficiency turbines minimizes overall operating costs and enhances performance.

Technology Insights

The combined cycle turbines segment dominated the market with the largest share in 2025. The dominance of the segment is owed to its greater efficiency and lower emissions, along with the increasing global energy demand. Moreover, extensive investments in natural gas infrastructure, especially in emerging economies, are fuelling the adoption of high-efficiency CCGT units.

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Recent Developments in the Gas Turbine Market

  • In February 2026, the Finnish manufacturer Wärtsilä secured a contract to supply 24 50SG gas engines to a 429 MW power plant in the United States. The facility, operated by an undisclosed investor-owned utility, is designed to provide reliable, flexible power to a data center.

Global Gas Turbine Market - Company Market Share

Company Market Share (%)
GE Vernova 28.1%
Siemens Energy 24.1%
Mitsubishi Heavy Industries 18.4%
Baker Hughes 9.6%
Ansaldo Energia 7.3%
Solar Turbines (Caterpillar) 6.0%
Rolls-Royce (Power Systems) & Other Regional OEMs 6.5%

Key Insights of Companies in Gas Turbine Manufacturing

Heavy-duty Gas Turbine Manufacturers (Conservative, Backlog-driven)

GE Vernova

  • Action: GE Vernova is focusing on expanding its gas turbine manufacturing capacity through a significant capital investment program to increase annual heavy-duty turbine deliveries.
  • Rationale: The company is responding to a strong multi-year backlog and long project execution cycles. The focus is on selective capacity additions to ensure delivery reliability and margin protection, rather than broad-scale expansion.

Siemens Energy

  • Action: Siemens Energy continues to prioritize the execution of large utility-scale and combined-cycle projects, supported by strategic investments in supply-chain and manufacturing improvements.
  • Rationale: Heavy-duty turbine demand is driven by specific projects, which are capital-intensive. Therefore, expansion decisions are based on secured orders and long-term demand visibility.

Mitsubishi Power

  • Action: Mitsubishi Power is fulfilling large-frame turbine orders while selectively investing in advanced turbine platforms, including those capable of running on hydrogen.
  • Rationale: The company is focusing on technological differentiation and efficient execution of its backlog, instead of aggressively increasing production volumes.

Medium and Aero-derivative Gas Turbine Manufacturers

Solar Turbines (Caterpillar)

  • Action: Solar Turbines is expanding its service capabilities, collaborating with customers, and offering integrated solutions, especially for industrial, mechanical-drive, and data-center applications.
  • Rationale: These markets have short cycles and are fast-moving, which makes service-led expansion more valuable than large-scale manufacturing footprint increases.

Rolls-Royce (MTU)

  • Action: Rolls-Royce is investing in new engine platforms, forming supplier partnerships, and expanding production capacity to meet the demand for emergency power and data center applications.
  • Rationale: The company's growth is driven by distributed power and standby power applications, which require flexible production capabilities and faster response times.

Kawasaki Heavy Industries & Select Asian OEMs

  • Action: Kawasaki and other selected Asian OEMs are focusing on targeted production and product development, including hydrogen-capable turbines and region-specific projects, particularly in the Asia-Pacific region.
  • Rationale: The emphasis is on capturing regional demand and driving product innovation, rather than expanding capacity globally.

Gas Turbine Market Companies

  • Wartsila
  • BHEL
  • Mitsubishi Hitachi Power Systems
  • Harbin Electric International Company
  • Siemens AG
  • Man Diesel & Turbo
  • General Electric
  • NPO Saturn
  • Kawasaki Heavy Industries
  • Solar Turbines
  • Capstone Turbine
  • Vericor Power Systems
  • Cryosta
  • AnsaldoEnergia
  • Opra Turbines
  • Zorya-Mashproekt

Segments Covered in the Report

By Capacity Type

  • > 500 kW to 1 MW
  • > 1 MW to 30 MW
  • < 50 kW
  • 50 kW to 500 kW
  • > 70 MW to 200 MW
  • >30 MW to 70 MW
  • > 200 MW

By Product Type

  • Heavy Duty
  • Aero-Derivative

By Technology Type

  • Combined Cycle
  • Open Cycle

By Application Type

  • Process Plants
  • Power Plants
  • Oil & Gas
  • Aviation
  • Marine
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • Asia-pacific
  • Middle and East Africa

Thank you for reading. You can also get individual chapter-wise sections or region-wise report versions, such as North America, Europe, or Asia Pacific.

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