Gas Turbine Market is projected to reach US$ 32,005.2 million by 2031; it is expected to register a CAGR of 4.84%

NEW YORK, Aug. 29, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global gas turbine market is observing significant growth owing to growing demand from heavy industries.

The gas turbine manufacturing industry is evolving with innovations in natural gas turbine offerings to support emission targets. Rising demand for low-emission, fuel-efficient engines to reduce air pollution and the advent of special gas turbine in the manufacturing, utilities, and remote generation application sectors propels the gas turbine market growth. The combined cycle power system technology is a well-established and traditional choice for most of the large onshore power generation plants.

A combined cycle power system consists of gas turbines, steam turbines, and waste heat recovery units for steam generation, auxiliary equipment, and condensers. The combined cycle technology mainly utilizes a gas turbine for driving an electrical generator and recovers the waste heat produced in the turbine exhaust in order to generate steam. This steam is made to run through a steam turbine to provide supplemental electricity. The electrical efficiency of a combined cycle power system falls within the range 50–60%, which is 13% more efficient as compared to the Open-cycle technology. Combined cycle technology is suitable for stable load applications. Combined cycle gas turbines are widely used in utility-scale power generation, offering baseload and peaking power to meet electricity demand.