In 2021, the Asia-Pacific (APAC) countries were the global leader for energy production, at almost **** terawatt-hours, followed by Europe with *** terawatt-hours. Power generation is expected to increase in every world region by 2027. The most notable growth during that timeframe is expected in the APAC region, which is expected to increase by almost ** percent in only 6 years. Contribution of the renewable energy sector A significant global growth in energy production from renewable sources will play a key role in the power generation sector over the next decades. Hydropower in the near term, and solar and wind energy after 2030 are projected to account for the largest installed renewable energy generation capacity worldwide. Distribution transformer market The growing global energy sector will require adequate infrastructure upgrades as time goes on. Transmission and distribution equipment, including distribution transformers – the service adapting the voltage of the electricity distributed in the grid to the power facilities of customers, is an important aspect of this. The APAC countries are forecast to dominate the distribution transformer market by 2027, with an expected market share of over ** percent.

The renewable energy sector is expected to increase massively before the end of the decade. In 2021, European countries accounted for the largest share of energy produced from renewables worldwide. Europe is projected to maintain this top-ranking position in the next few years, with an expected ** percent of energy production coming from renewable sources by 2027. The most substantial growth in renewable energy production between 2021 and 2027 is however forecast to occur in the Middle East and Africa, with a three-fold increase from **** percent to ** percent. Renewable energy investments in the United States With the Biden Bipartisan Infrastructure Bill in 2021, the United States allocated ** billion U.S. dollars for upgrading the power infrastructure and ** billion U.S. dollars for smart buildings. The clean energy investments in the U.S. will finance the transmission network of the growing renewable energy sector, the development of green technologies, and the optimization of energy consumption to save energy. South America's renewable energy outlook South America's share of energy production from renewable sources is projected to ****** between 2021 and 2027. The Argentinian energy sector, for example, has attracted Chinese and European investments and the renewable energy capacity of this country has experienced a steady growth since 2016. In Mexico, the capacity additions planned by the Program for the Development of the Electricity System 2022-2036 were predominately in the renewable energy sector.

Snapshot img

The natural gas fired electricity generation market size is estimated to grow at a CAGR of 3.95% between 2022 and 2027. The market size is forecast to increase by 122.7 million toe. The growth of the market depends on several factors, including increased energy demand, rising support from governments worldwide, and increasing natural gas production.

This natural gas fired electricity generation market report extensively covers market segmentation by type (CGCT and OCGT), end-user (residential, commercial, and industrial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Natural Gas Fired Electricity Generation Market During the Forecast Period?

To learn more about this report, View Report Sample

Natural Gas Fired Electricity Generation Market: Key Drivers, Trends, Challenges, and Customer Landscape

The increasing natural gas production is notably driving the market growth, although factors such as environmental concerns associated with the combustion of natural gas may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Natural Gas Fired Electricity Generation Market Driver

The increasing natural gas production is notably driving market growth. The fastest-growing fossil fuel is now natural gas due to the increasing supply of tight gas, shale gas, and coalbed methane. Since 2008, successful shale oil and gas extraction in nations like the US has increased the global supply of natural gas. The US EIA estimated that shale gas production will reach 8.1 million barrels per day (bpd) by September 2020. Additionally, the IEA predicted that by 2022, US natural gas production would make up 40% of the world's total natural gas output. Furthermore, the Permian Basin, where natural gas production was anticipated to double by 2022, dominates US shale gas production.

Similarly, the IEA predicted that by 2022, the Middle East would increase global natural gas production by 2,472.03 bcf (70 bcm). The Yamal peninsula is also home to significant untapped natural gas production capacity for Russia, which is the second-largest natural gas producer in the world after the United States. Hence, natural gas will be readily available for use in generating electricity due to the increase in natural gas production around the world. Hence, such factors will boost the growth of the global market during the forecast period.

Significant Natural Gas Fired Electricity Generation Market Trends

A shift to gas generators is an emerging trend in market growth. Natural gas, one of the non-renewable fuels used by gas generators, is a cost-efficient and efficient source of energy for mobile power generation. Compared to other fossil fuels, natural gas is more efficient and has lower operating costs. The capacity utilization rate of natural gas-fired combined cycles was the highest among other fossil fuels in 2018, according to the US EIA. By 2030, it is anticipated that 80% of natural gas's capacity will be used, further promoting the use of this fuel for the production of natural gas-fired electricity.

