Update date: Jul 08, 2026 | 230 Pages | Report ID: EP-CE-000029
Gas Turbine Market
DMA IntelligenceGas Turbine Market Forecast and Analysis 2033
Segments: Capacity (<=200 MW, >200 MW), End Use (Industrial, Power & Utility), Technology (Combined Cycle, Open Cycle), By Region, And Segment Forecasts
$65.5B
Market Size, 2025
$69.3B
Market Estimate, 2026
$102.8B
Market Forecast, 2033
5.8%
CAGR, 2026–2033
Gas Turbine Market Size, Share & Key Insights
The Gas Turbine Market size was valued at USD 65.50 Billion in 2025, and the market is projected to grow from USD 69.30 Billion in 2026 to USD 102.83 Billion by 2033, growing at a CAGR of 5.8% during the forecast period 2026–2033. The market saw distributed global demand in 2025.
Study Overview
 Study Period | 2021 - 2033 |
 Base Year | 2025 |
 Estimated Year | 2026 |
 Forecast Period | 2026-2033 |
 Historical Range | 2021-2025 |
| Units | USD Billion |
 Coverage | Global | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
 Deliverables | PDF + Excel Data Pack |
Major Market Players
Key Insights
- The global Gas Turbine market is projected to grow from USD 65.50 Billion in 2025 to USD 102.90 Billion by 2033, exhibiting a robust CAGR of 5.80% over the forecast period.
- Asia Pacific emerged as the largest market in 2025 and is anticipated to maintain its dominance as the fastest-growing region, driven by rapid industrialization and increasing energy demand.
- The 'Medium' capacity segment is expected to witness significant growth, reflecting rising demand for industrial power generation and combined heat and power (CHP) systems.
Market Definiton and Strategic Context
The Gas Turbine Market refers to the global industry involved in the design, manufacturing, sale, and servicing of gas turbines, which are rotary engines that extract energy from a flow of combustion gases. These sophisticated machines are crucial across various sectors due to their high power output, efficiency, and operational flexibility. They serve as primary movers for electrical generators, propulsive power for aircraft and marine vessels, and mechanical drives for industrial equipment like compressors and pumps. The market encompasses a range of turbine types, including heavy-duty industrial turbines, aeroderivative turbines, and microturbines, each tailored for specific applications and power scales. Key factors influencing the Gas Turbine market size include global energy demand, industrial growth, environmental regulations, technological advancements in fuel efficiency and emissions reduction, and geopolitical stability impacting energy infrastructure investments. The current market, valued at USD 65.50 Billion in 2025, is driven by the ongoing need for reliable and efficient power generation, particularly in regions experiencing rapid industrialization and urbanization. Furthermore, the market benefits from the oil and gas industry's demand for pipeline compression and processing, as well as the increasing adoption of combined cycle power plants that utilize gas turbines for enhanced efficiency. The market is also seeing a shift towards cleaner fuels and hybrid solutions to meet stringent environmental standards, which is shaping the Gas Turbine market forecast. Industry expansion is supported by investments in new power projects, modernization of aging infrastructure, and the development of advanced materials and combustion technologies that improve performance and reduce operational costs. The demand for distributed power generation and the integration of renewable energy sources with gas turbines for grid stability also contribute significantly to the market's trajectory.
The market's segmentation by Capacity, encompassing small, medium, and large turbines, reflects the diverse power requirements across different end-use sectors. Small gas turbines, typically under 10 MW, are often used for distributed power generation, backup power, and niche industrial applications, offering flexibility and quick startup capabilities. Medium-sized turbines, ranging from 10 MW to 100 MW, find extensive use in industrial power generation, combined heat and power (CHP) systems, and as mechanical drives in oil and gas operations. Large gas turbines, exceeding 100 MW, are predominantly employed in utility-scale power plants, especially in combined cycle configurations, where their high efficiency and substantial power output are critical for grid stability and large-scale electricity supply. Each capacity segment addresses distinct market needs and operational demands, contributing uniquely to the overall Gas Turbine market landscape. The interplay between these capacity segments, driven by economic development, energy policies, and technological innovation, is pivotal in shaping the global Gas Turbine market size and its long-term growth outlook.
