Table of Contents
Gas Turbine Market Overview
Gas turbine companies provide an internal combustion engine that converts chemical energy from fuel into mechanical energy through a process of compression, combustion, and expansion.
Air is compressed in the compressor, mixed with fuel, and ignited in the combustion chamber, and the resulting high-pressure gases expand through the turbine to generate power.
Gas turbines are commonly used in power generation, aviation, and industrial applications, offering high power output, efficiency, and fuel flexibility.
However, they rely on fossil fuels, leading to concerns about fuel costs and emissions, and can have high initial installation costs, though they are often efficient in combined-cycle operations.
Market Drivers
The global gas turbine market is driven by factors such as increasing energy demand due to urbanization and industrialization, the transition to cleaner energy sources like natural gas, and technological advancements that enhance efficiency.
Gas turbines offer flexibility and reliability, making them essential for supporting renewable energy integration.
Additionally, significant investments in energy infrastructure, particularly in emerging economies, and government policies promoting energy efficiency and emission reductions further stimulate market growth.
These drivers collectively position gas turbines as a key component in the global push for sustainable power generation.
Market Size
The global gas turbine market is projected to reach USD 27.9 billion by 2033, up from USD 18.5 billion in 2023, growing at 4.20% CAGR.
List of Major Companies
These are the top 10 companies operating in the Gas Turbine Market:
- Mitsubishi
- Siemens
- Kawasaki
- Bharat-Heavy-Electricals
- Rolls-Royce
- Shanghai-Electric
- Baker-Hughes
- IHI
- Pratt-n-Whitney
- MAN-Energy
Mitsubishi
Company Overview
| Establishment Year | 1884 |
| Headquarter | Tokyo, Japan |
| Key Management | Seiji Izumisawa (CEO) |
| Revenue (US$ Bn) | $ 34.4 B (2023) |
| Headcount | ~ 77,991 (2023) |
| Website | https://www.mhi.com/ |
About Mitsubishi
Mitsubishi Heavy Industries, Ltd. (MHI) is a leading player in the gas turbine companies/sector, uniquely managing the full production cycle of large thermal power plants in Japan.
Its gas turbines, such as the M701F Series with 380 MW output and over 62% combined cycle efficiency, are vital to Gas Turbine Combined Cycle (GTCC) power plants.
MHI is advancing efficiency and sustainability, as demonstrated by Mitsubishi Power’s successful 30% hydrogen co-firing test in November 2023 and a 2024 order for an M701F gas turbine for a 500 MW GTCC plant in Malaysia. These efforts highlight MHI’s commitment to innovation and global energy market growth.
Geographical Presence
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, operates a global network of around 300 entities.
Key operations span shipbuilding, aerospace, and energy in Japan, while its North American base in Houston manages manufacturing and engineering across the U.S.
In EMEA, MHI’s London headquarters focuses on thermal transport, digital solutions, and air-conditioning, with significant contributions to industrial and power infrastructure across Asia and Oceania.
This global reach enables MHI to provide localized services across energy, aerospace, industrial machinery, and shipbuilding, meeting diverse market needs.
Recent Developments
- In November 2024, Mitsubishi hosted the launch of the TRANS HARMONY EMERALD, its second LNG-powered roll-on/roll-off (RO/RO) ship.
- In November 2023, Mitsubishi Power demonstrated a 30% hydrogen fuel blend on a J-series Air-Cooled gas turbine.
Siemens
Company Overview
| Establishment Year | 1847 |
| Headquarter | Munich, Germany |
| Key Management | Roland Busch (CEO) |
| Revenue (US$ Bn) | $ 81.8 B (2023) |
| Headcount | ~ 320,000 (2023) |
| Website | https://www.siemens.com/ |
About Siemens
Siemens AG is prominent in the gas turbine companies/sector, offering turbines ranging from 4 to 593 megawatts for power generation and industrial applications. Its advanced models, like the SGT5-9000HL, achieve combined cycle efficiencies above 64%.
Siemens Energy, a subsidiary, reported a €1.3 billion net income for FY 2024, reversing a €4.6 billion loss from the previous year, driven by higher orders for gas turbines, power transformers, and decarbonization technologies.