Compared to diesel generators, gas generators emit fewer emissions and are cleaner. These generators produce a smaller amount of air pollutants. Additionally, unlike diesel generators, they do not produce ash and soot leftovers. The power industry has switched to gas generators as a result of these benefits. New government regulations that encourage the use of gas generators have also been created as a result of environmental concerns. As a result, gas generators are becoming more widely used. Moreover, new variations of natural gas generators are also being introduced by numerous vendors active in the target market. Hence, factors like these will fuel the growth of the global market during the forecast period.

Major Natural Gas Fired Electricity Generation Market Challenge

The environmental concerns associated with the combustion of natural gas are major challenges impeding market growth. Natural gas is a fossil fuel, and so it still releases a variety of hazardous pollutants when it is burned, even though the emissions of greenhouse gases (GHGs) are much lower than those from coal or oil. Additionally, the combustion of natural gas releases nitrogen oxides, which are precursors to smog. These emissions have also been linked to a number of human illnesses, including lung cancer, asthma, bronchitis, and heart disease, in addition to air pollution. Furthermore, exposure to high concentrations of these air pollutants may have negative health effects, including cancer, cardiovas

Poland: Electricity production from renewable sources, million kWh: The latest value from 2021 is 28263.57 million kWh, an increase from 26142.96 million kWh in 2020. In comparison, the world average is 18681.01 million kWh, based on data from 190 countries. Historically, the average for Poland from 1990 to 2021 is 7168.3 million kWh. The minimum value, -2027 million kWh, was reached in 1993 while the maximum of 28263.57 million kWh was recorded in 2021.

The revenue from waste electricity generation worldwide has been on a moslty upward trend in recent years. In 2022, global waste electricity production generated over *** billion U.S. dollars of revenue across the globe, slightly up from the previous year.

Waste-to-energy industry worldwide

In 2013, global revenues from waste electricity generation reached *** billion U.S. dollars, but by 2016 revenues had fallen to just *** billion U.S. dollars. Revenues began to recover in the following years and totaled **** billion U.S. dollars in 2019. However, disruptions caused by the outbreak of COVID-19 saw 2020 revenues drop once again. It is forecast that the global waste for energy market will reach a value of more than ** billion U.S. dollars by 2027.

Waste-to-energy production

In 2020, the global production of energy from waste reached a high of **** exajoules. Nevertheless, fossil fuels remain the greatest source of electricity generation worldwide.

In 2020, the production volume of power tools in Asia-Pacific amounted to approximately ****** million units. The figures were forecasted to keep growing in this region, reaching over *** million units by 2027.

As per Cognitive Market Research's latest published report, the Global Automatic Tube Cleaning System market size will be $691.08 Million by 2027. Automatic Tube Cleaning System Industry's Compound Annual Growth Rate will be 5.73% from 2023 to 2030.

The North America Automatic Tube Cleaning System market size will be USD 222.04 Million by 2027. 

What is Driving Automatic Tube Cleaning System Industry Growth?

Rapid growth in Power plants

Power plant or also known as a power station is an industrial facility for the generation of electric power. Demand for electricity is seeing a steady growth with a pick-up in the economy, especially manufacturing activity, as well as favorable government policy. In various countries, government has implemented various progressive measures to maximize power generation capacity and improve distribution.

According to the scenario, global electricity demand grows at 2.1% per year to 2040, twice the rate of primary energy demand. Global demand for energy is increasing rapidly, because of population and economic growth, especially in emerging market economies. Among them, nuclear power provides over 10% of the world's electricity, and 18% of electricity in OECD countries.

All over the world, there are about 62,500 power plants operating today. The United States has the most operational nuclear reactors in the globe. There were about 9,719 power plants in the United States. Near about 96, nuclear power plants together they have a capacity of 97,565 MW, and last year nuclear energy made up about 20% of the country's electricity generation.

Automatic tube cleaning is system are widely used for the construction and ongoing maintenance of power stations worldwide. The system keeps heat exchangers and condensers clean by running soft balls through the tubes on preset time cycles. Hence, rapid growth in power plants enhances the use of automatic cleaning tube cleaning system market.

Restraints for Automatic Tube Cleaning System Market

Continuous changes in technologies.(Access Detailed Analysis in the Full Report Version)

What is Automatic Tube Cleaning System?

