Combined-cycle Turbine Market Revenue was valued at USD 23.5 Billion in 2024 and is estimated to reach USD 34.2 Billion by 2033, growing at a CAGR of 4.9% from 2026 to 2033.
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The global combined cycle turbine market was valued at approximately USD 20.8 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth is driven by a growing shift toward energy efficient power generation technologies and increasing demand for cleaner electricity worldwide. Combined cycle turbines are favored for their high efficiency, which can reach over 60% by utilizing both gas and steam turbines in a single system. The rising global electricity consumption, especially in developing economies, continues to support market expansion. In addition, the declining cost of natural gas and stricter emission norms are accelerating the adoption of combined cycle systems over traditional fossil fuel based alternatives.
Regionally, Asia Pacific accounted for the largest share of the combined cycle turbine market in 2022, with over 35% of global revenue, led by growing energy needs in China, India, and Southeast Asia. North America followed closely due to its mature infrastructure and increasing natural gas production. Europe remains a key market, supported by decommissioning of coal plants and ongoing investment in grid modernization. The Middle East & Africa region is emerging as a high growth area, supported by investments in power infrastructure across Saudi Arabia, the UAE, and parts of Sub Saharan Africa. Opportunities are especially strong in countries aiming to transition toward lower carbon energy mixes while meeting surging electricity demand. Technological advancements, such as integration with renewable systems and digital turbine monitoring, are opening new avenues for market penetration globally.
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ANSALDO ENERGIA
Baker Hughes
De Pretto Industrie
Elliott Group
GE Compressors
GE Gas Turbines
GE Power
GE Steam Turbines
PW Power Systems
Siemens Power Genereration
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Combined-cycle Turbine Market
Gas Turbine
Steam Turbine
Power Generation
Industrial Use
Natural Gas
Coal
Others
Simple Cycle
Combined Cycle
Power & Utilities
Oil & Gas
Manufacturing
Others
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Combined-cycle Turbine Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Combined-cycle Turbine Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Combined-cycle Turbine Market, By Type
6. Global Combined-cycle Turbine Market, By Application
7. Global Combined-cycle Turbine Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Combined-cycle Turbine Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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