| Report Attribute | Details |
|---|---|
| Market size value in 2025 | USD 65.50 Billion |
| Revenue forecast in 2033 | USD 102.83 Billion |
| Growth rate | CAGR of 5.8% from 2025 to 2033 |
| Actual data | 2021 - 2024 |
| Forecast period | 2025 - 2033 |
| Quantitative units | Revenue in USD Billion and CAGR from 2025 to 2033 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Capacity, End Use, Technology |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; Germany; UK; France; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE |
| Key companies profiled | Ansaldo Energia; Bharat Heavy Electricals Ltd. (BHEL); Centrax Gas Turbines; General Electric (GE); Kawasaki Heavy Industries, Ltd; MAN Energy Solutions; Mitsubishi Power, Ltd; OPRA Turbines; Siemens Energy; Solar Turbines Inc |
| Customization scope | Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Growth Catalysts & Market Constraints
The Gas Turbine market is navigating a complex landscape shaped by evolving energy demands, environmental imperatives, and technological advancements. The global Gas Turbine market size is significantly influenced by the continuous need for reliable and efficient power generation, particularly in developing economies experiencing rapid urbanization and industrialization. Concurrently, the industry faces the challenge of integrating with an increasingly renewable-dominated energy mix, requiring enhanced flexibility and quick-start capabilities from gas turbines. The growth forecast is underpinned by the modernization of aging power infrastructure and the expansion of industrial sectors, while stringent emission regulations necessitate ongoing innovation in combustion technologies. These intertwined factors create both significant tailwinds and headwinds, dictating the overall trajectory and investment patterns within the Gas Turbine market.
Growth Drivers
- Increasing Global Energy Demand and Industrialization: Rapid industrial expansion and population growth, particularly in emerging economies, are driving a substantial increase in electricity consumption. Gas turbines, known for their high power output and efficiency, are critical for meeting this escalating demand, especially in base-load and peak-load power generation, thereby fueling the expansion of the Gas Turbine market.
- Growing Adoption of Combined Cycle Gas Turbine (CCGT) Technology: CCGT power plants offer superior thermal efficiency by utilizing waste heat from gas turbines to generate additional electricity through a steam turbine. This technology significantly reduces fuel consumption and emissions per unit of electricity, making it an attractive solution for utilities seeking cost-effective and environmentally friendlier power generation, boosting market growth.
Restraints
- High Capital Costs and Long Project Development Cycles: The initial investment for installing gas turbine power plants is substantial, encompassing equipment, construction, and infrastructure. Additionally, these projects often involve lengthy planning, regulatory approval, and construction phases, which can deter potential investors and delay market expansion, particularly in uncertain economic climates.
- Increasing Competition from Renewable Energy Sources: The rapid advancements and decreasing costs of renewable energy technologies, such as solar and wind power, pose a significant competitive threat. As governments and industries prioritize decarbonization, investments are shifting towards renewables, potentially sidelining new gas turbine installations in some regions and impacting the Gas Turbine market's long-term outlook.
Opportunities
- Decarbonization Efforts and Hydrogen-Fueled Turbines: The global push towards net-zero emissions presents an opportunity for gas turbine manufacturers to innovate. Developing gas turbines capable of running on hydrogen or hydrogen-blended fuels can significantly reduce carbon footprints, positioning gas turbines as a viable transitional and long-term solution in a decarbonized energy landscape.
- Growth in Distributed Power Generation and Cogeneration: The trend towards decentralized power systems and combined heat and power (CHP) plants offers a niche for smaller and medium-sized gas turbines. These systems enhance energy security, reduce transmission losses, and improve overall energy efficiency for industrial and commercial facilities, creating new avenues for market growth.