An automatic tube cleaning system is used to prevent deposit formation in heat exchangers, and condenser tubes that are installed in industries such as power plants, refineries, hospitality, and commercial space.

An automatic tube cleaning system is used to reduce the frequency of costly maintenance of machines and it helps in optimizing equipment function and saves energy on the equipment. There is an improvement in operational efficiency due to the use of an automatic tube cleaning system.

The cleaning of the condenser or heat exchanger is done through ball type and brush-type tube cleaning systems. The ball type tube cleaning system is advantageous than brush type tube cleaning system because there is no need to stop the operation during cleaning process.

Automatic tube cleaning system includes a programmable logic controller pump which forces water through pipes. Once the water enters the collector, system injects the ball into inlet pipe. Water flow carries the ball from inlet pipe into main line. The ball is carried into condenser from main line and randomly distributed across condenser tubes. Ball passes through tubes at normal flow velocity, balls remove all the deposits or residues. The ball type tube cleaning system with the help of automatic controller drains out the unwanted material and ensures effective cleaning of the system.

The segmentation of automatic tube cleaning system is further segmented by types into ball type and brush type tube cleaning system and its application is in power generation, oil and gas, hospitality, commercial space and further sales channel are classified into offline and online channels.

Global carbon dioxide emissions from electricity generation in Europe are forecast to decrease by *** million metric tons (MtCO₂) between 2024 and 2027. By comparison, Asia-Pacific power emissions are forecast to increase by *** MtCO₂ during this period.

According to Cognitive Market Research, the Green Energy Market Size was USD XX Billion in 2024 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2025 to 2033.

North America held largest share of XX% in the year 2024. Europe held share of XX% in the year 2024. Asia-Pacific held significant share of XX% in the year 2024. South America held significant share of XX% in the year 2024. Middle East and Africa held significant share of XX% in the year 2024. Market Dynamics of the Green Energy Market:

Key Drivers of the market-

Increasing adoption of EVs significantly boost the green energy market growth-

The Gas- and Diesel-powered vehicles have lower efficiency than EVs due to increase in engine heat generation. EVs are more efficient and environment-friendly than fuel-based vehicles. The adoption of Electric vehicles significantly reduces the reliance on fossil fuels. For that purpose, India has supportive policies such as National Electric Mobility Mission Plan, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles. The adoption of electric cars by people leads to significant growth in Electric four-wheelers for transportation.

For instance, TCS states that EV market will experience boom in 2025. For instance, Anupam Singhal, President of manufacturing at TCS has given his statement to EV magazine. The President shares his views on two main challenges related to EVs- advancing battery technology and complex vehicles designs. By resolving both queries TCS will accelerate shift towards sustainable transportation. Also, manufacturers and influencers believe that improvements in battery range and charging speed can boost the development of a market and the adoption of EVs.

The EV market is facing the penetration issue in India. Domestic production and advancements in technology, and government initiatives boost the EV market. For instance, the recent report of ANI 2025, highlighted the penetration in Electric Vehicles segment is decreasing and that is difficulty in completion of government’s target of XX% by 2030. But, the report states that the government initiative of Union Budget such as exemption in import duties for manufacturing raw material of EV that includes cobalt, lead, zinc, ion battery etc. can contribute to the development of EV manufacturing segment. Domestic production and expansion of Lithium-ion battery significantly boost an adoption of EVs due to lower production cost and affordable prices of EVs for consumers.

Other countries such as China raises the goals of EV penetration to complete their target by 2027. XX% of passenger vehicles sold in China were electric vehicles that contributed to sales. This was higher than XX million EVs sold than the rest of the countries. Therefore, China is the world’s largest market of Electric vehicles. For instance, the news of the World Resource Institute stated that China is the biggest player in the EV market. China’s support to EVs can drive forces such as the reduction in battery costs and the adoption of EVs worldwide.

Adoption of EVs is growing significantly in United States also. Consumers of United States also adopting the EVs on a large scale. EV market is primarily driven by BEVs in United States. According to the estimates XX% of total BEVs sold in United states. For instance, the article by US Energy Information Administration stated that BEV sales will continue to increase in United States. It will continue to be popular in luxury segment. This will significantly contribute to the growth of green energy market.

Therefore, increasing adoption of EVs significantly boost the green energy market growth.

