Report Contents
Market Overview
The Gas Turbines in Thermal Power market is evolving into a more efficient and flexible backbone of global baseload and peak-load generation. The sector is currently generating about 21,17 Billion in global revenue in 2026 and is forecast to reach 28,25 Billion by 2032, reflecting a projected compound annual growth rate of 4.80% over this period. This growth reflects rising demand for high-efficiency combined-cycle plants, grid-balancing capacity for variable renewables, and fast-start gas turbine solutions in both mature and emerging power systems.
Success in this market increasingly depends on strategic imperatives such as scalability of plant configurations, localization of manufacturing and service ecosystems, and deep technological integration of digital twins, predictive maintenance, and low-carbon fuels like hydrogen blends. These converging trends are expanding the market’s scope from conventional thermal power assets toward hybrid power plants, decarbonized gas-fired fleets, and grid-responsive capacity markets, redefining the long-term direction of gas turbine deployment. This report positions itself as an essential strategic tool for utilities, OEMs, EPC contractors, and investors by providing forward-looking analysis of capital allocation decisions, technology roadmaps, regulatory opportunities, and disruption risks that will shape the next generation of thermal power portfolios.
Market Growth Timeline (USD Billion)
Source: Secondary Information and ReportMines Research Team - 2026
Market Segmentation
The Gas Turbines in Thermal Power Market analysis has been structured and segmented according to type, application, geographic region and key competitors to provide a comprehensive view of the industry landscape.
Key Product Application Covered
Key Product Types Covered
Key Companies Covered
By Type
The Global Gas Turbines in Thermal Power Market is primarily segmented into several key types, each designed to address specific operational demands and performance criteria.
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Heavy-duty gas turbines:
Heavy-duty gas turbines hold a substantial share of the installed base in large thermal power plants due to their high output capacity and durability. These units typically deliver between 100 megawatts and 500 megawatts per turbine, making them central to baseload and mid-merit generation portfolios in mature power systems. Their market position remains strong because utilities and independent power producers rely on them for long operating hours, often exceeding 6,000 hours per year, to ensure grid stability and predictable capacity availability.
The competitive advantage of heavy-duty gas turbines lies in their robust design, long maintenance intervals and proven fuel flexibility, which together support levelized cost of electricity reductions of up to 10 percent compared with older steam-only assets. Modern heavy-duty models achieve thermal efficiencies in simple-cycle mode of around 38 percent to 42 percent, and when integrated into combined-cycle configurations they can contribute to plant efficiencies above 60 percent. Their current growth is fueled by replacement of aging coal-fired units, particularly in regions enforcing tighter emissions standards, as well as by the need for reliable backup capacity to support intermittent renewables on national grids.
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Aeroderivative gas turbines:
Aeroderivative gas turbines occupy a critical position in applications that demand rapid start-up, high cycling capability and modular deployment, such as peaking plants, industrial cogeneration sites and mobile power units. Their output typically ranges from 20 megawatts to 150 megawatts, and they are widely adopted in markets with volatile demand profiles and constrained construction timelines. This segment is gaining strategic relevance in power systems that require fast-ramping assets to balance solar and wind output and to provide frequency regulation services.
The primary competitive strength of aeroderivative gas turbines stems from their high simple-cycle efficiency, often reaching 42 percent to 45 percent, and their ability to achieve full load in less than 10 minutes, which significantly reduces start-up fuel consumption and operating costs. These features enable operators to capture ancillary services revenue and minimize wear associated with frequent cycling, resulting in total lifecycle cost savings that can exceed 15 percent compared with conventional peaking units. Their growth is accelerated by increasing investments in grid resiliency, particularly in markets with high renewable penetration, offshore platforms, and remote industrial operations where compact footprint and rapid deployment are decisive factors.
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Light industrial gas turbines:
Light industrial gas turbines serve a specialized niche between heavy-duty and aeroderivative units, typically addressing distributed generation, small utility plants and captive power for manufacturing facilities. Their power ratings often fall in the 5 megawatt to 50 megawatt range, making them suitable for on-site generation where grid infrastructure is weak or unreliable. This segment is especially important in emerging markets, where industrial clusters and commercial complexes require stable electricity and heat without dependence on long-distance transmission networks.
The competitive advantage of light industrial gas turbines arises from their compact design, relatively low installation costs and flexible integration with heat recovery systems for combined heat and power applications, where total energy utilization can reach 70 percent to 80 percent. These systems deliver favorable payback periods by reducing electricity purchases from the grid and lowering process steam production costs for industries such as chemicals, paper and food processing. Their current growth is driven by industrial decarbonization initiatives, which promote cleaner fuels and high-efficiency distributed power, and by policy incentives for combined heat and power installations in both developed and developing economies.
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Simple-cycle gas turbine systems:
Simple-cycle gas turbine systems represent a foundational configuration in thermal power portfolios, especially for peaking power plants, emergency backup units and regions with rapidly fluctuating load profiles. These systems are characterized by relatively low capital expenditure, short construction timelines and straightforward operation, making them attractive for fast-track capacity additions. In many markets, simple-cycle units serve as the first stage of development, with operators later upgrading them to combined-cycle configurations as demand and financing conditions improve.
The principal competitive advantage of simple-cycle systems is their ability to achieve high power output with minimal complexity, delivering thermal efficiencies typically between 30 percent and 40 percent, depending on turbine type and ambient conditions. Their rapid response times, often under 10 minutes to full load, and moderate initial investment can reduce time-to-market for new capacity by several months compared with more complex plants. The main growth catalyst for simple-cycle gas turbine systems is the increasing requirement for flexible peaking capacity to support grids with high shares of variable renewable energy, as well as the need for dependable backup power in regions affected by frequent grid disturbances or natural disasters.
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Combined-cycle gas turbine systems:
Combined-cycle gas turbine systems occupy a dominant role in modern thermal power markets because they offer the highest efficiency and lowest emissions among fossil-based generation technologies. By integrating gas turbines with heat recovery steam generators and steam turbines, combined-cycle plants can achieve net plant efficiencies above 60 percent, significantly outperforming conventional steam power plants. This configuration has become the preferred choice for new large-scale capacity additions in many regions, particularly where natural gas supply is secure and carbon reduction policies are tightening.
