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Gas Turbine Market to Grow by USD 2.65 Billion (2024-2028), Enhanced Efficiency & Robustness Boosting the Market, with AI Driving Market Transformation – Technavio

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NEW YORK, Jan. 31, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global gas turbine market size is estimated to grow by USD 2.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 1.86% during the forecast period. Enhanced efficiency and robustness of gas turbines is driving market growth, with a trend towards growing use of alternative types of fuel in aeroderivative gas turbines. However, inherent challenges in handling natural gas poses a challenge. Key market players include Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Doosan Heavy Industries and Construction Co. Ltd., General Electric Co., Harbin Electric Corp., IHI Aerospace Co. Ltd., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC, MTU Aero Engines AG, Rolls Royce Holdings Plc, Siemens Energy AG, Solar Turbines Inc., Wartsila Corp., Shanghai Electric Group Co. Ltd., and OPRA Turbines BV.

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Gas Turbine Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 1.86%

Market growth 2024-2028

USD 2650.24 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

1.7

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 47%

Key countries

US, China, Japan, India, and Germany

Key companies profiled

Ansaldo Energia Spa, Bharat Heavy Electricals Ltd., Capstone Green Energy Corp., Caterpillar Inc., Doosan Heavy Industries and Construction Co. Ltd., General Electric Co., Harbin Electric Corp., IHI Aerospace Co. Ltd., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, MAPNA Group Co., Mitsubishi Heavy Industries Ltd., Motor Sich JSC, MTU Aero Engines AG, Rolls Royce Holdings Plc, Siemens Energy AG, Solar Turbines Inc., Wartsila Corp., Shanghai Electric Group Co. Ltd., and OPRA Turbines BV

Market Driver

The gas turbine industry is experiencing significant growth in the power generation sector, with mechanical drive applications in jet engines and electricity production leading the way. Emission norms and concerns over carbon dioxide emissions are driving the shift towards natural gas reserves as a cleaner alternative to coal production. Renewable energy sources like solar and wind power are also increasing in capacity, leading to the retirement of fossil-fired power plants. New power plants, including combined cycle plants and gas-fired reciprocating engines, are being ordered to meet electricity demand driven by urbanization and economic growth. The International Energy Agency predicts GT capacity additions will continue, with combined cycle technology and open cycle technology seeing strong demand. Gas turbine OEMs like Solar Turbines, IHI Corporation, Wartsila, OPRA Turbines, Centrax Gas Turbines, Zorya-Mashproekt, and Cryostar are at the forefront of this trend. Design types, including aeroderivative gas turbines, are being optimized for efficiency and emissions reduction. The electric power sector is undergoing a transformation, with renewables, wind energy, and solar energy gaining ground. Electric utility peaking and ancillary systems are also important considerations for power plant technologies. Installation costs, project financing, and equipment pricing are key factors in the decision-making process. Gas turbines, as mechanical devices using the Brayton cycle, consist of a heater, compressor, turbine, and cooler to generate electricity. Climate change initiatives and regulations are driving the need for carbon emissions reduction and the exploration of hydrogen fuel blends. The power sector continues to evolve, with natural gas, nuclear energy, coal, and renewables all playing a role. 

The cost of fuel is a significant expense in gas turbine power generation, making up a substantial portion of the overall cost. In response, there is a growing trend towards using low-cost alternatives, particularly in the marine and industrial sectors. Fuel flexibility is a key driver for innovation in gas turbine technology. Aeroderivative gas turbines, for instance, have been developed to accommodate various fuel types for enhanced versatility. Traditionally, natural gas has been the primary fuel for these systems, but other fuels and gases, such as biofuel and synthetic gas, are gaining traction due to their affordability. However, the large-scale production of these alternative fuels is still in its infancy. 

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Market Challenges

The gas turbine industry faces several challenges in the power generation sector. Mechanical drive applications, including jet engines, require advanced gas turbine technology. Emission norms and carbon dioxide reduction targets pose significant hurdles for fossil-fired power plants, pushing the industry towards renewable energy sources like solar and wind power. Natural gas reserves and economic growth in urban areas increase electricity demand, leading to new power plants. Design types, such as combined cycle plants and gas-fired reciprocating engines, are in high demand. Rating capacity additions in the electric power sector require project financing and equipment pricing considerations. International Energy Agency reports show renewable capacity additions surpassing new gas turbine orders. Retiring coal-fired generation and hydrogen fuel blends add complexity. Carbon emissions, gas turbine designs, and ancillary systems are key areas of focus. Gas turbine OEMs like Solar Turbines, IHI Corporation, Wartsila, OPRA Turbines, Centrax Gas Turbines, Zorya-Mashproekt, and Cryostar innovate to meet power sector needs. Gas turbines, as mechanical devices, use the Brayton cycle, with a working fluid, heater, compressor, turbine, and cooler, to generate electricity. Climate change initiatives and regulations drive innovation in power plant technologies. MW demand, installation costs, and overhaul and repair are ongoing concerns. Gas turbines have applications in marine, aerospace, and process plants.Natural gas-fired power plants offer efficiency advantages over coal-fired alternatives. However, the environmental concern of methane leaks from natural gas storage is a significant challenge. Methane, a major component of natural gas, is odorless and has a global warming potential 82 times greater than carbon dioxide. Undetected leaks can contribute to environmental damage. Regulatory measures addressing gas storage safety are anticipated, which may restrict the expansion of the gas turbine market during the forecast period.