Increasing use of Green Technology boosts development in green energy market– The green technology industry tries to combat with climate change conditions with the transition to clean energy like solar, wind, and hydropower. This leads to an increase in the use of smart grids, storage systems, and AI-powered energy management.
India’s ambitious goal of cutting carbon intensity and reaching Net-Zero Emission Target has fostered the major use of green technologies across the sectors. As per the India News Network Report 2025, the commitment to Net-Zero Emissions Target of India by 2070 and of the EU by 2050 leads to the major focus on research and development of green technology. For this collab...

According to Cognitive Market Research, the global Power Generators market size was USD 24614.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 9845.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 7384.2 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 5661.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1230.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 492.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
The Diesel Generator category is the fastest-growing segment of the Power Generators industry

Market Dynamics of Power Generators Market

Key Drivers for Power Generators Market

Expanding industries and manufacturing sectors to Boost Market Growth

Expanding industries and manufacturing sectors require stable and continuous power sources to ensure uninterrupted production. Manufacturing value added contributes approximately 17% to global gross domestic product (GDP). According to estimates based on U.S. data, every dollar spent in manufacturing generates an additional $2.68 for the economy. In the U.S., which leads in research and development (R&D) expenditure, the manufacturing sector accounts for around 60% of private-sector R&D spending and 55% of all patents. The World Trade Organization (WTO) reports that trade in manufactured goods represented 71% of global merchandise exports in 2020, totaling about $12.1 trillion out of a total of $17 trillion. Generators play a vital role in industrial infrastructure by preventing costly downtime. In many developing regions, expanding electrical grid infrastructure is often expensive and challenging. Generators offer a cost-effective solution for electrifying rural and remote areas. Additionally, construction projects, infrastructure development, and mining operations frequently occur in locations with limited grid access, where generators are essential for powering tools and machinery.

Expansion of Renewable Energy Source to Drive Market Growth

The global transition to renewable energy is opening up new opportunities for power generator manufacturers capable of integrating with solar, wind, and other renewable technologies. It is anticipated that global renewable capacity will increase by nearly 2,400 GW (approximately 75%) from 2022 to 2027. By 2027, the installed power capacity of solar photovoltaic (PV) systems is expected to exceed that of coal, making it the largest energy source worldwide. Cumulative solar PV capacity is projected to nearly triple, growing by around 1,500 GW during this period, surpassing natural gas by 2026 and coal by 2027. This growth includes the development of hybrid systems that combine traditional generators with renewable energy sources. Additionally, many governments are offering incentives and subsidies for renewable energy projects, which are encouraging investments in cleaner power generation solutions. This financial backing is likely to drive demand for generators that work in conjunction with renewable energy systems.

Restraint Factor for the Power Generators Market

High Initial Investment Costs Will Limit Market Growth

The cost of purchasing and installing power generators can be significant, particularly for large-scale industrial and commercial applications. High capital expenditure can deter potential buyers, especially small and medium enterprises (SMEs) that may lack sufficient financial resources. Beyond the initial purchase price, ongoing maintenance, fuel, and operational costs can be substantial, adding to the total cost of ownership. These factors can discourage investment in power generation systems. Many countries are implementing strict regulations regarding emissions from power generators, particularly those r...

Snapshot img

Hydrogen Generation Market Size 2024-2028

The hydrogen generation market size is valued to increase USD 49.7 billion, at a CAGR of 5.52% from 2023 to 2028. Growing demand for fertilizers will drive the hydrogen generation market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 55% growth during the forecast period.
By Delivery Mode - Merchant segment was valued at USD 98.40 billion in 2022
By Application - Chemical industry segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 55.57 billion
Market Future Opportunities: USD 49.70 billion
CAGR from 2023 to 2028 : 5.52%

Market Summary

The market is experiencing significant expansion, fueled by the increasing demand for clean energy sources and the decreasing costs of hydrogen production. According to a recent study, the global market for hydrogen generation is projected to reach a value of USD150 billion by 2027, underscoring its growing importance in various industries. Key drivers for this growth include the rising demand for hydrogen as a clean fuel for transportation and industrial applications, as well as advancements in hydrogen production technologies. For instance, the development of more efficient methods for producing green hydrogen, which is derived from renewable energy sources, is expected to further boost market growth. Moreover, changes in government policies and regulations are also contributing to the expansion of the market. For example, several governments have set ambitious targets for reducing greenhouse gas emissions, which is leading to increased investment in hydrogen infrastructure. Despite these positive trends, challenges remain. One major challenge is the high capital cost of hydrogen production and infrastructure development. However, ongoing research and development efforts are aimed at reducing these costs and making hydrogen a more competitive energy source. In conclusion, the market is poised for continued growth, driven by increasing demand for clean energy, technological advancements, and supportive government policies. Despite challenges, the market's future looks bright, with significant opportunities for innovation and expansion.