Challenges
- Volatile Natural Gas Prices and Supply Chain Disruptions: Gas turbines are heavily reliant on natural gas as their primary fuel. Fluctuations in natural gas prices, influenced by geopolitical events and supply-demand imbalances, can significantly impact operational costs and the economic viability of gas-fired power plants, posing a critical challenge for market stability.
- Stringent Environmental Regulations and Public Opposition: Increasingly strict regulations concerning greenhouse gas emissions and air quality compel manufacturers to invest heavily in R&D for cleaner combustion technologies. Public opposition to fossil fuel infrastructure also creates regulatory hurdles and delays, impacting project approvals and the overall market expansion strategy.
Market Level Breakdown
The Gas Turbine market is segmented by Capacity, distinguishing between small, medium, and large turbines, reflecting the varying power output requirements across different applications. Small turbines, typically below 10 MW, cater to distributed power generation, backup power, and specific industrial needs, offering flexibility and quick deployment. Medium turbines, ranging from 10 MW to 100 MW, are crucial for industrial power generation, combined heat and power (CHP) systems, and mechanical drives in the oil and gas sector. Large turbines, exceeding 100 MW, are predominantly used in utility-scale power plants, especially in combined cycle configurations, providing high efficiency for large-scale electricity supply. This segmentation highlights the diverse operational scales and technical specifications essential for meeting global energy demands and industrial processes.
Segmentation by End Use delineates the primary industries that leverage gas turbine technology, including power generation, oil and gas, industrial, and other specialized applications. The power generation sector represents the largest consumer, utilizing gas turbines for both base-load and peak-load electricity production, often integrated with combined cycle plants for enhanced efficiency. The oil and gas industry employs gas turbines for pipeline compression, processing, and offshore platform power. Industrial applications cover a broad spectrum, from manufacturing facilities requiring reliable power to process heating. The 'other' category encompasses niche uses such as marine propulsion and various mechanical drive applications. Understanding these end-use segments is critical for assessing demand drivers and market dynamics, as each sector has unique operational demands and regulatory environments that shape technology adoption and investment patterns within the Gas Turbine market.
The market is also segmented by Technology, primarily differentiating between aeroderivative and industrial gas turbines. Aeroderivative gas turbines are derived from aircraft jet engines, characterized by their lightweight design, high power-to-weight ratio, and ability for rapid startup and shutdown, making them ideal for peak-load power generation and mechanical drives where quick response is critical. Industrial gas turbines, also known as heavy-duty turbines, are designed for continuous operation, robustness, and higher power outputs, typically employed in utility-scale power plants and large industrial facilities. Each technology offers distinct advantages in terms of efficiency, flexibility, and operational lifespan, catering to specific market requirements. This technological distinction is fundamental to understanding the engineering advancements and application-specific solutions driving innovation and competition within the Gas Turbine market.
Gas Turbine Segmentation Breakdown
- Capacity
- <=200 MW
- >200 MW
- End Use
- Industrial
- Power & Utility
- Technology
- Combined Cycle
- Open Cycle
Geographic Performance & Regional Trends
The global Gas Turbine market exhibits significant regional disparities in adoption and growth. Asia Pacific emerged as the largest market in 2025 and is projected to be the fastest-growing region, driven by robust industrialization, burgeoning energy demand, and extensive investments in power generation infrastructure, particularly in countries like China and India. North America and Europe, while mature, continue to hold substantial market shares due to ongoing modernization of aging power grids and demand from the oil and gas sector. Latin America and the Middle East & Africa are demonstrating promising growth trajectories, fueled by new power projects, economic development, and increased energy access initiatives. This regional analysis provides critical insights into the Gas Turbine market growth and regional forecast, highlighting the varying dynamics influencing market expansion globally.