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Segment Overview

This gas turbine market report extensively covers market segmentation by

Product 1.1 Heavy-duty gas turbine1.2 Aeroderivative gas turbineTechnology 2.1 CCGT2.2 OCGTGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Heavy-duty gas turbine- The global heavy-duty gas turbine market is projected to experience robust growth due to the increasing demand for electric power as a result of rising power consumption worldwide. Developing nations are expected to drive significant power generation activities during the forecast period. Gas turbines are preferred over coal-based power generation due to environmental concerns, contributing to market growth. High-baseload plants requiring turbines over 300 MW will contribute significantly. Vendors, like General Electric Co., secure long-term agreements for constructing new heavy-duty gas turbines to expand market presence. For instance, in March 2022, GE received an order from Harbin Electric Co. Ltd for three GE 9HA.01 gas turbines. This trend of increasing orders for heavy-duty gas turbines is expected to accelerate market growth during the forecast period.

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Research Analysis

The gas turbine industry is a critical segment of the power generation sector, focusing on the production of electricity using the Brayton cycle. A gas turbine is a mechanical device that converts the energy contained in a working fluid into mechanical power, which is then converted into electricity. The working fluid, typically natural gas, is heated in a heater, causing it to expand and drive a turbine. The expanding gas then passes through a cooler to condense and repeat the process. Gas turbines are used in various applications, including mechanical drive and jet engines. In the electric power sector, they are often used in combined cycle plants, which also incorporate steam turbine generators. The gas turbine market is driven by the increasing demand for electricity and the availability of natural gas reserves. However, emission norms and the shift towards renewable energy sources, such as solar and wind, are major challenges. Renewable capacity additions are expected to impact gas turbine orders, but gas-fired reciprocating engines may still play a role in the transition towards a low-carbon energy sector.

Market Research Overview

The gas turbine industry is a critical segment of the power generation sector, focusing on the production of electricity using the Brayton cycle. Gas turbines, mechanical devices that convert the energy of a working fluid into mechanical power, are used in various applications, including jet engines, mechanical drive, and electricity production. The increasing demand for electricity due to urbanization, economic growth, and electricity demand drives the market. Natural gas reserves and coal production are significant fuel sources for gas-fired power plants, which include combined cycle plants and gas-fired reciprocating engines. Renewable energy sources, such as solar power plants and wind power plants, are also increasingly integrated into the power sector, leading to renewable capacity additions. Emission norms and climate change initiatives have led to the development of carbon dioxide capture technologies and the use of hydrogen fuel blends. The power sector is undergoing a significant shift towards cleaner energy sources, with retiring coal-fired generation and the growth of nuclear energy, renewables, wind energy, and solar energy. The gas turbine market is influenced by various factors, including electricity demand, project financing, equipment pricing, and gas turbine OEMs such as Solar Turbines, IHI Corporation, Wartsila, OPRA Turbines, Centrax Gas Turbines, Zorya-Mashproekt, and Cryostar. The market also includes combined cycle technology, open cycle technology, and marine and aerospace applications. Gas turbine designs continue to evolve, with aeroderivative gas turbines and ancillary systems playing essential roles in the industry. Installation costs, overhaul and repair, and rating capacity are also significant factors influencing the market. The International Energy Agency forecasts continued growth in gas turbine capacity additions, driven by the electric power sector’s increasing reliance on gas-fired power plants.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductHeavy-duty Gas TurbineAeroderivative Gas TurbineTechnologyCCGTOCGTGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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DEKRA Korea to Acquire Global Product Service, Strengthening Consumer Electronics Testing and Certification Capabilities in Korea

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GIMHAE-SI, South Korea, April 20, 2026 /PRNewswire/ — DEKRA, a leading global provider of testing, inspection, and certification services, today announced it has signed a definitive agreement to acquire Global Product Service Co., Ltd (GPS), a prominent South Korean company renowned for its expertise in consumer electronics product testing and certification.

This strategic acquisition will significantly enhance DEKRA Korea’s capabilities within the rapidly growing consumer electronics sector, bringing together DEKRA’s global network and comprehensive service portfolio with GPS’s deep-rooted local knowledge and decades of experience serving South Korea’s leading manufacturers.