The competitive advantage of combined-cycle systems lies in their superior fuel utilization, which can reduce fuel costs per kilowatt-hour by 15 percent to 25 percent compared with simple-cycle units, and in their lower specific emissions of carbon dioxide and nitrogen oxides. These systems are increasingly designed with flexible operating modes, enabling ramp rates of several megawatts per minute and part-load efficiencies that support integration with renewable energy resources. Their growth is strongly driven by global decarbonization strategies, the retirement of coal-fired plants, and the rising availability of liquefied natural gas infrastructure, which together position combined-cycle gas turbine systems as a core technology in the transition toward lower-carbon thermal power generation.
Market By Region
The global Gas Turbines in Thermal Power market demonstrates distinct regional dynamics, with performance and growth potential varying significantly across the world's major economic zones.
The analysis will cover the following key regions: North America, Europe, Asia-Pacific, Japan, Korea, China, USA.
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North America:
North America plays a pivotal role in the global Gas Turbines in Thermal Power market due to its large installed base of combined-cycle plants and strong replacement demand. The United States and Canada dominate regional activity, driven by aging coal retirements and a shift toward flexible, gas-fired capacity to balance renewables. The region accounts for a significant portion of global revenue, functioning as a mature, high-value market with steady, contract-driven cash flows for OEMs and service providers.
Untapped potential lies in modernizing mid-merit and peaking plants with higher-efficiency F- and H-class gas turbines, as well as digital performance upgrades. Key challenges include environmental permitting constraints, evolving emissions regulations, and uncertainty around long-term gas infrastructure policy. Unlocking further growth requires lifecycle service optimization, hydrogen-ready turbine deployments and targeted investments in grid-constrained states where flexible thermal generation can alleviate congestion and support renewable integration.
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Europe:
Europe is strategically important for advanced gas turbine technology in thermal power due to its decarbonization agenda and strong engineering base. Germany, the United Kingdom, Italy and Spain are key markets, with significant combined-cycle capacity and active refurbishment programs. The region contributes a meaningful share of global market size, but growth is moderate, reflecting a mature, transition-oriented landscape rather than a build-out of entirely new baseload assets.
Future opportunities center on gas turbines configured for high hydrogen co-firing, combined heat and power in industrial clusters and flexible backup for variable wind and solar. A major challenge is policy-driven pressure to phase down fossil fuel generation, which can delay final investment decisions. To unlock remaining potential, suppliers must focus on efficiency upgrades, emissions reduction packages, and repurposing existing assets into low-carbon thermal hubs integrated with carbon capture, utilization and storage infrastructure.
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Asia-Pacific:
The Asia-Pacific region represents the primary growth engine of the global Gas Turbines in Thermal Power market, with strong demand for reliable baseload and mid-merit capacity. Emerging economies in Southeast Asia, India and parts of Oceania are significant contributors, complementing established markets such as Australia and Singapore. The region is estimated to command a growing share of global installations as industrialization, urbanization and rising electricity demand drive new combined-cycle projects and gas infrastructure build-out.
Untapped potential exists in gas-to-power projects linked to liquefied natural gas import terminals, especially in countries transitioning away from heavy fuel oil and subcritical coal. Key challenges include fuel supply security, currency risks in capital-intensive projects and policy uncertainty around tariff structures. Strategic success depends on offering modular turbine solutions, flexible financing arrangements and localized service capabilities that address the unique grid reliability and demand-growth profiles of rapidly developing economies.
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Japan:
Japan holds a distinctive position in the Gas Turbines in Thermal Power market as a highly advanced, reliability-focused system with substantial gas-fired capacity. Major utilities and industrial conglomerates drive demand for high-efficiency combined-cycle plants and cogeneration systems, especially following shifts in the power mix after nuclear fleet disruptions. Japan accounts for a notable portion of regional Asia-Pacific revenue, serving as a technology-intensive, premium segment rather than a volume-driven growth market.
There is considerable opportunity in upgrading existing plants with next-generation turbines, enhanced heat recovery systems and hydrogen-ready combustion technology. However, challenges include stringent emissions targets, limited domestic gas resources and strong competition from renewables. Unlocking further growth will depend on integrating gas turbines into low-carbon energy hubs, including ammonia and hydrogen value chains, while leveraging long-term service agreements to extend asset life and optimize performance under evolving dispatch patterns.
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Korea:
Korea is a strategically important, export-oriented market for Gas Turbines in Thermal Power, characterized by a concentrated utility sector and advanced grid infrastructure. The country has invested heavily in combined-cycle plants to diversify away from coal and nuclear, positioning itself as a regional benchmark for high-efficiency gas power projects. Korea contributes a measurable share of Asia-Pacific market activity through both domestic installations and engineering, procurement and construction capabilities.
Untapped potential includes repowering older simple-cycle plants, integrating energy storage with gas turbines for enhanced grid flexibility and deploying hydrogen-capable units aligned with national hydrogen economy plans. Challenges center on fuel price volatility, policy debates on the optimal energy mix and public pressure to accelerate decarbonization. Market entry and expansion strategies should emphasize partnerships with local utilities, technology localization and solutions that improve dispatch flexibility while maintaining stringent reliability and environmental performance standards.
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China:
China is one of the most dynamic and strategically significant markets for Gas Turbines in Thermal Power, driven by rapid urbanization, industrial demand and efforts to reduce particulate and carbon emissions from coal-heavy regions. Major activity concentrates in coastal provinces and industrial belts where gas infrastructure and liquefied natural gas terminals support large combined-cycle power plants. China commands a substantial and growing share of global market volume, acting as both a consumption base and a manufacturing hub.
There is significant untapped potential in inland provinces transitioning from small coal units to cleaner, gas-fired capacity and in distributed generation for industrial parks. Key challenges include ensuring stable gas supply, managing regional tariff differences and balancing central decarbonization directives with local economic priorities. Successful strategies require alignment with state-owned enterprises, compliance with local content requirements and deployment of high-efficiency turbines that can later be adapted for low-carbon fuels and integrated into emerging carbon trading mechanisms.