What will be the Size of the Hydrogen Generation Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Hydrogen Generation Market Segmented ?

The hydrogen generation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. Delivery ModeMerchantCaptiveApplicationChemical industryRefinery industryMetal processing industryOthersEnd-UserIndustrialTransportationEnergyChemicalsTypeGreen HydrogenBlue HydrogenGrey HydrogenGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKMiddle East and AfricaEgyptKSAOmanUAEAPACChinaIndiaJapanSouth AmericaArgentinaBrazilRest of World (ROW)

By Delivery Mode Insights

The merchant segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, with ongoing advancements in hydrogen production technologies and infrastructure development. One significant trend is the increasing adoption of renewable energy sources for green hydrogen production through processes like alkaline water electrolysis and photoelectrochemical water splitting. Power-to-gas systems, which convert excess renewable energy into hydrogen, are also gaining traction. Hydrogen purity levels are a crucial concern, with fuel cell technology requiring high purity levels. Membrane degradation and catalyst poisoning are common challenges in maintaining hydrogen quality. Safety protocols, including pipeline transportation and hydrogen refueling station design, are essential for mitigating risks. The electrolysis process, including steam methane reforming and solid oxide electrolysis, is undergoing significant cost reduction efforts. Production cost reductions, driven by advancements in catalysts and compression systems, are essential for widespread hydrogen adoption. Hydrogen infrastructure, including hydrogen storage tanks and distribution networks, is expanding to accommodate growing demand. According to recent studies, the global hydrogen market is projected to reach a value of USD250 billion by 2027, growing at a CAGR of 8.7% from 2020 to 2027. This growth is driven by the increasing demand for hydrogen as a clean energy source and the ongoing advancements in production, storage, and distribution technologies.

Request Free Sample

The Merchant segment was valued at USD 98.40 billion in 2018 and showed a gradual increase during the forecast period.

Request Free Sample

Regional Analysis

APAC is estim

Snapshot img

Green Hydrogen Market Size 2024-2028

The green hydrogen market size is valued to increase USD 46.25 billion, at a CAGR of 66.83% from 2023 to 2028. Growing adoption of clean fuel will drive the green hydrogen market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 57% growth during the forecast period.
By End-user - Chemical segment was valued at USD 309.40 billion in 2022
By Technology - Alkaline electrolyzer segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 5.00 million
Market Future Opportunities: USD 46249.80 million
CAGR : 66.83%
APAC: Largest market in 2022

Market Summary

The market is experiencing significant growth and transformation as the global shift towards clean energy intensifies. Core technologies, such as water electrolysis and hydrogen production from renewable sources, are advancing rapidly, driving the market's expansion. According to recent reports, the hydrogen fuel cell market share in the transportation sector is projected to reach 24% by 2027, underscoring the sector's growing importance. However, the high initial cost of green hydrogen production remains a major challenge. Despite this hurdle, the market is propelled forward by increasing demand for clean hydrogen in various applications, including power generation, industrial processes, and transportation.
In the refining industry, green hydrogen is gaining traction as a cleaner alternative to traditional hydrogen sources. Regulatory support and incentives are also fueling market growth, with countries like Germany and Norway leading the way in hydrogen adoption. The market's evolution is marked by continuous innovation and collaboration, as major players and startups strive to improve efficiency, reduce costs, and expand the market's reach. This dynamic landscape presents both opportunities and challenges, making it an exciting area for investors, researchers, and industry professionals.

What will be the Size of the Green Hydrogen Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Green Hydrogen Market Segmented and what are the key trends of market segmentation?

The green hydrogen industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Chemical
  Power
  Industrial
  Others


Technology

  Alkaline electrolyzer
  Polymer electrolyte membrane (PEM) electrolyzer


Geography

  North America

    US


  Europe

    France
    Germany


  APAC

    China
    Japan


  Rest of World (ROW)

By End-user Insights

The chemical segment is estimated to witness significant growth during the forecast period.

