Global Gas Turbine Industry Forecast to Hit USD 28.84 Billion by 2031 at 6.44% CAGR, Driven by Cogeneration and Clean Energy Shift
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— The gas turbine industry is witnessing steady expansion as global energy systems shift toward cleaner and more flexible power generation. According to Mordor intelligence, The gas turbine industry is projected to grow from USD 20.25 billion in 2025 to USD 21.11 billion in 2026 and reach USD 28.84 billion by 2031, registering a CAGR of 6.44% during the forecast period. This growth reflects increasing demand for efficient power solutions, rising adoption of natural gas, and the integration of alternative fuels such as hydrogen.
The Gas Turbine Industry is also benefiting from changing energy priorities, where utilities are moving away from coal-based generation and adopting gas-based systems for reliability and lower emissions. Alongside this, industries such as oil and gas, petrochemicals, and distributed power are expanding their use of turbines for both power and heat generation. As a result, the Gas Turbine Market Share is gradually shifting toward regions and applications that support flexible and cleaner energy production.
Market Drivers & Insights in the Gas Turbine Market
Shift from Coal to Gas in Asia-Pacific
The Gas Turbine Market Trends indicate strong momentum in Asia-Pacific, where utilities are transitioning from coal to gas-based power generation. This shift is driven by environmental goals, growing electricity demand, and the need for stable backup to renewable energy. Countries in this region are investing heavily in gas infrastructure, creating consistent demand for turbine installations.
Rising Demand for Hydrogen-Ready Turbines
A major trend shaping the Gas Turbine Market Growth is the focus on hydrogen-compatible systems. Buyers are increasingly prioritizing turbines that can operate with blended or full hydrogen fuel. This shift aligns with decarbonization goals and long-term sustainability strategies, making hydrogen readiness a key purchasing factor across global markets.
Expansion of Cogeneration in Industrial Applications
Cogeneration systems are becoming a preferred choice in industries such as petrochemicals and refining. These systems allow simultaneous production of electricity and heat, improving efficiency and reducing energy costs. This trend is strengthening the Gas Turbine Industry by creating demand for turbines integrated into industrial facilities from the design stage.
Explore more insights on Gas Turbine competitive landscape: https://www.mordorintelligence.com/industry-reports/global-gas-turbine-market/companies?utm_source=marketersmedia
Leading Companies in the Gas Turbine Industry
- General Electric Company
- Siemens Energy AG
- Mitsubishi Heavy Industries Ltd.
- Kawasaki Heavy Industries Ltd.
- Ansaldo Energia SpA
- MAN Energy Solutions SE
- Wärtsilä Oyj Abp
- Rolls-Royce Holdings plc
- Solar Turbines Incorporated
- Capstone Green Energy Corporation
- Doosan Škoda Power
- IHI Corporation
- Bharat Heavy Electricals Limited
- Harbin Electric Co. Ltd.
- Shanghai Electric Group Co. Ltd.
- OPRA Turbines BV
- Baker Hughes Company
- Vericor Power Systems LLC
- Zorya-Mashproekt
- Nanjing Turbine & Electric Machinery Group
Gas Turbine Market Breakdown
By Capacity
- Below 30 MW
- 30 to 120 MW
- Above 120 MW
By Operating Cycle
- Combined Cycle
- Simple/Open Cycle
- Cogeneration/CHP
By Fuel Type
- Natural Gas
- Liquid Fuels
- Other Fuel Types
By End-User Industry
- Power Generation
- Oil and Gas
- Other End-User Industries
By Geography
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
Explore in-depth insights and regional perspectives, including localized editions like the Japanese market version – https://www.mordorintelligence.com/ja/industry-reports/global-gas-turbine-market?utm_source=marketersmedia
Conclusion
The Gas Turbine Market is expected to maintain a stable growth path as global energy systems continue to balance reliability with sustainability. The demand for flexible power generation, combined with the integration of renewable energy sources, will keep gas turbines relevant in the evolving energy mix.
Overall, the Gas Turbine Market Growth is supported by its ability to provide reliable, scalable, and relatively cleaner energy solutions. With continued investment in technology and fuel flexibility, the market is well-positioned to meet future energy needs while aligning with environmental goals.
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Hermetic Motor Market
The Hermetic Motor Market is valued at USD 13.31 billion in 2025 and is projected to reach USD 19.08 billion by 2030, growing at a CAGR of 7.48% during the forecast period. Growth is supported by rising demand in HVAC systems, refrigeration, and energy-efficient sealed motor applications across residential and industrial sectors.
https://www.mordorintelligence.com/industry-reports/global-hermetic-motor-market?utm_source=marketersmedia
Industrial Gas Turbine Market
The Industrial Gas Turbine Market is estimated at USD 10.35 billion in 2026, increasing from USD 9.72 billion in 2025 and expected to reach USD 14.14 billion by 2031, at a CAGR of 6.45%. Growth is driven by increasing demand for reliable power generation, industrial cogeneration, and expanding gas-based energy infrastructure.
https://www.mordorintelligence.com/industry-reports/industrial-gas-turbine-market?utm_source=marketersmedia
Turbines Market
The Turbines Market is expected to register a CAGR of more than 8.1% during the forecast period. Growth is supported by rising investments in renewable energy, increasing electricity demand, and the expansion of power generation capacity across emerging economies.
https://www.mordorintelligence.com/industry-reports/turbines-market?utm_source=marketersmedia
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