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USA:
The USA constitutes the largest single-country market within North America for Gas Turbines in Thermal Power, combining a vast installed base with active repowering and modernization programs. Independent power producers, vertically integrated utilities and merchant generators collectively drive demand for advanced combined-cycle plants and flexible peaking units. The USA represents a significant portion of global market size in 2,025, supported by a mature, service-intensive revenue profile and strong aftermarket opportunities.
Untapped opportunities include capacity replacements in retiring coal regions, grid-supporting gas turbines in high-renewable states and the deployment of turbines capable of blending natural gas with hydrogen. Key challenges involve evolving capacity market rules, regional gas pipeline constraints and decarbonization policies at federal and state levels. To unlock additional value, investors and manufacturers must focus on lifecycle optimization, digital performance monitoring and configurations that position gas-fired assets as future-ready components of a decarbonized, flexible power system.
Market By Company
The Gas Turbines in Thermal Power market is characterized by intense competition, with a mix of established leaders and innovative challengers driving technological and strategic evolution.
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General Electric Company:
General Electric Company occupies a leading position in the Gas Turbines in Thermal Power market, supplying heavy-duty and aeroderivative gas turbines for large-scale combined cycle plants and flexible peaking facilities worldwide. The company plays a central role in grid decarbonization strategies by integrating high-efficiency gas turbines with digital monitoring platforms and hybrid solutions, including battery storage and hydrogen-ready configurations. This positioning makes the company a critical partner for utilities and independent power producers that require reliable capacity while gradually increasing the share of renewables.
In 2025, General Electric Company is estimated to generate gas turbine-related revenue of USD 5,800,000,000 in the thermal power segment, corresponding to a global market share of approximately 28.70% . These figures highlight the company’s scale and its ability to capture a significant portion of the projected Gas Turbines in Thermal Power market, which is expected to reach USD 20,200,000,000 by 2025 according to ReportMines, with a compound annual growth rate of 4.80 percent. The revenue and share profile indicate a strong competitive moat built on installed base, lifecycle service contracts, and long-term performance guarantees.
General Electric Company differentiates itself through high-efficiency H-class and F-class turbines, digital twin-based asset performance management, and extensive global service infrastructure. The company’s advanced gas path upgrades, fuel-flexible combustion systems, and integration with carbon capture-ready configurations provide a strategic advantage over smaller vendors that cannot match this breadth of solutions. Its strong presence in North America, the Middle East, and Asia-Pacific, coupled with deep project finance and EPC partnerships, positions it as a preferred supplier for complex combined cycle and cogeneration projects.
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Siemens Energy AG:
Siemens Energy AG holds a prominent role in the Gas Turbines in Thermal Power market, particularly in Europe, the Middle East, and Asia, where its gas turbines power baseload and mid-merit plants for national utilities and industrial customers. The company is a key technology provider for flexible, low-emissions gas-fired power plants that complement intermittent solar and wind generation in modern power systems. Its portfolio spans large frame turbines, aeroderivative machines, and integrated combined cycle solutions tailored to grid stability and frequency regulation needs.
For 2025, Siemens Energy AG is projected to achieve gas turbine thermal power revenue of EUR 4,200,000,000 with an estimated market share of 20.80% . These numbers demonstrate a substantial presence in a market valued at USD 20,200,000,000 in 2025, reinforcing Siemens Energy’s position as one of the top-tier global players. The combination of strong revenue and solid market share indicates a balanced portfolio of new unit sales and high-margin long-term service agreements across an extensive installed fleet.
Siemens Energy AG’s strategic advantages lie in its advanced HL-class and F-class turbines, progressive work on hydrogen co-firing capabilities, and integration of power plant control systems with grid management platforms. The company emphasizes decarbonized gas power, offering turbines capable of burning significant hydrogen blends and supporting future pathways to near-zero carbon operations. Close collaboration with transmission system operators, strong EPC capabilities, and a robust aftermarket service network differentiate Siemens Energy from smaller OEMs that lack comparable engineering depth and global service coverage.
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Mitsubishi Power Ltd.:
Mitsubishi Power Ltd. is a major participant in the Gas Turbines in Thermal Power market, particularly strong in Asia and the Middle East where large combined cycle and cogeneration plants rely on its high-capacity turbines. The company has built a reputation for delivering high-efficiency J-class gas turbines and integrated gas turbine combined cycle solutions that support both baseload and flexible operations. Its engineering expertise and collaboration with regional utilities have made Mitsubishi Power a key contributor to industrial power and grid-scale thermal generation projects.
In 2025, Mitsubishi Power Ltd. is estimated to generate gas turbine thermal power revenue of USD 3,100,000,000 , translating into a market share of about 15.40% . This revenue and share profile reflects the company’s strong order book in high-growth markets and its focus on large, high-efficiency plants. Its performance aligns with the broader market trajectory, where global Gas Turbines in Thermal Power revenues are expected to grow steadily from USD 20,200,000,000 in 2025 to USD 28,250,000,000 by 2032, supported by a 4.80 percent CAGR reported by ReportMines.
Mitsubishi Power Ltd. differentiates itself through high-temperature, high-output turbine technology, strong project execution in complex multi-block combined cycle plants, and intensive research into ammonia and hydrogen firing. The company’s strategic advantage also stems from its close integration with boiler, steam turbine, and flue gas treatment technologies, enabling fully optimized combined cycle and combined heat and power configurations. This holistic plant-level optimization and focus on future-ready fuel flexibility provide a competitive edge against OEMs that primarily compete on turbine hardware alone.
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Ansaldo Energia S.p.A.:
Ansaldo Energia S.p.A. plays a specialized yet influential role in the Gas Turbines in Thermal Power market, with a particular focus on Europe, the Middle East, and niche markets that value flexible contracting and tailored engineering solutions. The company supplies heavy-duty gas turbines for combined cycle and open cycle plants, often in projects where customization, lifecycle upgrades, and integration with existing infrastructure are critical. Its heritage in turbine technology and emphasis on modular upgrades make it a relevant player for asset owners seeking performance improvements on installed fleets.