Siemens is also advancing hydrogen energy, demonstrated by the HYFLEXPOWER project, where it successfully operated a gas turbine with 100% hydrogen, highlighting its commitment to innovation and sustainability in the energy sector.
Geographical Presence
Siemens AG, headquartered in Munich, Germany, operates in over 190 countries, offering solutions across industries such as energy, healthcare, and infrastructure.
It has a significant presence in Europe, North America, Asia-Pacific, and Latin America, with key manufacturing plants in Germany, the U.S., China, and India.
The company invests heavily in research and development, with centers in Europe, North America, and Asia focused on innovation in digitalization, automation, and sustainable technologies.
Siemens also committed €2 billion in global investments, including expanding manufacturing capacities in Singapore and China. This extensive geographical footprint enables Siemens to address diverse market needs worldwide effectively.
Recent Developments
- In November 2024, Siemens contracted with the UAE Ministry of Energy and Infrastructure to retrofit 60 government buildings for improved energy efficiency and comfort as part of a decarbonization initiative.
- In November 2024, Siemens and Enemalta used the Gridscale X platform to reduce outages and improve network efficiency for 450,000 people.
Kawasaki
Company Overview
| Establishment Year | 1896 |
| Headquarter | Tokyo, Japan |
| Key Management | Yasuhiko Hashimoto (CEO) |
| Revenue (US$ Bn) | $ 13.4 B (2023) |
| Headcount | ~ 36,587 (2023) |
| Website | http://www.khi.co.jp/ |
About Kawasaki
Kawasaki Heavy Industries (KHI) is a key player in the gas turbine companies/market, specializing in the development of high-efficiency turbines for power generation, such as the “Kawasaki 7F” series.
These turbines are known for their reliability, flexibility, and ability to run on various fuels, including natural gas and hydrogen, supporting global decarbonization goals.
In 2024, Kawasaki successfully tested a gas turbine using a natural gas-hydrogen blend, advancing its efforts in hydrogen-based power generation.
The company is also expanding its service offerings and collaborating in the renewable energy sector, underscoring its commitment to innovation and sustainable energy solutions.
Geographical Presence
Kawasaki Heavy Industries Ltd. operates globally, with a strong presence in key regions, including Japan, North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa.
Its operations span industries such as transportation, aerospace, energy, and industrial machinery, with major manufacturing facilities in Japan, the U.S., the UK, China, and Germany.
Kawasaki’s subsidiaries and partnerships across these regions focus on diverse sectors like rail systems, robotics, motorcycles, and marine equipment.
This extensive geographical footprint enables Kawasaki to cater to local market needs while maintaining a competitive edge in global industries.
Recent Development
- In November 2024, Kawasaki Heavy Industries entered the civil aero engine maintenance, repair, and overhaul business.
- In November 2024, Kawasaki Heavy Industries launched Japan’s first large-scale gas engine facility at Kobe Works, using 30% hydrogen and exceeding 5 MW output.
Bharat-Heavy-Electricals
Company Overview
| Establishment Year | 1956 |
| Headquarter | New Delhi, India |
| Key Management | K S Murthy (Chairman & MD) |
| Revenue (US$ Bn) | $ 2.9 B (2024) |
| Headcount | ~ 29,826 (2022) |
| Website | http://www.bhel.com/ |
About Bharat Heavy Electricals
Bharat Heavy Electricals Limited (BHEL) has been a significant player in the gas turbine companies/sector since 1986, manufacturing GE-designed turbines for power generation and industrial use.
Its product range includes heavy-duty turbines with capacities from 25,000 to 290,000 kW for various sectors. In July 2023, BHEL expanded its technical collaboration with General Electric Technology GmbH, gaining enhanced rights to new and upgraded turbine models.
Through its joint venture, BHEL-GE Gas Turbine Services Pvt Ltd (BGGTS), established in 1997, BHEL provides comprehensive aftermarket services, including engineering and maintenance, reinforcing its position in the energy sector.
Geographical Presence
Bharat Heavy Electricals Limited (BHEL) is a leading Indian public sector company with a vast domestic and international presence.
