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South Korea Gas Turbine Market Research Report: Forecast (2026–2032)

South Korea Gas Turbine Market - By Product Type (Heavy-Duty Gas Turbines, Industrial Gas Turbines, Aeroderivative Gas Turbines), By Capacity (1-2 MW, 2-5 MW, 5.1-7.5 MW, 7.6-10......MW, 10.1-15 MW, 15.1-20 MW, 20.1-30 MW, 30.1-40 MW, 40.1-100 MW, 100.1-150 MW, 150.1-300 MW, 300.1+ MW), By End User (Power Generation Plants, Oil & Gas & Petrochemical Industry, Industrial & Manufacturing Sector, Aerospace & Defense, Renewable Energy Hybrid Systems), and others Read more

Energy
Nov 2025
Pages 125
Report Format: PDF, Excel, PPT

South Korea Gas Turbine Market Size: Forecast (2026-2032)

The South Korea Gas Turbine Market size is valued at around USD 432 million in 2025 and is projected to reach USD 611 million by 2032. Along with this, the market is estimated to grow at a CAGR of around 5.08% during the forecast period, i.e., 2026-32.

South Korea Gas Turbine Market Outlook:

South Korea’s Gas Turbine Industry is poised for steady growth between 2026 and 2032, supported by accelerated energy transition goals, export-oriented manufacturing, and rising investments in flexible, hydrogen-ready power systems. The country’s strategic focus on cleaner thermal generation continues to drive demand for high-efficiency turbines, particularly as older coal and oil plants are decommissioned. For instance, South Korea’s gas turbine market could gain from IHI’s new ammonia-fueled gas turbines, tested in July 2024 at its Aioi Works, which showed lower N₂O and NOₓ emissions. This progress supports Korea’s plans to develop and produce cleaner, hydrogen- and ammonia-ready turbine technologies locally.

Meanwhile, South Korea’s participation in international clean-energy partnerships, such as the Korea-UAE Hydrogen Corridor and the Asia Clean Energy Initiative, is opening new export channels for turbine components and engineering expertise. By 2032, domestic manufacturers aim to supply a substantial portion of hydrogen-compatible turbine equipment to projects across Southeast Asia and the Middle East. Overall, the outlook for South Korea’s Gas Turbine Market remains highly positive, characterized by advanced technology integration, strong policy alignment, and expanding regional export potential. These dynamics will position the nation as a competitive hub for next-generation, low-carbon turbine solutions in Asia’s evolving energy landscape.

South Korea Gas Turbine Market Recent Developments:

April 2025: Doosan Enerbility signed a memorandum of understanding with HD Hyundai Marine Engine to jointly develop precision-casting manufacturing technology for gas turbine blades, boosting the domestic supply-chain content of turbine parts in Korea and positioning the firms to respond to rising global turbine demand.
September 2025: Hanwha Power Systems (part of the Hanwha group) received Approval in Principle from American Bureau of Shipping (ABS) to retrofit 174,000 m LNG-carrier vessels with ammonia-fuel-capable gas turbines, signaling a shift in South Korean turbine market toward maritime and dual-fuel (gas/ammonia) applications.

South Korea Gas Turbine Market Scope:

Category	Segments
By Product Type	Heavy-Duty Gas Turbines, Industrial Gas Turbines, Aeroderivative Gas Turbines),
By Capacity	1-2 MW, 2-5 MW, 5.1-7.5 MW, 7.6-10 MW, 10.1-15 MW, 15.1-20 MW, 20.1-30 MW, 30.1-40 MW, 40.1-100 MW, 100.1-150 MW, 150.1-300 MW, 300.1+ MW),
By End User	Power Generation Plants, Oil & Gas & Petrochemical Industry, Industrial & Manufacturing Sector, Aerospace & Defense, Renewable Energy Hybrid Systems),

South Korea Gas Turbine Market Drivers:

Coal-to-Gas Conversion Policy Driving Gas Turbine Demand

South Korea’s Gas Turbine Market is strongly driven by the government’s Coal-to-Gas Conversion Policy under the Ministry of Trade, Industry, and Energy (MOTIE). The policy, introduced in 2023, includes plans to convert 24 coal-fired power units into gas-based POWER turbines by 2034, promoting cleaner and more efficient energy production. This transition is expected to significantly increase demand for high-capacity gas turbines and advanced retrofit technologies.

Additionally, utilities such as Korea Southern Power (KOSPO) are implementing conversion projects totaling 3GW of capacity between 2026 and 2031, supporting the national goal of reducing carbon emissions while maintaining grid stability. This large-scale replacement of coal units’ positions with gas turbines is a central technology in Korea’s energy transformation strategy.