For 2025, Ansaldo Energia S.p.A. is expected to record gas turbine thermal power revenue of EUR 800,000,000 and an estimated market share of 3.90% . These values indicate a mid-sized position within a market dominated by a few large OEMs, but they also underscore the company’s ability to secure profitable projects through technology upgrades and service agreements. Its share suggests that while Ansaldo is not the largest provider, it commands a meaningful niche in specific regions and customer segments that prioritize flexibility and lifecycle optimization.
Ansaldo Energia S.p.A. differentiates itself via its GT36 and GT26 platforms, strong capabilities in turbine retrofits, and its willingness to engage in complex restructuring or rehabilitation projects for aging gas-fired plants. The company’s ability to integrate advanced combustor technologies and low-NOx solutions onto existing turbines provides a competitive advantage in markets facing stringent emission regulations. This specialization, combined with partnerships in emerging markets and a focus on brownfield modernization, allows Ansaldo to compete effectively despite its smaller scale compared with global giants.
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Kawasaki Heavy Industries Ltd.:
Kawasaki Heavy Industries Ltd. holds a significant position in the mid-size and small gas turbine segment of the Gas Turbines in Thermal Power market, particularly in industrial cogeneration, distributed generation, and captive power applications. Its turbines are widely deployed in manufacturing plants, refineries, and commercial facilities that require reliable on-site generation and combined heat and power solutions. The company’s focus on compact, efficient turbines allows it to address markets where large heavy-duty units are not economically or operationally suitable.
In 2025, Kawasaki Heavy Industries Ltd. is projected to achieve gas turbine thermal power revenue of JPY 950,000,000,000 , with a global market share estimated at 4.70% . While its market share is lower than that of the largest frame turbine manufacturers, these figures illustrate Kawasaki’s strong positioning in distributed energy and industrial power segments. Its revenue base is diversified across multiple regions in Asia and Europe, where industrial customers increasingly adopt gas-based cogeneration to improve energy efficiency and reduce emissions relative to coal-fired alternatives.
Kawasaki Heavy Industries Ltd. differentiates itself through compact gas turbines optimized for combined heat and power, flexible fuel capabilities including LNG and pipeline gas, and integration with waste heat recovery systems. The company’s experience with microgrids, backup power, and onsite generation gives it an edge in decentralized energy projects that require high reliability and rapid startup. Its strategic emphasis on hydrogen-ready and low-carbon solutions further enhances its relevance as industrial users prepare for decarbonization and seek equipment compatible with future fuel blends.
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Solar Turbines Incorporated:
Solar Turbines Incorporated, a subsidiary of a major industrial conglomerate, is a leading provider of small-to-mid-sized industrial gas turbines used in thermal power, mechanical drive, and oil and gas applications. Within the Gas Turbines in Thermal Power market, Solar Turbines plays a critical role in supplying modular turbine packages for distributed generation, industrial cogeneration, and remote power projects. Its products are particularly prevalent in pipeline compression, process industries, and smaller grid-connected plants that require reliable, modular generation assets.
By 2025, Solar Turbines Incorporated is estimated to generate gas turbine thermal power revenue of USD 700,000,000 , representing a market share of around 3.50% . These figures reflect a focused but impactful presence in a market that is expected to reach USD 20,200,000,000 in 2025. The company’s revenue mix is heavily influenced by industrial users and remote power customers, which tends to provide more resilient demand than utility-scale new builds in certain economic cycles.
Solar Turbines Incorporated differentiates itself through standardized turbine packages, fast deployment capabilities, and robust after-sales service for industrial operators. Its strengths include compact turbine designs, high availability levels, and strong integration with compressor and mechanical drive applications, enabling combined heat and power or process heat solutions. This combination of modularity, reliability, and industrial specialization gives Solar Turbines a competitive advantage in niche segments that are less accessible to large frame turbine OEMs focused on utility-scale combined cycle plants.
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Rolls-Royce plc:
Rolls-Royce plc is a significant participant in the aeroderivative segment of the Gas Turbines in Thermal Power market, providing turbines derived from aviation engines for peaking plants, mobile power units, and industrial applications. The company’s gas turbines are often used in fast-start, flexible power plants that support grid stability, particularly in systems with high penetration of renewables. Its technology is also deployed in combined heat and power schemes and offshore platforms where weight and footprint constraints are critical.
In 2025, Rolls-Royce plc’s gas turbine thermal power revenue is projected at GBP 650,000,000 , with an estimated market share of 3.20% . This revenue and market share reflect a specialized focus on aeroderivative and industrial gas turbines rather than large frame units, positioning Rolls-Royce in a distinct subsegment of the broader market. The company’s portfolio provides value in applications that require high power density, rapid ramping, and frequent cycling, which are becoming more important as grids adapt to variable renewable generation.
Rolls-Royce plc differentiates itself through aviation-derived turbine cores, high power-to-weight ratios, and strong engineering in fast-start, flexible generation systems. Its strategic strengths include modular packages for remote and offshore applications, advanced maintenance and condition monitoring services, and integration with hybrid and energy storage solutions. By focusing on fast-response and high-reliability applications, Rolls-Royce positions itself as a specialist provider in grid support and critical infrastructure projects where flexibility and resilience are paramount.
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MAN Energy Solutions SE:
MAN Energy Solutions SE is a diversified turbomachinery supplier with a meaningful role in the Gas Turbines in Thermal Power market through its industrial gas turbines and integrated power solutions. The company targets both utility-scale and industrial power projects, often combining gas turbines with reciprocating engines, compressors, and process equipment for complex energy systems. MAN’s presence is particularly notable in Europe, the Middle East, and selected emerging markets where industrial clusters demand high-efficiency cogeneration and combined cycle plants.
For 2025, MAN Energy Solutions SE is estimated to achieve gas turbine thermal power revenue of EUR 550,000,000 and a market share of 2.70% . These figures suggest a focused yet strategically significant position in a market that is consolidating around major OEMs but still leaves room for specialized players. MAN’s revenue base reflects a combination of new installations and service contracts, particularly in industrial power, process industries, and combined heat and power applications where integrated solutions provide additional value.