Within India, BHEL operates 16 manufacturing units, including plants in Bhopal, Haridwar, and Jhansi, along with regional offices and service centers across the country.
Internationally, BHEL has expanded to 89 countries, securing major projects such as the 1,320 MW Maitree Super Thermal Power Project in Bangladesh and contributing to infrastructure development in Africa, Chile, and Estonia.
BHEL’s global footprint includes supplying equipment for approximately 12,000 MW of power generation capacity, further strengthening its position in the global energy sector.
Recent Development
- In November 2024, BHEL secured the NTPC Ltd. contract for the 3×800 MW Telangana Stage-II supercritical power plant.
- In July 2023, BHEL signed a Technical Assistance and License Agreement with General Electric Switzerland for gas turbines.
Rolls-Royce
Company Overview
| Establishment Year | 1904 |
| Headquarter | London, England, United Kingdom |
| Key Management | Tufan Erginbilgic (CEO) |
| Revenue (US$ Bn) | $ 15.4 B (2022) |
| Headcount | ~ 50,000 (2024) |
| Website | http://rolls-royce.com/ |
About Rolls-Royce
Rolls-Royce Holdings plc is prominent in the gas turbine companies/industry, providing engines for aerospace, marine, and industrial uses.
Its Trent series, including the Trent XWB, powers the Airbus A350, while its MT30 turbines are used in naval vessels.
The company recently completed the first fuel burn of a small gas turbine for hybrid-electric flight, advancing sustainable aviation.
Rolls-Royce is also exploring micro nuclear reactors for space and terrestrial power, signaling its expansion into innovative energy solutions.
These efforts reflect the company’s commitment to advancing turbine technology and diversifying its energy offerings.
Geographical Presence
Rolls-Royce Holdings plc, headquartered in the United Kingdom, has a significant global presence with operations across Europe, North America, Asia, Australia, and the Middle East.
Key facilities include sites in Derby, Bristol, Belfast, and Inchinnan in the UK, as well as manufacturing and research hubs in Germany, France, and Singapore.
In North America, Rolls-Royce operates in the U.S. and Canada, while in Asia, it has a strong presence in India and Singapore.
The company also has operations in Australia and the UAE, supporting various aerospace and defense initiatives worldwide.
This extensive geographical footprint highlights Rolls-Royce’s commitment to providing advanced power and propulsion solutions globally.
Recent Developments
- In November 2024, Rolls-Royce provided ten mtu 20V 4000 L64 FNER gas gensets to Collicutt Energy Services for Alberta installations.
- In October 2024, Rolls-Royce developed advanced MTU solutions, including a stronger submarine charging unit and NautIQ automation for underwater control.
Shanghai-Electric
Company Overview
| Establishment Year | 2004 |
| Headquarter | Shanghai, China |
| Key Management | Huang Dinan (Chairman) |
| Revenue (US$ Bn) | $ 20.4 Billion (2023) |
| Headcount | ~ 39,015 (2022) |
| Website | http://www.shanghai-electric.com/ |
About Shanghai Electric
Shanghai Electric has strengthened its position in the gas turbine companies/sector through strategic partnerships and technological advancements.
In 2014, it formed a joint venture with Ansaldo Energia to create Shanghai Electric Gas Turbine Co., Ltd., focusing on the development and manufacturing of heavy-duty gas turbines like the AE64.3A, AE94.2, and AE94.3A.
In September 2024, the company secured two major contracts, highlighting its growing influence and competitiveness in the global energy market.
These achievements reflect Shanghai Electric’s ongoing commitment to advancing gas turbine technology.
Geographical Presence
Shanghai Electric Group Company Limited, headquartered in Shanghai, China, has a significant global presence with operations in countries including the United States, Germany, India, Vietnam, Japan, and the Middle East.
The company is actively involved in power generation, industrial equipment manufacturing, and renewable energy projects.
Strategic collaborations, such as those between Alstom and Siemens, have expanded their influence in the energy sector, particularly in wind and solar power.
Shanghai Electric operates through various subsidiaries, including Shanghai Electric Hongkong Co., Ltd. and Shanghai Electric Wind Energy Co., Ltd., to support its global expansion and innovation in energy solutions.
