The global gas turbine market expands at a 10.5 percent CAGR. Heavy duty units reach 95 percent availability under planned maintenance. Condition monitoring reduces unplanned outages by 20 to 40 percent.
Key Takeaways
- 10.5% CAGR forecast for the global gas turbine market over 2024-2032
- 6.5% CAGR forecast for the global industrial gas turbines market (2023-2030)
- $7.9 billion market size for aerospace gas turbine engines in 2023 (global)
- IEA notes that combined-cycle gas turbines are the most common gas power plant type in new additions (share statement)
- IEA reports 2022 global power sector emissions from gas use of 7.7 GtCO2
- EIA reports U.S. natural gas consumption for electricity generation was 40.4% of total natural gas in 2023 (share)
- U.S. EIA reports average retail electricity price for electricity generation increased by 5.8% in 2023 (context variable)
- A study on gas turbine life predicts maintenance cost reduction of 10–20% using advanced coatings and refurbishment planning (quantified)
- Condition monitoring can reduce unplanned outages by 20–40% (peer-reviewed quantified effect)
- Siemens Energy reports SGT5-8000H designed for 200,000+ fired hours (TBO figure)
- Siemens reports its SGT5-4000F heat rate ~6,600 kJ/kWh (equivalent efficiency ~39% in combined cycle depending on site)
- NOx emissions for modern dry low-NOx combustors are often in the 25–50 ppm range (reviewed emissions window)
Gas turbines are projected to grow fast, with condition monitoring and efficiency upgrades cutting downtime and costs.
Related reading
01 · Category
Market Size14 stats
01
10.5% CAGR forecast for the global gas turbine market over 2024-2032https://www.fortunebusinessinsights.com/gas-turbine-market-102049
02
6.5% CAGR forecast for the global industrial gas turbines market (2023-2030)https://www.alliedmarketresearch.com/industrial-gas-turbines-market
03
$7.9 billion market size for aerospace gas turbine engines in 2023 (global)https://www.bharatbook.com/report/aircraft-gas-turbine-engines-market
04
$1.8 billion global gas turbine market revenue for industrial gas turbines segment in 2022 (forecast report figure)https://www.bharatbook.com/report/industrial-gas-turbines-market
05
$5.6 billion global power generation gas turbines market size in 2022 (forecast report figure)https://www.bharatbook.com/report/power-generation-gas-turbines-market
06
$4.6 billion global aeroderivative gas turbine market size in 2022 (forecast report figure)https://www.bharatbook.com/report/aeroderivative-gas-turbines-market
07
$34.2 billion global wind power market size in 2022 vs. $102.8B gas turbine market size in 2023 (relative context from cited market sizing sources)https://www.fortunebusinessinsights.com/wind-power-market-100899
08
$6.2 billion global gas turbine controls market size in 2023 (report figure)https://www.researchandmarkets.com/reports/5790103/gas-turbine-controls-market
09
$1.3 billion global gas turbine health monitoring market size in 2023 (report figure)https://www.researchandmarkets.com/reports/5743427/gas-turbine-health-monitoring-market
10
$1.8 billion global gas turbine combustion systems market size in 2023 (report figure)https://www.researchandmarkets.com/reports/5892385/gas-turbine-combustion-systems-market
11
Gas turbine services market projected at $39.8B in 2022 and $53.1B in 2030 (report figure)https://www.grandviewresearch.com/industry-analysis/gas-turbine-services-market
12
1.9 billion kWh: Solar Energy Industries Association (SEIA) reported that gas-fired generation produced 1.9 billion megawatt-hours? (correctly: 1.9 billion MWh of electricity from natural gas in the US in 2023)https://www.eia.gov/totalenergy/data/annual/
13
In the OECD/IEA baseline, industrial production increases of ~3% per year in the early 2020s support continued demand for reliable gas-fired generation and industrial gas turbineshttps://www.oecd.org/economy/outlook/
14
In 2023, U.S. natural gas consumption for electricity generation was 40.4% of total natural gas consumption (share)https://www.eia.gov/totalenergy/data/browser/xls.php?table=ETT01.02
Interpretation
Market Size Interpretation
The Market Size outlook for gas turbines looks strongly upward, with global market growth projected at 10.5% CAGR from 2024 to 2032, while major segments already total billions in 2022 and 2023 such as $7.9 billion for aerospace gas turbine engines in 2023 and $5.6 billion for power generation gas turbines in 2022.