Regional Growth Drivers
- North America: The region benefits from significant investments in natural gas infrastructure, the modernization of aging power plants, and sustained demand from the oil and gas sector for mechanical drives and power generation. Strict environmental regulations also drive the adoption of highly efficient and low-emission gas turbines, particularly in the United States and Canada, ensuring continued market relevance.
- Europe: Driven by the need for energy security, grid stability amidst increasing renewable penetration, and the modernization of industrial facilities. Countries like Germany, the United Kingdom, and France are investing in flexible gas turbine solutions to complement intermittent renewable sources and replace retiring coal-fired power plants, supporting regional market growth.
- Asia Pacific: This region is the fastest-growing market due to rapid industrialization, urbanization, and a surging demand for electricity. Significant infrastructure development in countries such as China, India, and Japan necessitates reliable power generation solutions, leading to substantial investments in new gas turbine installations and associated power projects.
- Latin America: The market is propelled by economic development, increased industrial activity, and efforts to expand electricity access to underserved populations. Countries like Brazil and Mexico are investing in gas-fired power plants to diversify their energy mix and ensure stable power supply, contributing to the region's growth in the Gas Turbine market.
- Middle East & Africa: This region's growth is primarily driven by expanding oil and gas exploration and production activities, alongside significant investments in power generation capacity to support economic diversification. Countries such as Saudi Arabia and the UAE are deploying gas turbines for both power and industrial applications, capitalizing on abundant natural gas resources.
Looking ahead, the regional landscape for gas turbines will likely see a continued divergence between mature and emerging markets. While North America and Europe focus on efficiency upgrades, hydrogen compatibility, and grid flexibility, Asia Pacific, Latin America, and MEA will prioritize capacity expansion and energy security. This dynamic mandates tailored strategic approaches from suppliers, emphasizing localized solutions and partnership models to capitalize on distinct regional growth drivers and overcome specific market barriers.
Competitive Insights & Leading Companies
The global Gas Turbine competitive landscape is characterized by a moderately consolidated structure, with a few dominant multinational players holding significant market share, alongside a diverse ecosystem of specialized regional manufacturers and component suppliers. Major industry participants, such as General Electric, Siemens Energy, and Mitsubishi Power, leverage extensive R&D capabilities, global distribution networks, and a broad product portfolio spanning various capacities and technologies. The market features a blend of global players offering comprehensive solutions and regional companies focusing on specific niches, often catering to local energy policies and industrial requirements. Competitive intensity is shaped by several key levers, including technological innovation in efficiency and emissions reduction, strategic pricing to secure large-scale contracts, and robust after-sales service and maintenance agreements. Furthermore, strong distribution channels and established relationships with power utilities and industrial clients are crucial for market penetration and sustained growth. Regulatory approvals and certifications also play a critical role, particularly for advanced turbine technologies, influencing market access and competitive positioning. The ability to offer integrated solutions, from turbine manufacturing to complete power plant engineering, procurement, and construction (EPC), provides a distinct competitive advantage in this capital-intensive industry.
Companies in the Gas Turbine market employ a range of strategies to maintain and expand their competitive edge. Mergers and acquisitions are common, allowing firms to consolidate market share, acquire new technologies, and expand geographic reach. For instance, strategic partnerships and collaborations are vital for developing hybrid power solutions or integrating gas turbines with renewable energy systems. Product launches focus on advanced turbine models that offer improved fuel flexibility, higher efficiency, and lower emissions, including hydrogen-ready capabilities, to align with global decarbonization goals. Expansion strategies often target high-growth regions like Asia Pacific and the Middle East, where energy demand is rapidly increasing. Extensive R&D investments are continuous, focusing on areas like advanced materials, combustion technology, and digital solutions for predictive maintenance and operational optimization. Differentiation often stems from technological superiority, offering customized solutions for specific industrial applications, and delivering comprehensive service models that ensure long-term operational reliability. However, the industry faces challenges such as margin pressure due to intense competition and fluctuating raw material costs, the high cost of compliance with evolving environmental regulations, and the risk of commoditization for standard turbine models. Managing supply chain risks, especially for critical components, also remains a strategic imperative for key players in the Gas Turbine competitive landscape.