MAN Energy Solutions SE differentiates itself through its ability to integrate gas turbines with compressors, steam turbines, and process equipment into turnkey energy solutions. Its expertise in combined heat and power, waste heat recovery, and industrial energy optimization creates a strong value proposition for clients seeking to improve overall plant efficiency. MAN’s strategic advantage lies in its engineering depth, flexible project structures, and ability to offer hybrid systems combining gas turbines with engines or renewable technologies, enabling customers to optimize cost, reliability, and emissions performance.
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Bharat Heavy Electricals Limited:
Bharat Heavy Electricals Limited (BHEL) is a key domestic supplier in the Indian Gas Turbines in Thermal Power market, providing gas turbines, steam turbines, boilers, and balance-of-plant equipment for combined cycle and cogeneration projects. The company plays an important role in India’s power infrastructure by supporting state-owned and private utilities with localized manufacturing, project execution, and lifecycle services. Its presence is especially strong in central and state sector utilities, industrial captive plants, and gas-based combined cycle stations.
In 2025, Bharat Heavy Electricals Limited is expected to record gas turbine thermal power revenue of INR 450,000,000,000 , corresponding to a global market share near 2.20% . While the bulk of its business is concentrated in India, these figures underscore BHEL’s role as a significant regional player contributing to the global Gas Turbines in Thermal Power market. The revenue is driven by both new build contracts and refurbishment projects, as India continues to optimize its gas-based generation fleet alongside coal and renewables.
Bharat Heavy Electricals Limited differentiates itself through deep localization, strong relationships with Indian utilities, and an integrated portfolio that spans gas turbines, steam turbines, and engineering, procurement, and construction services. Its strategic advantages include government support, familiarity with local regulatory frameworks, and the ability to deliver turnkey projects tailored to domestic grid and fuel conditions. BHEL’s focus on upgrading existing gas-based plants, improving heat rates, and aligning with future hydrogen blending initiatives positions it as a key enabler of India’s gradual transition toward cleaner thermal power.
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Doosan Enerbility Co. Ltd.:
Doosan Enerbility Co. Ltd., formerly known as Doosan Heavy Industries, is an important player in the Gas Turbines in Thermal Power market, especially in South Korea and the broader Asia-Pacific region. The company provides gas turbines for combined cycle plants, integrated with its steam turbine and boiler capabilities, enabling fully engineered thermal power solutions. Its strategy focuses on domestic projects, export markets, and collaborative development of advanced gas turbine technologies to reduce dependence on imported equipment.
In 2025, Doosan Enerbility Co. Ltd. is projected to generate gas turbine thermal power revenue of KRW 600,000,000,000 , resulting in an estimated market share of 3.00% . These figures demonstrate that Doosan holds a modest but notable position in the global market while maintaining strong influence in its home region. Its growth prospects are closely linked to gas-fired capacity additions in South Korea, Southeast Asia, and the Middle East, as well as modernization projects for existing combined cycle plants.
Doosan Enerbility Co. Ltd. differentiates itself by combining gas turbines with in-house steam turbines, generators, and EPC capabilities, delivering integrated power plant solutions. The company invests in indigenous gas turbine development and collaborates with domestic stakeholders to enhance energy security and technology self-reliance. Its strategic advantages include local manufacturing, government-backed projects, and a growing focus on hydrogen-compatible turbines and carbon capture integration, which align with national decarbonization policies and position Doosan as a strategic partner for low-carbon thermal power projects.
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Harbin Electric Corporation:
Harbin Electric Corporation is a major Chinese power equipment manufacturer with a strong presence in the Gas Turbines in Thermal Power market, particularly in China’s domestic power sector. The company supplies gas turbines, steam turbines, generators, and balance-of-plant equipment for combined cycle and cogeneration plants, often serving state-owned utilities and regional power companies. Its role is integral to China’s efforts to balance coal-dominated generation with more flexible and relatively cleaner gas-fired capacity.
For 2025, Harbin Electric Corporation is estimated to achieve gas turbine thermal power revenue of CNY 750,000,000,000 , equating to a market share of about 3.70% . These metrics signal a strong regional footprint that contributes materially to the global Gas Turbines in Thermal Power market. The company benefits from large-scale domestic projects, government-supported infrastructure programs, and the rapid build-out of gas-fired capacity in coastal and industrial regions that require cleaner alternatives to coal.
Harbin Electric Corporation differentiates itself through localized manufacturing, strong alignment with Chinese policy objectives, and the capability to deliver complete power islands including gas turbines, steam turbines, and control systems. Its strategic advantages include access to domestic financing, long-term relationships with state-owned utilities, and increasing involvement in technology partnerships for advanced gas turbine designs. This combination allows Harbin to compete effectively in the Chinese market and selectively in export markets that value cost-competitive, integrated power plant solutions.
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MHPS Dongfang Gas Turbine Co. Ltd.:
MHPS Dongfang Gas Turbine Co. Ltd. is a joint venture combining international and Chinese expertise to supply gas turbines to the Chinese and broader Asian Gas Turbines in Thermal Power market. The company focuses on manufacturing and servicing advanced gas turbines for combined cycle plants, leveraging global technology platforms adapted to local market requirements and regulatory environments. Its role is to provide high-efficiency, reliable gas turbines that support China’s transition toward cleaner thermal power and improved grid flexibility.
In 2025, MHPS Dongfang Gas Turbine Co. Ltd. is projected to achieve gas turbine thermal power revenue of CNY 500,000,000,000 , with a market share estimated at 2.50% . These figures reflect a growing but focused presence within a highly competitive Chinese market that features multiple domestic and international OEMs. The company’s revenue profile is closely tied to large combined cycle projects and long-term service agreements that capitalize on its advanced turbine technology and local manufacturing base.
MHPS Dongfang Gas Turbine Co. Ltd. differentiates itself through the combination of advanced international turbine designs and localized production, enabling it to offer high-efficiency, low-emission turbines at competitive cost levels. Its strategic advantages include strong relationships with Chinese utilities, access to both global and domestic supply chains, and the capability to support hydrogen co-firing and low-carbon fuel strategies over time. This positioning allows MHPS Dongfang to serve as a bridge between global technology standards and local market needs, contributing to China’s broader energy transition while capturing growth in the Gas Turbines in Thermal Power market.