Green hydrogen, derived from renewable energy sources through the power-to-gas conversion process, is gaining significant traction in various industries. Currently, green hydrogen accounts for approximately 1% of the global hydrogen market, with hydrogen blending strategies in transportation and industry driving its adoption. The hydrogen industry anticipates a substantial increase in green hydrogen production, with renewable energy sources projected to supply up to 25% of the hydrogen demand by 2030. Hydrogen's versatility extends to numerous applications, including chemical process synthesis for methanol and ammonia production, and the manufacture of paints, synthetic fibers, and plastics. The hydrogen infrastructure is evolving, with advancements in electrolyzer stack design, hydrogen safety standards, and hydrogen transportation pipelines.

Energy efficiency metrics, such as the electrolysis process's proton exchange membrane (PEM) efficiency and energy conversion efficiency, are crucial in optimizing green hydrogen production. The alkaline electrolyzer lifespan and membrane durability are essential considerations for hydrogen infrastructure development. The hydrogen distribution network is expanding, with hydrogen refueling stations and hydrogen compression systems becoming more common. Hydrogen leak detection systems are being implemented to ensure safety and efficiency. Catalyst development and water electrolysis kinetics are ongoing research areas to improve green hydrogen production cost and purity. Renewable hydrogen generation, particularly from wind and solar energy, is a promising trend in the industry.

Request Free Sample

The Chemical segment was valued at USD 309.40 billion in 2018 and showed a gradual increase during the forecast period.

Fuel cell technology, which converts chemical energy into electricity, is another area of focus. The energy storage system's role in balancing the grid and ensuring a stable supply of green hydrogen is crucial. The hydrogen

The global battery storage power capacity is set for remarkable growth, with projections indicating a surge from ** gigawatts in 2022 to an impressive *** gigawatts by 2050. This exponential increase reflects the rising importance of energy storage in the transition to cleaner and more sustainable power systems worldwide. As countries and industries seek to balance intermittent renewable energy sources, battery storage emerges as a critical component in ensuring grid stability and reliability. Battery manufacturing landscape China dominated the battery manufacturing sector in 2023, accounting for over ** percent of the global battery manufacturing capacity. This trend is expected to continue, with China's battery manufacturing capacity projected to grow significantly by 2030, solidifying its position as the uncontested world leader in energy storage. Europe and the United States are also significant players in the battery storage sector. Germany, in particular, stands out as the largest market in Europe and the second-largest market in the world in 2023. However, the U.S. is expected to double up on Germany by 2027. Battery industry leaders In terms of industry leaders, China-based Contemporary Amperex Technology (CATL) and BYD are among the largest companies in the battery sector by revenue, together with Japan’s Hitachi and Panasonic. CATL and BYD were also the leading electric vehicles’ battery manufacturers in the world, CATL alone accounting for ** percent of global EV battery production capacity in 2023.

Snapshot img

Gas Turbine Market Size 2025-2029

The gas turbine market size is valued to increase USD 3.34 billion, at a CAGR of 2.2% from 2024 to 2029. Enhanced efficiency and robustness of gas turbines will drive the gas turbine market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 48% growth during the forecast period.
By Product - Heavy-duty gas turbine segment was valued at USD 19.59 billion in 2023
By Technology - CCGT segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 17.85 million
Market Future Opportunities: USD 3335.70 million
CAGR from 2024 to 2029 : 2.2%

Market Summary

The market experiences continuous expansion due to the increasing demand for reliable and efficient power generation solutions. A significant factor driving this growth is the enhanced efficiency and robustness of gas turbines, making them a preferred choice for various industries, including power generation and aviation. An intriguing trend in the market is the growing use of alternative types of fuel in aeroderivative gas turbines. This shift towards sustainable fuel sources not only reduces carbon emissions but also enhances energy security. For instance, the use of biogas, hydrogen, and synthetic natural gas in gas turbines is gaining momentum.
Despite these advancements, the market faces inherent challenges, particularly in handling natural gas. The unpredictability of natural gas prices and the need for complex infrastructure to transport and store it pose significant hurdles. Moreover, the environmental concerns associated with natural gas extraction and combustion necessitate continuous innovation to minimize emissions and improve overall sustainability. With the global energy landscape evolving at a rapid pace, gas turbine manufacturers must stay abreast of these trends and challenges to maintain their competitive edge. According to recent reports, The market is expected to reach a value of over USD100 billion by 2027, underscoring its continued importance in the energy sector.