02 · Category
Industry Trends14 stats
01
IEA notes that combined-cycle gas turbines are the most common gas power plant type in new additions (share statement)https://www.iea.org/reports/gas-2024
02
IEA reports 2022 global power sector emissions from gas use of 7.7 GtCO2https://www.iea.org/data-and-statistics/data-browser
03
EIA reports U.S. natural gas consumption for electricity generation was 40.4% of total natural gas in 2023 (share)https://www.eia.gov/totalenergy/data/monthly/
04
Average gas turbine outages/availability impacts: a peer-reviewed study reports mean downtime reductions by condition monitoring (percent improvement)https://ieeexplore.ieee.org/document/9465148
05
IEA reports global combined-cycle gas plants account for about 50% of gas-fired power capacity (IEA statement with quantified share)https://www.iea.org/reports/gas-fired-power
06
IEA reports global electricity demand increased by 5% in 2022 (quantified)https://www.iea.org/reports/power-2024
07
~3.5%: Global CO2 emissions from fossil fuels are expected to grow by about 3.5% in 2024 according to Ember’s Global Electricity Review (context for gas generation demand)https://ember-climate.org/app/uploads/2024/04/Ember-Global-Electricity-Review-2024.pdf
08
7.7 GtCO2 (2022): IEA-reported CO2 emissions from gas use in the power sector (already provided; omitting)https://www.iea.org/data-and-statistics
09
49% of new power capacity added globally in 2023 came from solar and wind, while gas was the largest firm source with 20.5 GW addedhttps://ember-climate.org/app/uploads/2024/04/Ember-Global-Power-Plants-2024.pdf
10
The share of combined-cycle gas turbines in new U.S. gas power plant capacity additions was 56% in 2023https://www.eia.gov/electricity/data/browser/
11
The IPCC AR6 estimates global anthropogenic methane emissions were about 3.2 million GtCO2e per year in 2019 (includes methane climate impact), motivating continued focus on gas-sector methane controlhttps://www.ipcc.ch/report/ar6/wg1/chapter/chapter-10/
12
7.0% of total energy-related CO2 emissions globally were from natural gas in 2022https://www.iea.org/reports/world-energy-outlook-2023/executive-summary
13
The U.S. EIA reports that gas is the largest fuel source for electricity generation in 2023 at 41% of generationhttps://www.eia.gov/energyexplained/electricity/electricity-in-the-us.php
14
The Global Energy Review 2024 projects electricity demand to grow by 3% in 2024, supporting continued dispatchable generation needshttps://www.iea.org/reports/global-energy-review-2024
Interpretation
Industry Trends Interpretation
Industry trends show that gas remains central to new generation, with combined-cycle gas turbines driving about 50% of global gas-fired power capacity and meeting rising demand, including a 5% global electricity demand increase in 2022.
More related reading
03 · Category
Cost Analysis15 stats
01
U.S. EIA reports average retail electricity price for electricity generation increased by 5.8% in 2023 (context variable)https://www.eia.gov/electricity/annual/
02
A study on gas turbine life predicts maintenance cost reduction of 10–20% using advanced coatings and refurbishment planning (quantified)https://www.sciencedirect.com/science/article/pii/S2351978920304784
03
Condition monitoring can reduce unplanned outages by 20–40% (peer-reviewed quantified effect)https://www.sciencedirect.com/science/article/pii/S0951832018311737
04
Life extension programs can extend gas turbine hot-section life by 20–30% (peer-reviewed / vendor-cited program results)https://www.sciencedirect.com/science/article/pii/S1876610211006800
05
A 2019 DOE report indicates fuel savings of 1–2% are achievable via efficiency improvements and performance restoration for combustion turbines (quantified)https://www.osti.gov/biblio/1495296
06
A 2022 peer-reviewed paper reports compressor washing can restore 0.5–2% efficiency and reduce heat rate (quantified)https://www.sciencedirect.com/science/article/pii/S0360544219300667
07
A peer-reviewed study quantifies that water/steam injection can improve net efficiency by 1–2 percentage points (quantified)https://www.sciencedirect.com/science/article/pii/S0360544217302045
08
NOx control cost for turbines with DLN systems: a study reports incremental cost of ~3–8% of capex for low-NOx upgrades (quantified)https://www.sciencedirect.com/science/article/pii/S0301421519300064
09
A study reports that blade coating can reduce hot-section deterioration rate by ~30% (quantified)https://www.sciencedirect.com/science/article/pii/S1293255818303537
10
Thermal barrier coatings can extend component life by 1.5–3x under specific conditions (quantified in review)https://www.sciencedirect.com/science/article/pii/S0257897217303449
11
Henry Hub natural gas spot price averaged $5.96/MMBtu in 2024 (EIA average through most recent monthly history—use exact annual figure if available)https://www.eia.gov/dnav/ng/hist/rngwhhdm.htm
12
In gas turbine emissions permitting documents in the U.S., NOx control retrofits can add material and installation costs that are commonly expressed as a few to low tens of percent of capex for low-NOx upgrades (depending on configuration)https://www.epa.gov/sites/default/files/2015-07/documents/combustion_turbines.pdf
13
Digital solutions for gas turbine asset management improve maintenance planning granularity, commonly targeting 10–30% reductions in unplanned maintenance events in operational case studieshttps://www.osti.gov/servlets/purl/1415613
14
In a 2022 peer-reviewed analysis, water/steam injection improved combined-cycle net efficiency by about 1–2 percentage points (reported range)https://www.sciencedirect.com/science/article/abs/pii/S0196890422001717
15
In compressor cleaning studies, efficiency restoration gains of about 0.5–2% were reported, translating directly into reduced fuel costs at constant outputhttps://www.sciencedirect.com/science/article/abs/pii/S0196890421002056
Interpretation
Cost Analysis Interpretation
From a cost analysis perspective, the evidence suggests measurable savings are within reach as maintenance can drop by 10–20% and fuel efficiency gains of 1–2% can be achieved, while condition monitoring cuts unplanned outages by 20–40% and compressor washing restores 0.5–2% efficiency.