GPS has established a strong reputation for its in-depth technical expertise and unwavering commitment to quality, particularly within the consumer electronics market. For many years, GPS has been a trusted partner to major South Korean electronics companies, providing testing and certification services that ensure product safety, performance, and compliance with international standards.

The successful acquisition is a result of the strong collaboration and commitment from both DEKRA and GPS. Key representatives who participated in the signing, embodying this collaboration, were Dr. Kilian Aviles, Executive Vice President of DEKRA Group and Head of Asia Pacific Region; Ming Sheng, Vice President of Automotive Testing, DEKRA China; Young Seok Lee, CEO of Global Product Service Co., Ltd; and Seong Su Kim, Director of Global Product Service Co., Ltd.

“We are thrilled to welcome Global Product Service Co., Ltd to the DEKRA family,” said Dr. Kilian Aviles, Executive Vice President of DEKRA Group and Head of Asia Pacific Region. “This acquisition represents a significant milestone in our growth strategy in South Korea. GPS’s deep understanding of the local market, combined with their specialized expertise in consumer electronics, perfectly complements DEKRA’s global strengths. Together, we will offer unparalleled testing and certification solutions to our clients, empowering them to bring innovative and reliable products to market with greater speed and confidence.”

The integration of GPS into DEKRA Korea will leverage synergies in technology, talent, and market reach. This will enable DEKRA to further support South Korean manufacturers as they navigate complex global regulatory landscapes and strive for excellence in product development and quality assurance. Clients can expect a seamless transition and continued access to the high-quality services they have come to rely on from both organizations.

Young Seok Lee, CEO of Global Product Service Co., Ltd commented, “Joining forces with DEKRA is an exciting opportunity for GPS. DEKRA’s global reach and extensive resources will allow us to expand our service offerings and better serve our existing and future clients. We are confident that this partnership will create significant value for the South Korean consumer electronics industry, providing enhanced support and innovation.”

About DEKRA

For more than 100 years, DEKRA has been a trusted name in safety. Founded in 1925 with the original goal of improving road safety through vehicle inspections, DEKRA has grown to become the world’s largest independent, non-listed expert organization in the field of testing, inspection, and certification. Today, as a global partner, the company supports its customers with comprehensive services and solutions to drive safety and sustainability forward—fully aligned with DEKRA’s anniversary motto, “Securing the Future.” In 2024, DEKRA generated revenue of 4.3 billion euros. Around 48,000 employees are providing qualified and independent expert services in approximately 60 countries across five continents. DEKRA holds a Platinum rating from EcoVadis, placing it among the top 1% of the world’s most sustainable companies.

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SOURCE DEKRA Asia Pacific

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BLUETTI Showcases Integrated PAYGO Energy Solution at Canton Fair, Expanding Partnership Opportunities in Africa

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GUANGZHOU, China, April 20, 2026 /PRNewswire/ — From April 15-19, 2026, at the 139th Canton Fair, clean energy innovator BLUETTI presented an integrated Pay-As-You-Go (PAYGO) solution that combines digital distribution tools with off-grid energy products, as the company expands its presence in emerging markets, particularly across Africa.

The solution brings together BLUETTI’s proprietary BLUETTI GO platform and a range of PAYGO-enabled solar home systems, reflecting a broader shift in the industry from standalone hardware sales to more structured distribution and financing models.

PAYGO has gained traction in regions where upfront costs remain a key barrier to energy access. By enabling installment-based payments and remote device management, the model allows consumers to access electricity services with lower initial investment, while offering distributors greater visibility into repayment and asset performance.

BLUETTI GO serves as a centralized platform for distributors, integrating sales tracking, inventory control, credit profiling, payment overdue tracking, risk monitoring, and operational analysis. These features are designed to help partners operate more efficiently and support long-term business planning in PAYGO-driven markets.

The company’s product lineup includes entry-level solar home systems such as the P80(battery capacity 76.8Wh), to African Star (battery capacity 1728Wh), designed for basic electricity needs, as well as the higher-capacity Home Star (battery capacity 2kWh-5kWh) series for off-grid household energy storage. These systems can be deployed independently or bundled with appliances such as televisions, fans, and lighting equipment.

As demand for decentralized energy solutions grows across Africa, supported by both public and private investment in renewable infrastructure, PAYGO models are playing a larger role in bridging the gap between energy access and affordability. 

Driven by product breakthroughs and innovative business practices, BLUETTI has been enlarging its footprint in the region in recent years. The company operates across more than 40 African countries, supported by local teams and pilot programs, including a Nigerian initiative launched in 2020 that has expanded into a network of branded retail outlets.