Recent Developments
- In August 2024, Shanghai Electric, with China Nuclear Power Engineering and Deyang Wanxin, developed China’s first 1300MW nuclear power generator retaining ring forgings, passing expert acceptance tests.
- In October 2024, Tsinghua University and Shanghai Electric signed a strategic agreement for collaboration on research, talent training, and industry-academia integration.
Baker-Hughes
Company Overview
| Establishment Year | 1908 |
| Headquarter | Houston, Texas, U.S. |
| Key Management | Lorenzo Simonelli (Chairman) |
| Revenue (US$ Bn) | $ 25.5 Billion (2023) |
| Headcount | ~ 58,000 (2023) |
| Website | http://bakerhughes.com/ |
About Baker Hughes
Baker Hughes is a leading player in the gas turbine companies/industry, offering products like the LM9000, the most efficient simple-cycle turbine in the 65+ MW range, reducing carbon emissions.
Recently, the company signed a contract with Azerbaijan’s SOCAR to install a gas recovery and hydrogen sulfide removal system at the Heydar Aliyev Oil Refinery, aiming to cut flaring and emissions.
Additionally, Baker Hughes has expanded its focus on hydrogen-powered turbines, successfully testing the first hybrid hydrogen turbine for gas networks with Snam, advancing the integration of hydrogen into natural gas transmission.
These efforts highlight the company’s commitment to enhancing efficiency and supporting the energy transition.
Geographical Presence
Baker Hughes, a global leader in energy technology, operates in over 120 countries, with a significant presence across North America, Europe, Asia Pacific, the Middle East, and Latin America.
The company provides a wide range of products and services tailored to the diverse energy demands of these regions.
Recently, Baker Hughes expanded its operations in Namibia with the inauguration of a liquid mud plant, cement bulk facility, and a multi-modal facility at the Walvis Bay Port, aimed at supporting the growing energy industry and creating local employment opportunities.
Additionally, the company has secured several non-LNG contracts in the Middle East, further strengthening its regional presence.
Recent Developments
- In November 2024, Baker Hughes contracted SOCAR to reduce flaring at the Heydar Aliyev refinery in Baku through a gas recovery and H2S removal system.
- In April 2023, Baker Hughes received an order from Black & Veatch to supply two LM9000-driven compressor trains for PETRONAS’ nearshore LNG facility in Sabah, Malaysia.
IHI
Company Overview
| Establishment Year | 1853 |
| Headquarter | Tokyo, Japan |
| Key Management | Hiroshi Ide (CEO) |
| Revenue (US$ Bn) | $ 10.4 Billion (2023) |
| Headcount | ~ 28,801 (2023) |
| Website | http://www.ihi.co.jp/ |
About IHI
IHI Corporation is a key player in the gas turbine companies/sector, offering a range of products, including gas turbines, diesel engines, and gas engines for power generation and industrial applications.
The company supports various power systems such as simple-cycle, co-generation, and combined-cycle. In addition to equipment, IHI provides remote monitoring and maintenance services.
Recently, IHI has focused on ammonia combustion technologies. In January 2023, IHI and GE Gas Power agreed to jointly develop gas turbines running on 100% ammonia to reduce carbon emissions.
Later, in December 2023, IHI partnered with Gentari Hydrogen to create a global green ammonia value chain and demonstrate ammonia-powered turbines, highlighting IHI’s commitment to sustainable energy solutions.
Geographical Presence
IHI Corporation, headquartered in Tokyo, Japan, operates globally and has a strong presence across multiple regions.
In Japan, it remains the company’s largest market, while in Asia, it is involved in infrastructure and energy projects in countries like China, India, and Malaysia.
North America and Europe are key markets for IHI’s industrial systems and machinery solutions, where it also collaborates on advanced technological projects.
Additionally, IHI contributes to energy and infrastructure development in Central and South America, reinforcing its global footprint and commitment to tailored region-specific solutions.
Recent Development
- In December 2023, IHI and Gentari Hydrogen signed an MoU to enhance their collaboration in advancing the hydrogen industry.