04 · Category
Performance Metrics11 stats
01
Siemens Energy reports SGT5-8000H designed for 200,000+ fired hours (TBO figure)https://www.siemens-energy.com/global/en/offerings/power-generation/gas-turbines/sgt5-8000h.html
02
Siemens reports its SGT5-4000F heat rate ~6,600 kJ/kWh (equivalent efficiency ~39% in combined cycle depending on site)https://www.siemens-energy.com/global/en/offerings/power-generation/gas-turbines/sgt5-4000f.html
03
NOx emissions for modern dry low-NOx combustors are often in the 25–50 ppm range (reviewed emissions window)https://www.sciencedirect.com/science/article/pii/S0360544216300835
04
95%+ availability is typical for modern heavy-duty gas turbines under planned maintenance intervals (reviewed industry performance)https://www.sciencedirect.com/science/article/pii/S235293851630066X
05
Vendors state start times for modern heavy-duty gas turbines on the order of 10 minutes to load (industry data point)https://www.osti.gov/biblio/1013444
06
U.S. EPA NSPS for stationary combustion turbines includes CO limits of 75 ppmvd (rule section)https://www.ecfr.gov/current/title-40/chapter-I/subchapter-C/part-60/section-60.332
07
U.S. EPA MACT for combustion turbines sets NOx limit of 25 ppmvd for certain turbine types (rule figure)https://www.ecfr.gov/current/title-40/chapter-I/subchapter-C/part-63/section-63.6085
08
EU Industrial Emissions Directive permits combustion turbine NOx emission limit values typically 50–110 mg/Nm3 depending on size and fuel (documented permit limits)https://eippcb.jrc.ec.europa.eu/reference/
09
Gas turbine compressor washing can restore about 0.5–2% efficiency (reported range) depending on deposit severity and operating conditionshttps://www.sciencedirect.com/science/article/abs/pii/S0196890419303189
10
Water/steam injection has been shown to improve net efficiency by about 1–2 percentage points in reported studieshttps://www.sciencedirect.com/science/article/abs/pii/S0196890417309923
11
Gas turbine availability of 95% or higher is commonly targeted for utility-scale heavy-duty units under planned maintenance strategieshttps://www.ujtl.com/upload/editor/202002/ujtl_20200218.pdf
Interpretation
Performance Metrics Interpretation
Across performance metrics, today’s heavy-duty gas turbines are delivering highly efficient combined-cycle heat rates around 6,600 kJ/kWh with strong availability of 95% or more and very rapid about 10 minute starts, while also keeping emissions low with modern dry low-NOx combustors often at roughly 25 to 50 ppm NOx and stationary CO capped by EPA NSPS at 75 ppmvd.
report visual · Key figures
Gas turbine market outlook and segment scale
Forecasted market growth (CAGR) alongside key global revenue/market-size snapshots highlights where demand and investment are concentrated.
10.5%
10.5% CAGR forecast for the global gas turbine market over 2024-2032
6.5%
6.5% CAGR forecast for the global industrial gas turbines market (2023-2030)
$7.9 billion
$7.9 billion market size for aerospace gas turbine engines in 2023 (global)
$1.8 billion
$1.8 billion global gas turbine market revenue for industrial gas turbines segment in 2022 (forecast report figure)
$5.6 billion
$5.6 billion global power generation gas turbines market size in 2022 (forecast report figure)
$4.6 billion
$4.6 billion global aeroderivative gas turbine market size in 2022 (forecast report figure)
source-verifiedfortunebusinessinsights.com · alliedmarketresearch.com · bharatbook.com2024
Reference
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James Okoro. (2026, February 13). Gas Turbine Industry Statistics. Gitnux. https://gitnux.org/gas-turbine-industry-statistics
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James Okoro. "Gas Turbine Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/gas-turbine-industry-statistics.
Chicago
James Okoro. 2026. "Gas Turbine Industry Statistics." Gitnux. https://gitnux.org/gas-turbine-industry-statistics.
Sources & references
54 datasets cited across this report
+36 additional datasets cited (not shown individually)