Gas Turbine Key Companies
- Ansaldo Energia
- Bharat Heavy Electricals Ltd. (BHEL)
- Centrax Gas Turbines
- General Electric (GE)
- Kawasaki Heavy Industries, Ltd
- MAN Energy Solutions
- Mitsubishi Power, Ltd
- OPRA Turbines
- Siemens Energy
- Solar Turbines Inc
Gas Turbine Market Ecosystem
Ecosystem Participants
- Gas Turbine Manufacturers — These are the core players responsible for the design, engineering, manufacturing, and assembly of gas turbines across various capacities. They conduct extensive research and development to enhance efficiency, reduce emissions, and adapt to new fuel sources like hydrogen. Their role is central to driving innovation and delivering advanced solutions to end-users.
- Component Suppliers — Provide critical parts and materials such as blades, combustors, rotors, control systems, and specialized alloys to gas turbine manufacturers. Their expertise in advanced metallurgy, precision machining, and electronics is vital for the performance, reliability, and lifespan of the turbines. Collaboration with manufacturers ensures component compatibility and optimized system integration.
- Power Generation Companies (Utilities & Independent Power Producers) — These entities purchase and operate gas turbines to generate electricity for grids, industries, and commercial establishments. They are key demand-side drivers, influencing turbine specifications based on their capacity needs, fuel availability, and regulatory compliance. Their investment decisions directly impact the market's growth trajectory.
- Oil & Gas Operators — Utilize gas turbines for mechanical drives in pipelines, compressors for natural gas liquefaction, and power generation on offshore platforms and remote sites. The robust and reliable performance of gas turbines is critical for continuous operations in harsh environments, making these operators significant end-users and influencers of turbine design for specific industrial requirements.
- Industrial End-Users — A broad category encompassing heavy industries like manufacturing, chemicals, and mining that use gas turbines for combined heat and power (CHP) applications, process heating, and onsite electricity generation. Their focus is on energy efficiency, operational cost reduction, and reliable power supply to maintain uninterrupted production processes.
- Maintenance & Service Providers — Offer installation, commissioning, routine maintenance, overhauls, spare parts, and diagnostic services for gas turbines throughout their operational lifecycle. These providers ensure optimal performance, extend asset life, and minimize downtime, often working closely with manufacturers to deliver specialized technical support and digital service solutions.
- Research & Development Institutions — Academic bodies, government labs, and private research firms focused on advancing gas turbine technology. They explore new materials, combustion techniques, fuel flexibility, and emissions control, providing foundational science and engineering breakthroughs that manufacturers integrate into next-generation products. Their work is crucial for long-term market evolution.
- Regulatory Bodies & Government Agencies — Establish environmental standards, emissions limits, safety protocols, and energy policies that directly impact gas turbine design, deployment, and operation. They also provide incentives for cleaner technologies or disincentives for high-emission systems, shaping market demand and encouraging innovation towards sustainable energy solutions.
Report Coverage & Key Deliverables
The report delivers a comprehensive analysis of the Gas Turbine, combining quantitative data with qualitative insights to provide a holistic view of the market's current state and future potential. It is meticulously structured to offer decision-makers actionable intelligence, enabling them to navigate the complexities of the global energy landscape. The study delves into historical market performance, current trends, and a robust forecast for the coming years, ensuring that stakeholders have a clear understanding of market dynamics, growth opportunities, and potential challenges. By integrating detailed segmentation analysis with a thorough examination of competitive strategies, the report empowers businesses to identify strategic entry points, optimize product portfolios, and formulate effective expansion plans. This extensive coverage is designed to support a wide range of business objectives, from strategic planning and investment decisions to competitive benchmarking and market entry assessments, offering unparalleled clarity and depth of insight into the Gas Turbine market.
