Market Overview:
According to IMARC Group’s latest research publication, “Gas Turbine Market Size, Share, Trends and Forecast by Product, Gender, Distribution Channel, and Region, 2026-2034“, offers a comprehensive analysis of the industry, which comprises insights on the global gas turbine market share. The global market size reached USD 26.8 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 35.4 Billion by 2034, exhibiting a growth rate (CAGR) of 3.00% during 2026-2034.
The market is primarily driven by augmenting demand for energy due to rapid industrialization and urbanization, considerable growth in construction and infrastructure development activities, and the imperative shift toward cleaner energy sources across the globe.
How Surging Energy Demand Is Reshaping the Gas Turbine Market
- The relentless rise in global energy consumption, fueled by rapid industrialization, is positioning gas turbines as a preferred power generation solution due to their quick startup capabilities and remarkable fuel efficiency.
- AI data centers are becoming a defining growth catalyst. GE Vernova and Crusoe signed a deal in July 2025 for 29 LM2500XPRESS aeroderivative gas turbine packages delivering nearly 1 GW of flexible power to Crusoe’s AI data center infrastructure.
- In the United States, electricity demand is expected to grow at an annual rate of 2.2% in both 2025 and 2026, compared with an average growth of just 0.8% experienced between 2020 and 2024, according to the U.S. Energy Information Administration.
- Around 120 gas-fired plants are planned by 2030 in the U.S. alone, for a total projected capacity of approximately 80 gigawatts, underscoring the structural shift back to dispatchable thermal generation.
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Key Trends Driving the Gas Turbine Market
- Combined Cycle Technology Dominates the Landscape: Combined cycle gas turbine (CCGT) systems represent the largest technology segment, capturing over 74% of total revenue share. By integrating gas and steam turbines, CCGT systems optimize energy efficiency by recovering waste heat to generate additional electricity, making them the cornerstone of utility-scale power plants worldwide.
- Heavy-Duty Frame Turbines Lead Design Preferences: The heavy duty (frame) type holds the largest share of the design type segment. These robust, large-scale machines are engineered for continuous base-load power generation in utility and industrial plants, where reliability and extended operational life are non-negotiable.
- High-Capacity Units Drive Revenue: The above 300 MW capacity segment accounts for the largest market share, as these turbines serve as integral powerhouses for urban centers and large industrial complexes requiring consistent grid-grade electricity supply.
- Power Generation Sector Anchors End-Use Demand: Power generation represents the dominant end-user segment, with gas turbines deployed across utility-scale plants, decentralized energy systems, and combined cycle facilities. The power and utility segment alone holds over 82% of total end-use revenue, reflecting the near-universal reliance on gas turbines for electricity infrastructure.
- Hydrogen-Ready Turbines Emerge as a Strategic Priority: Manufacturers are accelerating the development of hydrogen-compatible turbines. In January 2026, Mitsubishi Power secured a major contract to supply hydrogen-ready M701JAC gas turbines for Qatar’s Facility E IWPP near Doha, adding 2.4 GW of power and 495,000 tons per day of desalinated water, representing approximately 20% of Qatar’s national grid capacity.
Growth Factors in the Gas Turbine Market
- Transition Away from Coal: Governments worldwide are decommissioning coal and ageing nuclear facilities in favor of gas turbines, which emit substantially fewer pollutants and offer superior operational flexibility. FirstEnergy proposed a 1.2 GW combined-cycle gas plant in West Virginia in November 2025 to replace coal, targeting 60% fewer emissions and lower long-term power costs.
- Government Policies and Infrastructure Mandates: State and federal regulators across North America, Europe, and Asia Pacific are actively incentivizing gas-fired capacity as a bridging fuel to net-zero targets. U.S. developers plan to bring online 3.3 GW of new gas capacity in 2026, with over half already under construction, according to the U.S. Energy Information Administration’s Preliminary Monthly Electric Generator Inventory.
- Carbon Capture Integration Gaining Traction: In November 2025, Toshiba Energy and GE Vernova signed an MoU to integrate GE’s turbine exhaust gas recirculation system with Toshiba’s solvent CO2-capture technology in combined-cycle plants, targeting a 90% emissions cut with minimal efficiency loss, with a focus on retrofits across Japan and Asia. Similarly, UK-based Uniper began consultation on a 720 MW gas power plant with integrated carbon capture at Killingholme, linked to the East Coast Cluster.