Domestic Manufacturing and R&D Expansion Driving Market Growth

Domestic manufacturing and research expansion have become key drivers of South Korea’s Gas Turbine Industry, strengthening the nation’s technological independence and export capability. For instance, the Korean government allocated around USD1.9 billion in 2025 for clean technology innovation, including hydrogen, carbon-neutral tech, and advanced power systems. These advancements not only reduce dependence on foreign suppliers but also enable local production of high-efficiency turbines for domestic and export projects, establishing South Korea as an emerging hub for next-generation gas turbine technology.

Market Segmentation
Introduction
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
South Korea Gas Turbine Market Regulations, Policies & Standards
South Korea Gas Turbine Market Trends & Developments
South Korea Gas Turbine Market Pricing Analysis
South Korea Gas Turbine Market Strategic Insights
South Korea Gas Turbine Market Dynamics
1. Growth Drivers
2. Challenges
3. Trends
4. Opportunities
South Korea Gas Turbine Market Hotspots & Opportunities
South Korea Gas Turbine Market Value Chain Analysis
South Korea Gas Turbine Market Outlook, 2020- 2032F
1. Market Size & Analysis
  1. Market Revenues (USD Million)
2. Market Share & Analysis
  1. By Product Type
    1. Heavy-Duty Gas Turbines- Market Size & Forecast 2020-2032, USD Million
    2. Industrial Gas Turbines - Market Size & Forecast 2020-2032, USD Million
    3. Aeroderivative Gas Turbines- Market Size & Forecast 2020-2032, USD Million
  2. By Capacity
    1. 1-2 MW - Market Size & Forecast 2020-2032, USD Million
    2. 2-5 MW - Market Size & Forecast 2020-2032, USD Million
    3. 5.1-7.5 MW - Market Size & Forecast 2020-2032, USD Million
    4. 7.6-10 MW - Market Size & Forecast 2020-2032, USD Million
    5. 10.1-15 MW - Market Size & Forecast 2020-2032, USD Million
    6. 15.1-20 MW - Market Size & Forecast 2020-2032, USD Million
    7. 20.1-30 MW - Market Size & Forecast 2020-2032, USD Million
    8. 30.1-40 MW - Market Size & Forecast 2020-2032, USD Million
    9. 40.1-100 MW - Market Size & Forecast 2020-2032, USD Million
    10. 100.1-150 MW - Market Size & Forecast 2020-2032, USD Million
    11. 150.1-300 MW - Market Size & Forecast 2020-2032, USD Million
    12. 300.1+ MW - Market Size & Forecast 2020-2032, USD Million
  3. By End User
    1. Power Generation Plants- Market Size & Forecast 2020-2032, USD Million
    2. Oil & Gas & Petrochemical Industry- Market Size & Forecast 2020-2032, USD Million
    3. Industrial & Manufacturing Sector- Market Size & Forecast 2020-2032, USD Million
    4. Aerospace & Defense- Market Size & Forecast 2020-2032, USD Million
    5. Renewable Energy Hybrid Systems- Market Size & Forecast 2020-2032, USD Million
  4. By Competitors
    1. Competition Characteristics
    2. Market Share & Analysis
South Korea Heavy-Duty Gas Turbine Market Outlook, 2020- 2032F
1. Market Size & Analysis
  1. Market Revenues (USD Million)
2. Market Share & Analysis
  1. By End User- Market Size & Forecast 2020-2032, USD Million
South Korea Industrial Gas Turbine Market Outlook, 2020- 2032F
1. Market Size & Analysis
  1. Market Revenues (USD Million)
2. Market Share & Analysis
  1. By End User- Market Size & Forecast 2020-2032, USD Million
South Korea Aeroderivative Gas Turbine Market Outlook, 2020- 2032F
1. Market Size & Analysis
  1. Market Revenues (USD Million)
2. Market Share & Analysis
  1. By End User- Market Size & Forecast 2020-2032, USD Million
South Korea Gas Turbine Market Key Strategic Imperatives for Growth & Success
Competitive Outlook
1. Company Profiles
  1. Doosan Enerbility
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Korea Electric Power Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. Hyundai Heavy Industries
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. Mitsubishi Heavy Industries
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. General Electric (GE) Korea
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. Siemens Energy Korea
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. Ansaldo Energia (Korea Branch)
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. Turbowin Global
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. T&S - Technology and Services
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Hanwha Techwin
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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