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Industrial Gas Turbine Market Size & Forecast

Historic: 2022-2024 Base Year: 2025 Forecast: 2026–2033
US$ 10.31 Billion
Market Size 2025 · Base Year
US$ 13.48 Billion
Projected Market Size by 2033
3.41%
CAGR · 2026–2033
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BMIPUB00039737 56+ Countries Covered 10 Major Companies Profiled PEST & SWOT Analysis Competitive Heat Map
At a Glance

Report Coverage

56 +
Countries
56+ countries across North America, Europe, Asia-Pacific, South and Central America, Middle East and Africa
12
Year Assessment
Comprehensive Market Analysis Covering 3 Years of Historical Data (2022–2024), Base Year (2025), and 8-Year Forecast (2026–2033)
10 +
Major Players
Major companies profiled including GE Vernova Inc., Siemens Energy AG, Mitsubishi Heavy Industries, Ltd., Ansaldo Energia S.p.A., Baker Hughes Company
350
Report Pages
Pages of deep-dive analysis with PEST, SWOT, competitive heat maps and datasets
What's Fueling Growth

Market Drivers

  • Power generation expansion increases turbine procurement globally

  • Industrial energy requirements support advanced turbine deployment

  • Efficiency improvements drive adoption across manufacturing facilities

Where Growth Opportunities Exist

Key Opportunities

  • Microgrid developments creating distributed power generation opportunities

  • Hydrogen infrastructure supporting advanced turbine commercialization efforts

  • Industrial expansion increasing demand for reliable energy systems

What Could Slow It Down

Market Restraints

  • Decarbonization goals reducing conventional turbine demand growth

  • High installation expenses affecting project feasibility assessments

  • Lengthy maintenance cycles impacting operational productivity

Market Segmentation

Coverage by Segment

Capacity

1-2MW
2-5MW
5-7.5MW
7.5-10MW
10-15MW
15-20MW
20-30MW
30-40MW
40-100MW
100-150MW

Technology

Heavy Duty
Light Industrial
Aeroderivative

Cycle

Simple Cycle
Combined Cycle

Sector

Electric Power Utility
Oil & Gas
Manufacturing
Geographic Breakdown

Regional Intelligence

NA North America
EU Europe
APAC Asia-Pacific
SCA South & Central America
MEA Middle East & Africa
Competitive Landscape

Major Market Players

Listed for reference — companies are not ranked in any particular order.

GE Vernova Inc.
Siemens Energy AG
Mitsubishi Heavy Industries, Ltd.
Ansaldo Energia S.p.A.
Baker Hughes Company
Kawasaki Heavy Industries, Ltd.
Rolls-Royce Holdings plc
Solar Turbines Incorporated
MAN Energy Solutions SE
Doosan Enerbility Co., Ltd.
What's Inside

Report Scope & Deliverables

Market Size 2025 US$ 10.31 Billion
Market Size 2033 US$ 13.48 Billion
CAGR 2026–2033 3.41%
Segments By Capacity (1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW)  |  By Technology (Heavy Duty, Light Industrial, Aeroderivative)  |  By Cycle (Simple Cycle, Combined Cycle)  |  By Sector (Electric Power Utility, Oil & Gas, Manufacturing)  |  By Cycle (Simple Cycle, Combined Cycle)
Geographies North America (US, Canada, Mexico)  ·  Europe (Germany, Italy, France, U.K., Spain, Belgium, Netherlands, Luxembourg, Norway, Finland, Denmark, Sweden, Switzerland, Austria, Greece, Portugal, Russia, Poland, Romania, Czech Republic, Ukraine, Slovakia, Bulgaria)  ·  Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Taiwan, Bangladesh)  ·  South and Central America (Brazil, Argentina, Chile, Colombia, Peru)  ·  Middle East and Africa (Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Qatar, Oman, Turkiye, South Africa, Egypt, Nigeria, Algeria)
Deliverables Historical analysis with CAGR · PEST & SWOT analysis · Market Size at Global, Regional, and Country Levels · Competitive heat map · Company profiles · Excel dataset
Report Code BMIPUB00039737
Lead Analyst Nikhil Chidrawar — Consultant, Research & Consulting · View Profile
With Full Report Access

Gain actionable insights with 350 pages of in-depth Industrial Gas Turbine Market, including historical trends, 8-year market forecasts, SWOT analysis, competitive landscapes, and downloadable Excel datasets in a single comprehensive package.