Key Companies Covered
General Electric Company
Siemens Energy AG
Mitsubishi Power Ltd.
Ansaldo Energia S.p.A.
Kawasaki Heavy Industries Ltd.
Solar Turbines Incorporated
Rolls-Royce plc
MAN Energy Solutions SE
Bharat Heavy Electricals Limited
Doosan Enerbility Co. Ltd.
Harbin Electric Corporation
MHPS Dongfang Gas Turbine Co. Ltd.
Market By Application
The Global Gas Turbines in Thermal Power Market is segmented by several key applications, each delivering distinct operational outcomes for specific industries.
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Utility-scale power generation:
Utility-scale power generation represents the largest and most established application segment for gas turbines, focusing on delivering reliable baseload and mid-merit electricity to national and regional grids. The core business objective in this segment is to provide high-capacity, fuel-efficient power that can support large population centers and industrial loads with minimal outage risk. Modern combined-cycle gas turbine plants in this application frequently achieve net electrical efficiencies above 60 percent, which materially lowers fuel consumption per kilowatt-hour compared with legacy coal or oil-fired plants.
Utilities adopt gas turbines for utility-scale plants because they provide a compelling balance of capital cost, operational flexibility and environmental performance. In many markets, switching from older steam units to high-efficiency gas turbine combined-cycle plants reduces carbon emissions per megawatt-hour by approximately 40 percent while improving plant availability to levels above 95 percent. The primary catalyst for continued growth in this application is the combination of stricter emissions regulations and the progressive retirement of coal assets, which is pushing utilities to invest in cleaner, gas-based generation portfolios supported by long-term fuel supply contracts and liquefied natural gas infrastructure.
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Industrial captive power:
Industrial captive power applications focus on supplying on-site electricity for energy-intensive facilities such as refineries, petrochemical complexes, steel mills, cement plants and large manufacturing hubs. The core business objective is to secure stable, high-quality power independent of grid reliability while optimizing energy costs and reducing production downtime. Gas turbine-based captive plants often operate in the 10 megawatt to 200 megawatt range, providing sufficient capacity to cover critical process loads and maintain continuous operations even during grid disturbances.
Industrial operators adopt gas turbines for captive power because they enable significant reductions in unplanned downtime and energy cost volatility. By generating power on-site, companies can cut grid dependency and avoid outages that could otherwise reduce throughput by several percentage points annually, translating into substantial revenue protection. The current growth in industrial captive power is driven by rising electricity tariffs, constraints in grid infrastructure, and corporate pressure to decarbonize operations, encouraging investment in efficient gas-fired solutions and, where possible, integration with waste heat recovery for additional process optimization.
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Cogeneration and combined heat and power:
Cogeneration and combined heat and power applications utilize gas turbines to produce both electricity and useful thermal energy, such as steam or hot water, for industrial processes, district heating networks and commercial complexes. The core business objective here is to maximize overall energy efficiency and reduce total fuel consumption by capturing and reusing turbine exhaust heat that would otherwise be wasted. Well-designed combined heat and power installations can achieve total energy utilization in the range of 70 percent to 80 percent, far surpassing the efficiency of separate heat and power generation.
Organizations adopt gas turbine-based combined heat and power systems because they deliver strong economic returns and energy security. Many industrial and district heating users report payback periods of five to eight years due to savings from reduced fuel use and lower electricity purchases from the grid. The primary growth catalyst for this application is a combination of supportive policy frameworks, such as incentives for combined heat and power projects, and corporate sustainability targets that prioritize energy efficiency and carbon intensity reduction in sectors like chemicals, paper, food processing and urban heating networks.
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Peaking and backup power:
Peaking and backup power applications use gas turbines to supply electricity during periods of high demand or when primary generation sources are unavailable. The core business objective is to provide fast-ramping, dispatchable capacity that can stabilize grid frequency and prevent blackouts, especially during extreme weather events or sudden load spikes. Peaker plants typically run for a limited number of hours per year but must deliver rapid start-up times and high reliability to ensure that system operators can respond within minutes to changing grid conditions.
Gas turbines are favored for peaking and backup roles because they can reach full load in under 10 minutes and achieve availability factors often above 97 percent, which substantially reduces the risk of unserved energy during critical periods. This capability helps system operators limit reserve margins and optimize the overall cost of capacity, while still maintaining security of supply. The primary catalyst for growth in peaking and backup applications is the increasing penetration of intermittent renewable energy sources, such as solar and wind, which raises the need for flexible, fast-response assets that can compensate for variability and ensure grid stability.
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Distributed and decentralized power generation:
Distributed and decentralized power generation applications involve smaller gas turbine units deployed closer to end-users, including remote communities, commercial campuses, data centers and microgrids. The core business objective is to enhance energy resilience, reduce transmission losses and provide tailored power solutions where grid infrastructure is weak, expensive to extend or vulnerable to disruption. These installations often range from a few megawatts to tens of megawatts, enabling localized power networks that can operate in both grid-connected and islanded modes.
Stakeholders adopt gas turbine-based distributed generation because it offers a reliable and scalable alternative to grid expansion, while also improving power quality and reducing line losses that can reach several percent over long-distance transmission. In many cases, decentralized gas turbine systems enable microgrids to maintain critical loads, such as hospitals or data centers, with minimal interruption, thereby reducing outage-related financial losses significantly. The main catalyst for growth in this application is the rising emphasis on energy resilience and grid modernization, supported by advances in digital control systems and the increasing availability of modular gas turbine packages that can be rapidly deployed and integrated with renewable and storage assets.
Key Applications Covered
Utility-scale power generation
Industrial captive power
Cogeneration and combined heat and power
Peaking and backup power
Distributed and decentralized power generation
Mergers and Acquisitions
The Gas Turbines in Thermal Power Market is experiencing an active wave of mergers and acquisitions as OEMs, EPC contractors and component suppliers pursue scale, technology depth and service synergies. Deal flow over the past two years has clustered around combined-cycle plants, flexible peaker fleets and lifecycle services platforms, reflecting a clear pivot toward efficiency, decarbonization and digital performance optimization.