- In January 2023, IHI and GE Gas Power signed an MoU to develop ammonia combustion technologies for gas turbines, targeting near-zero CO₂ emissions in power generation.
Pratt-n-Whitney
Company Overview
| Establishment Year | 1925 |
| Headquarter | East Hartford, Connecticut, U.S. |
| Key Management | Shane Eddy (President) |
| Revenue (US$ Bn) | $ 23.7 Billion (2023) |
| Headcount | ~ 43,000 (2023) |
| Website | https://prattwhitney.com/ |
About Pratt & Whitney
Pratt & Whitney, a division of RTX, specializes in aircraft engines and auxiliary power units, with its Geared Turbofan (GTF) engine noted for fuel efficiency and environmental performance.
The company has faced challenges with GTF engine issues, impacting airline operations, such as Wizz Air’s 21.3% profit decline due to aircraft groundings.
In response, Pratt & Whitney is investing $20 million to expand its West Palm Beach Engine Center, boosting GTF maintenance capacity by 40% by 2025.
The company is also advancing its Next-Generation Adaptive Propulsion (NGAP) program, with a key review completed and plans for ground testing of the XA103 prototype in the late 2020s.
Geographical Presence
Pratt & Whitney operates globally and has a strong presence in manufacturing, research, and service facilities. Its headquarters are located in East Hartford, Connecticut, with major manufacturing sites in New Hampshire, Arkansas, Georgia, and other U.S. states.
Internationally, Pratt & Whitney has a significant presence in Canada, particularly in Longueuil, Quebec. The company also maintains a vast service network, comprising over 50 facilities across 25 countries, providing maintenance and support for various engine models.
Recent expansions include a $20 million investment in its West Palm Beach, Florida Engine Center, set to increase its capacity for engine maintenance by 40% by 2025.
Recent Developments
- In November 2024, Pratt & Whitney Canada tested hydrogen combustion on a PW127XT engine through the HyADES project with Next Hydrogen Solutions.
- In February 2024, Pratt & Whitney completed a key NGAP assessment with the U.S. Air Force, moving the program closer to its design review.
MAN-Energy
Company Overview
| Establishment Year | 2010 |
| Headquarter | Augsburg, Bavaria, Germany |
| Key Management | Dr Uwe Lauber (CEO) |
| Revenue (US$ Bn) | $ 4.5 Billion (2023) |
| Headcount | ~ 15,000 (2024) |
| Website | https://www.man-es.com/ |
About MAN Energy
MAN Energy Solutions SE has been a notable entity in the gas turbine companies/sector, offering products like the MGT6000 series, which delivers electrical power ranging from 6.63 to 7.8 MW, tailored for power generation applications.
In June 2023, the company announced the sale of its gas turbine business to China’s CSIC Longjiang GH Gas Turbine Co., aiming to focus on sustainable energy solutions.
However, in July 2024, the German government blocked this sale due to national security concerns, leading MAN Energy Solutions to initiate a structured wind-down of its gas turbine development activities.
Despite these changes, the company continues to provide services for existing gas turbine installations and remains committed to advancing decarbonization technologies within the energy sector.
Geographical Presence
MAN Energy Solutions SE, headquartered in Augsburg, Germany, operates a vast global network with over 140 locations across the world.
Key production sites include Augsburg, Berlin, Deggendorf, and Oberhausen in Germany, along with facilities in Copenhagen, Denmark, and Saint-Nazaire, France. The company also has manufacturing centers in India and China, and a service network spread globally.
Known for its large diesel engines, turbomachinery, and propulsion systems, MAN Energy Solutions provides advanced engineering solutions and maintains a strong presence in both the maritime and energy sectors.
Recent Developments
- In September 2024, MAN Energy Solutions partnered with Latsco Marine Management Inc. (LMM) to manage a diverse fleet as part of MAN Digital Denmark’s focus on customer centricity, innovation, and industry collaboration.
- In September 2024, MAN Energy, Helen Oy, and H-TEC SYSTEMS developed a 3-megawatt green hydrogen plant near Helsinki’s heating network and Vuosaari Harbour.
Discuss Your Needs With Our Analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