What will be the Size of the Gas Turbine Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Gas Turbine Market Segmented ?

The gas turbine industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Heavy-duty gas turbine
  Aeroderivative gas turbine


Technology

  CCGT
  OCGT


End-user

  Energy and utilities
  Oil and gas
  Aerospace and defense
  Manufacturing
  Marine


Capacity

  Above 300 MW
  40-120 MW
  120-300 MW
  1-40 MW


Application

  Power Generation
  Oil & Gas
  Aviation
  Industrial


Geography

  North America

    US
    Canada


  Europe

    Germany
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Product Insights

The heavy-duty gas turbine segment is estimated to witness significant growth during the forecast period.

The market is poised for continued growth, driven by the increasing demand for electric power and the shift towards cleaner energy sources. According to Technavio, the power generation sector will witness significant activities, particularly in developing countries, leading to increased demand for heavy-duty gas turbines. These turbines, capable of generating over 300 MW, will play a crucial role in meeting the rising power demands. Gas turbines are increasingly preferred over coal-based power generation due to environmental concerns and their higher energy conversion efficiency. Advanced technologies, such as turbine blade cooling, compressor aerodynamics, and combustion chamber design, are enhancing gas turbine efficiency and reducing fuel consumption rates.

Furthermore, the integration of emissions reduction technologies, such as exhaust gas recirculation and advanced combustion systems, is improving thermal efficiency and reducing carbon emissions. The market is also witnessing advancements in gas turbine maintenance, with the adoption of predictive maintenance techniques and turbine design software, enabling proactive maintenance and reducing downtime. The market is expected to grow at a steady pace during the forecast period, with a significant contribution from aerospace propulsion systems and marine propulsion systems. The market is expected to reach a compound annual growth rate of 5.2% between 2021 and 2026.

Request Free Sample

The Heavy-duty gas turbine segment was valued at USD 19.59 billion in 2019 and showed a gradual increase during the forecast period.

Request Free Sample

Regional Analysis

APAC is estimated to c

The global battery manufacturing capacity is set for explosive growth, projected to more than ****** by 2030 and surpass ***** terawatt-hours. This surge underscores the critical role of energy storage in the global transition to cleaner, more sustainable power systems. China's dominance in this sector is striking, accounting for over ** percent of global battery manufacturing capacity in 2023 and expected to maintain its leadership through 2030. Global battery market dynamics While China leads the battery market, other nations are ramping up their battery production capabilities. Germany stood as the second-largest market globally in 2023, followed by the United States. However, the landscape is set to shift, with the U.S. expected to overtake Germany by 2027. Broadening the view, the global battery storage power generation capacity is forecast to skyrocket from ** gigawatts in 2022 to *** gigawatts by 2050. Global battery trade flows The industry's growth is also reflected in international trade patterns, with China’s battery exports valued at almost ** billion U.S. dollars in 2023. Interestingly, the U.S. emerges as both a significant exporter and one of the largest importers of batteries globally, with net imports valued at ** billion U.S. dollars in 2023, primarily sourced from China.

In 2020, the power tools market size was estimated at approximately **** billion U.S. dollars worldwide. By 2027, this market is forecasted to exceed **** billion U.S. dollars in size. The region with the highest production of power tools is Asia-Pacific.

In 2024, the global metallurgical coal consumption volume was estimated to have surpassed 1.07 billion metric tons. This is forecast to decrease to about 1.02 billion metric tons in 2027. Global coal consumption is expected to follow a decreasing trend in the upcoming years. Metallurgical coal, often referred to as coking coal, is utilized in the production of coke, which serves as the main carbon source in the process of steelmaking.

The global combined revenue in the 'Energy & Sports Drinks' segment of the non-alcoholic drinks market was forecast to continuously increase between 2025 and 2029 by in total **** billion U.S. dollars (+***** percent). After the ninth consecutive increasing year, the combined revenue is estimated to reach ****** billion U.S. dollars and therefore a new peak in 2029. Find other key market indicators concerning the average consumption per capita and volume.The Statista Market Insights cover a broad range of additional markets.

In 2022, the Middle Eastern and African (MEA) countries were mainly investing in lithium-nickel-manganese-cobalt-oxide batteries, as they accounted for almost 60 percent of the overall lithium-ion battery projects in the region. The share of renewable energy production in the MEA countries is forecast to triple by 2027, and the energy storage sector will need to develop accordingly.