Europe Gas Turbine Market Trends, Growth, Industry | 2031

Segments - Europe Gas Turbine Market by End-user Industries (Oil & Gas, Power, and Others), Types (Combined Cycle and Open Cycle), and Geography (UK, Germany, France, and Rest of Europe) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031.

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

Europe Gas Turbine Market Outlook 2031:

The Europe gas turbine market size was valued at USD 5.67 Billion in 2022 and is projected to reach USD 7.53 Billion by 2031, expanding at a CAGR of 3.2% during the forecast period 2023 - 2031. The growth of the market is attributed to impact of the shale gas revolution.

A gas turbine is also called a combustion turbine. It is a type of continuous and internal combustion engine. The main elements of gas turbine engine are upstream rotating gas compressor, combustor, downstream turbine, and turbine electric generator.

Gas turbine technology has advanced since its inception and continues to evolve. Technological developments are leading to production of both smaller gas turbines and powerful and efficient engines. Advancements includes usage of computer simulation model, such as computational fluid dynamics and finite element analysis.

The development of advanced materials with superior high-temperature strength or thermal barrier coatings that protect the structural material from high temperature. These advances allow higher compression ratios and turbine inlet temperatures, which leads to efficient combustion and better cooling of engine parts. Gas turbines are used to power aircraft, trains, ships, electrical generators, pumps, gas compressors, and tanks.

Gas Turbine Market Trends, Drivers, Restraints, and Opportunities:

Increasing demand for electricity is expected to boost the gas turbine market growth.
Availability of efficient power generation technology has positively the impact the growth of market.
Rising demand for natural gas-fired power plants is anticipated to propel the growth of the market.
Growing industrialization in emerging economies is speculated to proliferate the market growth.
Increasing shift toward renewable energy can hinder the growth of the gas turbine market.
Technological advancements in the gas turbine industry coupled with upcoming gas-fired power plants is expected to create lucrative opportunities during the forecast period.

Scope of the Gas Turbine Market Report

The report on the Europe gas turbine market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	gas turbine market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	End-user Industries (Oil & Gas, Power, and Others), Types (Combined Cycle and Open Cycle)
Geographical Zone	UK, Germany, France, and Rest of Europe
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	General Electric Company, Mitsubishi Hitachi Power Systems Ltd, Siemens AG, Kawasaki Heavy Industries Ltd, and Solar Turbines Europe SA

Europe Gas Turbine Market Segment Insights

Power segment to account a major market share

Based on end-user industries, the market is segmented into oil & gas, power, and others. The power segment is anticipated to account for a major market share during the forecast period owing to rising energy demand across the globe. Conversely, the oil & gas segment is expected to grow at a steady rate in the projected timeline.

In the oil & gas industry, gas turbines are used to pump natural gas through pipelines where a small part of the pumped gas serves as the fuel. Industrial gas turbines range from 2,000 to 50,000 HP, with a majority installed in the oil & gas industry. Industrial applications use gas turbines to run compressors or mechanical drives, which help in various industrial processes.

Combined cycle segment to account a considerable market share

On the basis of types, the Europe gas turbine market is divided into combined cycle and open cycle. The combined cycle segment is expected to account for a considerable market share during the forecast period.

Increasing demand for combined cycle from power plants due to the release of low carbon dioxide and higher efficiencies provided by combine cycle plants. This type of plant is integrated with heavy duty turbines, which enable high flexibility and low emissions, even in part load operations.

Germany to dominate the market

In terms of regions, the market is segregated into UK, Germany, France, and Rest of Europe. Germany is anticipated to dominate the market share in the projected timeline. Germany launched one of Europe’s most modern gas-fired power plants, replacing coal-fired power stations.

Stadtwerke Kiel, the country’s municipal utility, launched the most modern and flexible gas engine-based combined heat and power (CHP) plants on the eastern shore of the Kieler Förde inlet in northern Germany.

Segments

The Market Europe gas turbine has been segmented on the basis of

End-user industries

Oil & Gas
Power
Others

Types

Combined Cycle
Open Cycle

Geography

UK
Germany
France
Rest of Europe

Key Players

General Electric Company
Mitsubishi Hitachi Power Systems Ltd
Siemens AG
Kawasaki Heavy Industries Ltd
Solar Turbines Europe SA

Competitive Landscape

Key players operating in the Europe gas turbine market includes General Electric Company, Mitsubishi Hitachi Power Systems Ltd, Siemens AG, Kawasaki Heavy Industries Ltd, and Solar Turbines Europe SA.

Europe Gas Turbine Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Gas Turbine Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Gas Turbine Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Gas Turbine Market - Supply Chain
  4.5. Global Gas Turbine Market Forecast
     4.5.1. Gas Turbine Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Gas Turbine Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Gas Turbine Market Absolute $ Opportunity
5. Global Gas Turbine Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Gas Turbine Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Gas Turbine Demand Share Forecast, 2019-2026
6. North America Gas Turbine Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Gas Turbine Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Gas Turbine Demand Share Forecast, 2019-2026
7. Latin America Gas Turbine Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Gas Turbine Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Gas Turbine Demand Share Forecast, 2019-2026
8. Europe Gas Turbine Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Gas Turbine Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Gas Turbine Demand Share Forecast, 2019-2026
9. Asia Pacific Gas Turbine Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Gas Turbine Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Gas Turbine Demand Share Forecast, 2019-2026
10. Middle East & Africa Gas Turbine Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Gas Turbine Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Gas Turbine Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Gas Turbine Market: Market Share Analysis
  11.2. Gas Turbine Distributors and Customers
  11.3. Gas Turbine Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. General Electric Company
     11.4.2. Mitsubishi Hitachi Power Systems Ltd
     11.4.3. Siemens AG
     11.4.4. Kawasaki Heavy Industries Ltd
     11.4.5. Solar Turbines Europe SA
     11.4.6.