- Massive Private Capital Deployment: SB Energy unveiled a USD 33 billion, 9.2 GW natural gas-fired facility project in February 2026, which alone could require between 24 and 30 heavy-duty gas turbines for its initial build-out, illustrating the extraordinary scale of investment flowing into gas-fired infrastructure.
- OEM Capacity Expansion Under Pressure: GE Vernova is spending over USD 160 million to scale production from approximately 50 large-frame turbines annually to 70-80 units by late 2026. Siemens Energy has transitioned key manufacturing facilities to 24/7 operations and announced a USD 1 billion U.S. investment programme, while Mitsubishi Heavy Industries plans to double its manufacturing capacity through 2028.
Regional Power Map: Where the Gas Turbine Market Is Growing Fastest
- Asia Pacific leads the global market, accounting for approximately 37% of total revenue. Rapid industrialization, population growth, and accelerating urbanization in countries like China and India continue to drive extensive deployment of gas turbines in utility-scale power plants supporting economic development.
- North America is experiencing its most aggressive capacity-building cycle in decades. Orders are expected to peak in 2026 as developers race to secure equipment for an estimated 63 GW of gas capacity additions from 2026 to 2030, per Wood Mackenzie analysis.
- Europe is leveraging gas turbines as a flexible bridge technology to complement intermittent renewable energy sources. The EU has formally recognized gas turbines as a transition energy technology, with combined heat and power (CHP) adoption further strengthening demand.
- Middle East and Africa represents a high-growth regional pocket, driven by infrastructure development, desalination plant requirements, and oil and gas sector activity. October 2025 saw Russia commission its first domestically produced high-capacity GTD-110M gas turbine at Udarnaya power station, increasing plant capacity to 560 MW, reflecting the region’s drive toward energy self-sufficiency.
- Latin America is leveraging the operational flexibility of gas turbines to address both base-load and peak electricity demands across energy systems that balance hydrocarbon resources with evolving grid requirements.
Leading Companies Operating in the Global Gas Turbine Industry
- Kawasaki Heavy Industries
- Siemens
- GE Vernova
- Mitsubishi Heavy Industries (MHPS)
- Ansaldo
- Harbin Electric
- MAN Diesel
- Solar Turbines
- BHEL
- Caterpillar
Gas Turbine Market Report Segmentation
Breakup By Technology:
- Combined Cycle Gas Turbine
- Open Cycle Gas Turbine
Combined cycle gas turbine accounts for the majority of market share, owing to its superior thermal efficiency and lower environmental impact compared to open cycle configurations.
Breakup By Design Type:
- Heavy Duty (Frame) Type
- Aeroderivative Type
Heavy duty (frame) type holds the largest share of the industry due to its suitability for continuous, large-scale base-load power generation.
Breakup By Rated Capacity:
- Above 300 MW
- 120-300 MW
- 40-120 MW
- Less Than 40 MW
Above 300 MW represents the leading market segment, driven by the electricity demands of large urban centers and industrial complexes.
Breakup By End User:
- Power Generation
- Mobility
- Oil and Gas
- Others
Power generation represents the leading market segment, with gas turbines deployed across utility-scale plants, peaker facilities, and decentralized energy systems.
Breakup By Region:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Asia Pacific leads the market, accounting for the largest gas turbine market share.
Recent News and Developments in the Gas Turbine Market
- April 2026: Wood Mackenzie reported that global gas turbine prices are on a trajectory to reach USD 600 per kilowatt by end-2027, representing a 195% increase since 2019, driven by supply-demand imbalances with global orders at 110 GW against manufacturing capacity of only 60-70 GW.
- January 2026: Mitsubishi Power secured a landmark contract to supply hydrogen-ready M701JAC gas turbines for Qatar’s Facility E IWPP near Doha, contributing 2.4 GW of power capacity and supporting Qatar’s National Vision 2030 decarbonization agenda.
- November 2025: GE Vernova and Toshiba Energy signed a Memorandum of Understanding to integrate exhaust gas recirculation with solvent CO2-capture technology in combined-cycle plants, targeting approximately 90% emissions reduction with retrofits focused on Japan and Asia.
- October 2025: Russia commissioned its first domestically produced high-capacity GTD-110M gas turbine at the Udarnaya power station, a milestone that raised the plant’s total capacity to 560 MW amid sanctions-driven import restrictions.
- July 2025: GE Vernova and Crusoe Energy signed a major supply agreement for 29 LM2500XPRESS aeroderivative gas turbine packages to power Crusoe’s AI data centers, providing nearly 1 GW of flexible, dedicated energy capacity.
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