Summary

The South Korea gas turbine market size reached USD 494.00 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 766.43 Million by 2033, exhibiting a growth rate (CAGR) of 4.49% during 2025-2033. Government push for energy diversification, rising electricity demand, and focus on reducing carbon emissions are some of the factors contributing to South Korea gas turbine market share. Aging thermal plants are being replaced with efficient gas turbines. LNG import capacity and combined cycle projects are expanding. Technological upgrades and grid stability goals also support deployment.

South Korea Gas Turbine Market Trends:
Expanding Role in Global Gas Turbine Development
The South Korea gas turbine sector is seeing increasing involvement in large-scale international power projects, particularly in regions prioritizing reliable baseload capacity. Local firms are being tapped for engineering and procurement roles in multi-gigawatt installations abroad, reflecting growing confidence in their technical capabilities. These developments are backed by collaborations with global utilities and manufacturers, often involving complex cross-border supply chains. The projects typically feature advanced turbine systems aimed at grid stability and long-term performance. With demand rising for efficient, high-capacity generation, South Korean participation is broadening beyond domestic installations. This shift is not only enhancing the country’s presence in global energy infrastructure but also reinforcing its position as a key contributor to modern power generation initiatives worldwide. These factors are intensifying the South Korea gas turbine market growth. For example, in April 2025, Mitsubishi Generator received orders to supply six gas turbine generators for two upcoming power plants in Saudi Arabia, i.e., Rumah-1 and Al-Nairyah-1, totaling 3,600MW, about 2.5% of the country’s grid. Mitsubishi Heavy Industries provides the turbines, with Doosan Enerbility handling engineering and procurement. The plants, backed by SEC, ACWA Power, and KEPCO, are set to begin operations in 2028 and will serve as key baseload stations for grid stability.
Advancing Gas Turbine Deployment with Hydrogen-Ready Projects
Power generation is moving away from coal toward cleaner natural gas systems designed with future hydrogen use in mind. New facilities are being built to allow partial hydrogen blending, aligning with efforts to reduce emissions while maintaining stable energy supply. Local engineering and construction firms are taking on key roles in these developments, reinforcing domestic capabilities. These projects are not limited to current demands; they’re structured for flexibility as hydrogen infrastructure expands. The shift reflects a broader focus on cleaner energy, long-term adaptability, and reduced reliance on carbon-heavy fuels. As these systems come online, they signal a clear move toward more sustainable and technologically advanced approaches to electricity generation, with room to evolve as energy needs and resources change. For instance, in April 2024, GE Vernova’s Gas Power unit secured an order from Korea Western Power (KOWEPO) to supply a 7HA.02 gas turbine and H65 generator for a new 500 MW natural gas plant in Gongju-si. Replacing an aging coal facility, the project supports hydrogen readiness (up to 30% blend) and involves Daewoo E&C as the EPC partner. The shift highlights South Korea’s move toward cleaner energy infrastructure and diversified fuel options.

South Korea Gas Turbine Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on technology, design type, rated capacity, and end user.
Technology Insights:
? Combined Cycle Gas Turbine
? Open Cycle Gas Turbine
The report has provided a detailed breakup and analysis of the market based on the technology. This includes combined cycle gas turbine and open cycle gas turbine.
Design Type Insights:
? Heavy Duty (Frame) Type
? Aeroderivative Type
The report has provided a detailed breakup and analysis of the market based on the design type. This includes heavy duty (frame) type and aeroderivative type.
Rated Capacity Insights:
? Above 300 MW
? 120-300 MW
? 40-120 MW
? Less Than 40 MW
The report has provided a detailed breakup and analysis of the market based on the rated capacity. This includes above 300 MW, 120-300 MW, 40-120 MW, and less than 40 MW.
End User Insights:
? Power Generation
? Mobility
? Oil and Gas
? Others
A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes power generation, mobility, oil and gas, and others.
Regional Insights:
? Seoul Capital Area
? Yeongnam (Southeastern Region)
? Honam (Southwestern Region)
? Hoseo (Central Region)
? Others
The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.

Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Key Questions Answered in This Report:
? How has the South Korea gas turbine market performed so far and how will it perform in the coming years?
? What is the breakup of the South Korea gas turbine market on the basis of technology?
? What is the breakup of the South Korea gas turbine market on the basis of design type?
? What is the breakup of the South Korea gas turbine market on the basis of rated capacity?
? What is the breakup of the South Korea gas turbine market on the basis of end user?
? What is the breakup of the South Korea gas turbine market on the basis of region?
? What are the various stages in the value chain of the South Korea gas turbine market?
? What are the key driving factors and challenges in the South Korea gas turbine market?
? What is the structure of the South Korea gas turbine market and who are the key players?
? What is the degree of competition in the South Korea gas turbine market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 South Korea Gas Turbine Market - Introduction
4.1 Overview
4.2 Market Dynamics
4.3 Industry Trends
4.4 Competitive Intelligence
5 South Korea Gas Turbine Market Landscape
5.1 Historical and Current Market Trends (2019-2024)
5.2 Market Forecast (2025-2033)
6 South Korea Gas Turbine Market - Breakup by Technology
6.1 Combined Cycle Gas Turbine
6.1.1 Overview
6.1.2 Historical and Current Market Trends (2019-2024)
6.1.3 Market Forecast (2025-2033)
6.2 Open Cycle Gas Turbine
6.2.1 Overview
6.2.2 Historical and Current Market Trends (2019-2024)
6.2.3 Market Forecast (2025-2033)
7 South Korea Gas Turbine Market - Breakup by Design Type
7.1 Heavy Duty (Frame) Type
7.1.1 Overview
7.1.2 Historical and Current Market Trends (2019-2024)
7.1.3 Market Forecast (2025-2033)
7.2 Aeroderivative Type
7.2.1 Overview
7.2.2 Historical and Current Market Trends (2019-2024)
7.2.3 Market Forecast (2025-2033)
8 South Korea Gas Turbine Market - Breakup by Rated Capacity
8.1 Above 300 MW
8.1.1 Overview
8.1.2 Historical and Current Market Trends (2019-2024)
8.1.3 Market Forecast (2025-2033)
8.2 120-300 MW
8.2.1 Overview
8.2.2 Historical and Current Market Trends (2019-2024)
8.2.3 Market Forecast (2025-2033)
8.3 40-120 MW
8.3.1 Overview
8.3.2 Historical and Current Market Trends (2019-2024)
8.3.3 Market Forecast (2025-2033)
8.4 Less Than 40 MW
8.4.1 Overview
8.4.2 Historical and Current Market Trends (2019-2024)
8.4.3 Market Forecast (2025-2033)
9 South Korea Gas Turbine Market - Breakup by End User
9.1 Power Generation
9.1.1 Overview
9.1.2 Historical and Current Market Trends (2019-2024)
9.1.3 Market Forecast (2025-2033)
9.2 Mobility
9.2.1 Overview
9.2.2 Historical and Current Market Trends (2019-2024)
9.2.3 Market Forecast (2025-2033)
9.3 Oil and Gas
9.3.1 Overview
9.3.2 Historical and Current Market Trends (2019-2024)
9.3.3 Market Forecast (2025-2033)
9.4 Others
9.4.1 Historical and Current Market Trends (2019-2024)
9.4.2 Market Forecast (2025-2033)
10 South Korea Gas Turbine Market ? Breakup by Region
10.1 Seoul Capital Area
10.1.1 Overview
10.1.2 Historical and Current Market Trends (2019-2024)
10.1.3 Market Breakup by Technology
10.1.4 Market Breakup by Design Type
10.1.5 Market Breakup by Rated Capacity
10.1.6 Market Breakup by End User
10.1.7 Key Players
10.1.8 Market Forecast (2025-2033)
10.2 Yeongnam (Southeastern Region)
10.2.1 Overview
10.2.2 Historical and Current Market Trends (2019-2024)
10.2.3 Market Breakup by Technology
10.2.4 Market Breakup by Design Type
10.2.5 Market Breakup by Rated Capacity
10.2.6 Market Breakup by End User
10.2.7 Key Players
10.2.8 Market Forecast (2025-2033)
10.3 Honam (Southwestern Region)
10.3.1 Overview
10.3.2 Historical and Current Market Trends (2019-2024)
10.3.3 Market Breakup by Technology
10.3.4 Market Breakup by Design Type
10.3.5 Market Breakup by Rated Capacity
10.3.6 Market Breakup by End User
10.3.7 Key Players
10.3.8 Market Forecast (2025-2033)
10.4 Hoseo (Central Region)
10.4.1 Overview
10.4.2 Historical and Current Market Trends (2019-2024)
10.4.3 Market Breakup by Technology
10.4.4 Market Breakup by Design Type
10.4.5 Market Breakup by Rated Capacity
10.4.6 Market Breakup by End User
10.4.7 Key Players
10.4.8 Market Forecast (2025-2033)
10.5 Others
10.5.1 Historical and Current Market Trends (2019-2024)
10.5.2 Market Forecast (2025-2033)
11 South Korea Gas Turbine Market ? Competitive Landscape
11.1 Overview
11.2 Market Structure
11.3 Market Player Positioning
11.4 Top Winning Strategies
11.5 Competitive Dashboard
11.6 Company Evaluation Quadrant
12 Profiles of Key Players
12.1 Company A
12.1.1 Business Overview
12.1.2 Services Offered
12.1.3 Business Strategies
12.1.4 SWOT Analysis
12.1.5 Major News and Events
12.2 Company B
12.2.1 Business Overview
12.2.2 Services Offered
12.2.3 Business Strategies
12.2.4 SWOT Analysis
12.2.5 Major News and Events
12.3 Company C
12.3.1 Business Overview
12.3.2 Services Offered
12.3.3 Business Strategies
12.3.4 SWOT Analysis
12.3.5 Major News and Events
12.4 Company D
12.4.1 Business Overview
12.4.2 Services Offered
12.4.3 Business Strategies
12.4.4 SWOT Analysis
12.4.5 Major News and Events
12.5 Company E
12.5.1 Business Overview
12.5.2 Services Offered
12.5.3 Business Strategies
12.5.4 SWOT Analysis
12.5.5 Major News and Events
13 South Korea Gas Turbine Market - Industry Analysis
13.1 Drivers, Restraints, and Opportunities
13.1.1 Overview
13.1.2 Drivers
13.1.3 Restraints
13.1.4 Opportunities
13.2 Porters Five Forces Analysis
13.2.1 Overview
13.2.2 Bargaining Power of Buyers
13.2.3 Bargaining Power of Suppliers
13.2.4 Degree of Competition
13.2.5 Threat of New Entrants
13.2.6 Threat of Substitutes
13.3 Value Chain Analysis
14 Appendix