Strategic buyers are targeting portfolios that strengthen access to long-term service agreements, hydrogen-ready turbine technology and grid-balancing capabilities. This consolidation trend is reshaping the competitive landscape just as the market is projected to grow from about 20,20 Billion in 2025 to 28,25 Billion in 2032 at a 4,80% CAGR, reinforcing the importance of disciplined capital allocation and carefully structured integration plans.
Major M&A Transactions
GE Vernova – Atlas Combined Cycle Holdings
Secures advanced combined-cycle fleet and multi-decade service backlog in deregulated power markets.
Siemens Energy – Nordic Turbine Services
Expands high-margin maintenance footprint and remote diagnostics capabilities for mid-sized thermal plants.
Mitsubishi Power – H2Flex Turbine Technologies
Acquires hydrogen-ready combustion know-how to accelerate low-carbon gas turbine deployments globally.
Ansaldobreda Energy – Iberia Thermal Assets
Consolidates strategic baseload and mid-merit gas plants across Spain and Portugal grids.
Harbour Infrastructure Partners – Atlantic CCGT Portfolio
Builds diversified regulated and merchant exposure through modern combined-cycle facilities.
China Energy Engineering – Turbomax Components Europe
Secures critical turbine blade and rotor supply chain capacity inside the EU.
Rolls-Royce Power Systems – GridFlex Peakers USA
Adds fast-ramping peaking units aligned with renewable balancing requirements in key ISOs.
Doosan Enerbility – Gulf Thermal Projects JV
Strengthens EPC and O&M position in high-growth Middle East gas-fired power markets.
These acquisitions are materially reshaping competitive dynamics by concentrating high-efficiency turbine fleets, digital control platforms and long-term service agreements in the hands of a smaller group of global OEMs and infrastructure funds. As portfolios consolidate, barriers to entry rise for smaller turbine manufacturers and independent service providers, particularly in regions where newbuild and repowering pipelines remain robust.
Valuation multiples in the Gas Turbines in Thermal Power Market have tended to favor assets with stable capacity payments, low heat rates and contracted fuel supply, leading to premium prices for modern combined-cycle fleets. Investors and strategic buyers have paid up for visibility on cash flows, often valuing contracted plants at higher earnings multiples than merchant peaker assets, which still face commodity and dispatch volatility.
Strategically, many deals are driven by the desire to integrate hardware, software and field services into a single performance-based offering. By acquiring specialized maintenance firms and digital monitoring platforms, OEMs can offer outcome-based contracts that tie uptime and efficiency guarantees to recurring revenue streams, enhancing lifetime profitability and customer lock-in.
Recent transactions are also tightening the link between gas turbines and energy transition strategies, as buyers prioritize hydrogen-ready designs, carbon capture compatibility and hybrid configurations with battery storage. This alignment supports a longer useful life for gas-fired assets, underpinning stronger valuations and justifying capital deployment even as power markets decarbonize.
Regionally, deal-making has been most intense in North America, Europe and the Middle East, where regulators still recognize gas-fired capacity as a reliability anchor for renewables-heavy systems. In Asia-Pacific, acquisitions have focused on localized manufacturing and component supply to reduce currency and logistics risk, while Latin America has seen selective purchases of distressed thermal portfolios undergoing restructuring.
Technology-driven themes dominate the mergers and acquisitions outlook for Gas Turbines in Thermal Power Market, with acquirers targeting hydrogen-capable turbines, low-NOx combustion systems and AI-enabled predictive maintenance platforms. Cross-border deals increasingly seek to pair European and Japanese turbine technology with Gulf and Asian greenfield pipelines, suggesting that future transactions will blend energy transition mandates with traditional grid reliability and fuel diversification objectives.
Competitive LandscapeRecent Strategic Developments
In January 2024, a leading turbine OEM announced a strategic investment with a major independent power producer to co-develop high-efficiency, F-class gas turbines for combined-cycle thermal power plants. This agreement focuses on upgrading existing baseload assets to improve heat rates and lower emissions, intensifying competition in the advanced gas turbine segment and accelerating replacement of legacy frames across mature markets.
In June 2023, another global turbine manufacturer expanded its service and refurbishment footprint by partnering with a regional utility conglomerate in Asia-Pacific. The arrangement centers on long-term service agreements for large gas turbines in thermal power stations, strengthening lifecycle support capabilities and locking in aftermarket revenue streams, which raises the competitive bar for OEM-independent service providers.
In September 2023, a major European energy technology company completed an acquisition of a specialized turbine component supplier focused on hot gas path parts. This acquisition enhances vertical integration, reduces critical component lead times and improves cost control, reshaping the supply landscape and pressuring smaller component vendors in the gas turbines in thermal power value chain.
SWOT Analysis
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Strengths:
The global Gas Turbines in Thermal Power market benefits from high power density, fast ramp rates, and proven reliability, making gas-fired combined-cycle plants a preferred option for grid balancing alongside intermittent renewables. Modern turbines deliver competitive levelized cost of electricity through high simple-cycle and combined-cycle efficiencies, particularly in large F-class and H-class units that support baseload and mid-merit operations. The technology’s relatively lower CO₂ and local pollutant emissions compared with coal-fired boilers strengthens its position in decarbonization roadmaps, especially where pipeline gas or LNG infrastructure is already established. A mature global supply chain, extensive installed base, and long-term service agreements provide recurring aftermarket revenue, stabilize OEM cash flows, and support continuous upgrades in turbine blades, combustors, and digital control systems.
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Weaknesses:
The market faces structural dependence on natural gas pricing and availability, which exposes project economics to fuel cost volatility and geopolitical risks in gas-producing regions. High upfront capital expenditure for large combined-cycle power plants, including balance-of-plant systems and advanced emissions controls, can deter investment in price-sensitive emerging markets. Lifecycle emissions remain a concern because gas turbines still rely on fossil fuels, creating stranded-asset risk under aggressive net-zero policies and carbon pricing regimes. Technical complexity in hot gas path components, advanced materials, and low-NOx combustion systems requires specialized maintenance capabilities, which can lengthen downtime and raise operating costs for utilities that lack in-house expertise.