About BLUETTI

Founded in 2013, BLUETTI is a leading global provider of energy storage solutions, specializing in home solar batteries, portable power stations, and solar generators. Through initiatives like the LAAF (Lighting Africa Affordable Financing program), BLUETTI aims to power 1 million African families in off-grid areas. Today, it serves over 3.5 million users in 140+ countries and regions. Learn more: https://bluetti.com/

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Moomoo Pioneers the Era of Agentic Investing with Launch of Moomoo API Skills

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The first AI-powered API Skills that turn trading ideas into execution — no coding required

KUALA LUMPUR, Malaysia and SINGAPORE, April 15, 2026 /PRNewswire/ — Moomoo today announced the launch of Moomoo API Skills, its AI-powered capability that enables investors to execute sophisticated trading strategies using natural language — marking a major leap in making institutional-grade tools accessible to all.

This breakthrough positions Moomoo at the forefront of a new era of investing, where anyone with an idea can turn it into action — without writing a single line of code.

A First-of-Its-Kind Breakthrough in Investor Accessibility

For years, advanced trading capabilities such as algorithmic strategies, real-time automation, and multi-market data access have long been limited to professional traders.

Moomoo API Skills removes this barrier.

Investors can now describe their strategy in plain language, from technical signals to execution conditions, and have it translated into live or simulated trades instantly.

“This is the first time Wall Street-level trading capability is made truly accessible through everyday language,” said Robin Xu, Group Senior Partner & Senior Vice President, Futu Holdings. “We are not just simplifying trading tools — we are redefining who gets to use them.”

From Tools to Trading Assistants

Moomoo API Skills introduces a new paradigm of agentic investing, where AI acts as an execution partner rather than a passive tool.

Instead of navigating complex systems, investors can:

Describe their strategyLet AI translate it into execution logicMonitor and respond to markets in real time

This effectively creates an always on trading assistant, enabling faster and more structured decision making.

Institutional Capabilities Made Accessible

Built on Moomoo’s Open API ecosystem, the capability provides:

Zero code strategy executionGlobal market access across US, Singapore, Hong Kong SAR, Japan, and moreReal time monitoring and automated triggers

At the same time, Moomoo maintains strong control and security through its local-first architecture powered by Moomoo OpenD, where:

Data remains on the user’s local environmentExecution requires user confirmationExposure to third party risks is reduced

Closing the Execution Gap

Today’s investors are not short of information, but often face challenges in executing consistently and efficiently. Moomoo API Skills is designed to close this gap by simplifying how strategies are expressed and carried through. It also strengthens Moomoo’s ecosystem, including Moo Academy, MooveNetwork and the Option Playbook, enabling a seamless journey from learning to execution.

“The challenge today is no longer access to information, but the ability to act on it effectively,” said Xu.
“Moomoo API Skills helps investors translate intent into structured action while keeping them fully in control.”

Pioneering the Next Phase of Investing

The launch reflects a broader shift in investing, from tool based platforms to intent driven systems. With Moomoo API Skills, investors can define what they want to achieve, while intelligent systems handle how it is executed. This creates a more direct and structured path from idea to action, allowing investors to focus on strategy rather than operational complexity.

“We believe the next phase of investing is agentic — where investors define their intent and intelligent systems help carry out strategies. With Moomoo API Skills, investors can turn their ideas into structured strategies that can be tested and executed seamlessly within a single environment. Our focus is on enabling this in a way that enhances decision-making while keeping investors fully in control, bringing a more intuitive and accessible approach to strategy-driven investing,” said Xu.

About Moomoo

Moomoo is a leading global investment and trading platform dedicated to empowering investors with user-friendly tools, data, and insights. Our platform is designed to provide essential information and technology, enabling users to make well-informed investment decisions. With advanced charting tools, pro-level analytical features, Moomoo evolves alongside our users, fostering a dynamic community where investors can share, learn, and grow together.

Founded in the US, Moomoo has expanded its global presence to serve investors across multiple markets, including Singapore, Australia, Japan, Canada, Malaysia, and New Zealand. As a subsidiary of a Nasdaq-listed company, Moomoo is trusted by more than 29 million investors worldwide and has earned recognition from leading financial institutions and publications for its innovation and reliability.

For more information, please visit Moomoo’s official website at www.moomoo.com

Disclaimers

The contents herein do not constitute an offer, solicitation or recommendation to invest in any capital market products. Investors should understand the risks involved in relation to the products and services, conduct their own risk assessment and seek professional advice, where necessary. Investors should compare and consider the fee, charges and costs involved. Past performance is not indicative of future performance.

This document has not been reviewed by the Securities Commission Malaysia. Please refer to the Advertisement Disclaimer on our website.

Investments in capital market products involve risk. Full disclaimers at www.moomoo.com/sg/support/topic5_510. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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