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Opportunities:
There is a growing opportunity to position gas turbines as flexible backup for high-penetration solar and wind portfolios by leveraging fast-start, low-load, and cycling capabilities. OEMs and utilities can capture value by retrofitting existing thermal fleets with advanced gas paths, dry low-NOx combustors, and digital performance optimization to extend asset life and increase efficiency. Hydrogen-ready and ammonia-capable turbine designs create a pathway for decarbonized thermal power, enabling incremental blending in existing gas networks and future conversion to low-carbon fuels. In fast-growing economies, especially in Asia-Pacific, rising electricity demand and the phase-out of older coal units open space for new gas-fired combined-cycle plants, district energy projects, and cogeneration installations that benefit from modern turbine technology.
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Threats:
The rapid cost decline of utility-scale solar, onshore and offshore wind, and long-duration energy storage threatens the long-term competitiveness of gas-fired thermal power, particularly for new-build capacity. Stricter environmental regulations, including carbon pricing, emissions performance standards, and methane leakage rules for upstream gas, may erode the relative emissions advantage of gas turbines over renewables-plus-storage configurations. Financing for fossil-related infrastructure is tightening as institutional investors and banks adopt more stringent environmental, social, and governance criteria, delaying or cancelling large combined-cycle projects. Supply chain disruptions, such as shortages of high-performance alloys and critical control electronics, as well as escalating competition from regional OEMs, could compress margins for established turbine manufacturers and shift bargaining power toward large utilities and independent power producers.
Future Outlook and Predictions
The global Gas Turbines in Thermal Power market is expected to expand steadily over the next decade, tracking ReportMines’s projection from USD 20.20 Billion in 2025 to USD 28.25 Billion in 2032, reflecting a compound annual growth rate of 4.80 percent. Over the next five to ten years, growth will be driven less by greenfield megaprojects and more by efficiency upgrades, repowering of aging steam plants, and flexible peaking capacity that supports renewable integration. As grids incorporate higher shares of solar and wind, system operators will increasingly value gas turbines for fast ramping and reliability, sustaining demand even as some regions tighten constraints on unabated fossil generation.
Technology evolution will significantly reshape competitive positioning. OEMs are expected to accelerate deployment of F-class and H-class combined-cycle units with higher firing temperatures, improved cooling schemes, and advanced compressor aerodynamics to push thermal efficiency beyond current benchmarks. Parallel investment in digital twins, predictive maintenance, and advanced control algorithms will enhance equivalent availability factors and reduce forced outage rates. Over the next decade, hydrogen-ready combustion systems and flexible fuel capabilities will move from niche features to standard offerings, as utilities seek future-proof assets that can transition toward low-carbon fuels without full plant replacement.
Regulatory and policy dynamics will create a mixed but ultimately supportive environment for selected projects. In developed markets, increasingly stringent emissions standards and carbon pricing will discourage new baseload gas capacity that lacks a credible decarbonization pathway. However, policymakers are likely to carve out roles for high-efficiency, flexible gas plants as enablers of renewable energy targets and as capacity mechanisms that ensure system adequacy. In emerging economies, especially in parts of Asia, the phaseout of subcritical coal and the need for rapid, dispatchable capacity will favor combined-cycle installations, provided that long-term LNG or pipeline gas contracts can be secured at competitive prices.
Economic and fuel market conditions will introduce both risk and opportunity. Volatility in global gas and LNG prices will keep project sponsors focused on heat-rate performance, capacity factors, and hedging strategies to protect levelized cost of electricity. Where gas supply security is robust, gas turbines will capture a significant portion of new thermal investments as a lower-emission alternative to coal. Conversely, in regions with weak midstream infrastructure or high import dependence, developers may delay large projects or pivot toward renewables-plus-storage, reinforcing a selective, regionally differentiated growth pattern.
Competitive dynamics among OEMs and service providers will intensify as the installed base becomes the primary battleground. Over the next five to ten years, long-term service agreements, component life-extension programs, and upgrade packages that deliver incremental efficiency, higher output, and lower NOx emissions will be central profit pools. Independent service providers will attempt to capture a growing share of outage and refurbishment work, but OEMs are likely to defend their positions through proprietary hot gas path technologies, bundled digital platforms, and performance-based contracts. As a result, market participants that combine advanced turbine hardware with integrated lifecycle services and credible decarbonization roadmaps will be best positioned to benefit from the projected, moderate growth trajectory.
Table of Contents
- Scope of the Report
- 1.1 Market Introduction
- 1.2 Years Considered
- 1.3 Research Objectives
- 1.4 Market Research Methodology
- 1.5 Research Process and Data Source
- 1.6 Economic Indicators
- 1.7 Currency Considered
- Executive Summary
- 2.1 World Market Overview
- 2.1.1 Global Gas Turbines in Thermal Power Annual Sales 2017-2028
- 2.1.2 World Current & Future Analysis for Gas Turbines in Thermal Power by Geographic Region, 2017, 2025 & 2032
- 2.1.3 World Current & Future Analysis for Gas Turbines in Thermal Power by Country/Region, 2017,2025 & 2032
- 2.2 Gas Turbines in Thermal Power Segment by Type
- Heavy-duty gas turbines
- Aeroderivative gas turbines
- Light industrial gas turbines
- Simple-cycle gas turbine systems
- Combined-cycle gas turbine systems
- 2.3 Gas Turbines in Thermal Power Sales by Type
- 2.3.1 Global Gas Turbines in Thermal Power Sales Market Share by Type (2017-2025)
- 2.3.2 Global Gas Turbines in Thermal Power Revenue and Market Share by Type (2017-2025)
- 2.3.3 Global Gas Turbines in Thermal Power Sale Price by Type (2017-2025)
- 2.4 Gas Turbines in Thermal Power Segment by Application
- Utility-scale power generation
- Industrial captive power
- Cogeneration and combined heat and power
- Peaking and backup power
- Distributed and decentralized power generation
- 2.5 Gas Turbines in Thermal Power Sales by Application
- 2.5.1 Global Gas Turbines in Thermal Power Sale Market Share by Application (2020-2025)
- 2.5.2 Global Gas Turbines in Thermal Power Revenue and Market Share by Application (2017-2025)
- 2.5.3 Global Gas Turbines in Thermal Power Sale Price by Application (2017-2025)
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