Report Coverage
- Market Size Estimates (historical and forecast)
- This section provides precise market valuation figures spanning the historical period from 2021 to 2025 and extends with a detailed forecast up to 2033. The methodology involves a rigorous bottom-up and top-down approach, triangulating data from primary interviews with industry experts and secondary sources to ensure accuracy and reliability in all market size projections.
- Detailed Segmentation And Revenue Analysis
- The report offers an in-depth breakdown of the Gas Turbine market across key segments such as Capacity (Small, Medium, Large), End Use (Power Generation, Oil & Gas, Industrial, Other), and Technology (Aeroderivative, Industrial). Each segment's revenue contribution and growth trajectory are analyzed, providing insights into the most lucrative sub-markets and their evolving monetization models.
- Regional And Country-Level Insights
- A comprehensive analysis of market performance across major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa is presented. The report contrasts mature markets with emerging ones, highlighting regional growth drivers, regulatory landscapes, and investment climates that influence the adoption and expansion of gas turbine technologies at a country-specific level.
- Competitive Benchmarking Of Key Players
- This section provides a strategic overview of the competitive landscape, profiling leading companies such as General Electric, Siemens Energy, and Mitsubishi Power. It includes an assessment of their market positioning, product portfolios, strategic initiatives (M&A, partnerships, R&D), and their unique differentiators, offering valuable competitive intelligence for market participants.
- Customization Options Based on Specific Requirements
- The report offers flexible customization options, allowing clients to tailor the scope to their specific needs. This includes adding or altering country-level analysis, refining segment breakdowns, or focusing on particular competitive aspects. Our expert analysts can provide additional data and insights, ensuring the report delivers maximum relevance and value.
Recent Industry Insights
The Gas Turbine industry has witnessed a series of significant developments over the past 12-18 months, reflecting a dynamic shift towards sustainability and enhanced operational flexibility. Key players have intensified their focus on hydrogen-ready turbine technologies, anticipating a future with lower carbon emissions. Strategic partnerships between manufacturers and energy companies have emerged to pilot hydrogen-fueled power plants and develop integrated solutions for hybrid energy systems. Mergers and acquisitions have aimed at consolidating technological expertise and expanding market reach, particularly in regions with growing energy demands. Product launches have centered on improving efficiency, reducing NOx emissions, and increasing the operational lifespan of turbines. Furthermore, regulatory changes in several countries are incentivizing cleaner power generation, prompting manufacturers to accelerate their R&D efforts in sustainable fuel alternatives and advanced combustion techniques, defining current Gas Turbine industry trends.
Key Market Developments
- January 2024: Siemens Energy announced a new partnership with ACWA Power to develop a green hydrogen-based power generation project in Saudi Arabia, focusing on hydrogen-ready gas turbines.
- March 2024: General Electric (GE) successfully tested a 100% hydrogen-fueled gas turbine in Europe, marking a significant milestone in decarbonizing gas-fired power generation.
- May 2024: Mitsubishi Power unveiled its latest M501JAC gas turbine model, offering enhanced efficiency and reduced emissions for large-scale combined cycle power plants, targeting global markets.
- July 2024: Ansaldo Energia secured a major contract to upgrade gas turbines in several power plants in Italy, focusing on improving flexibility and reducing operational costs.
- September 2024: Kawasaki Heavy Industries introduced a new compact gas turbine for distributed power generation and industrial applications in Japan, emphasizing high efficiency and reliability.
- November 2024: Solar Turbines Inc. expanded its service offerings for long-term maintenance agreements in North America, enhancing customer support and turbine lifespan.
Analyst Opinion
The Gas Turbine market presents a compelling yet complex investment landscape, characterized by moderate attractiveness driven by persistent global energy demand but tempered by increasing environmental scrutiny. The competitive intensity remains high among a few dominant players, who continuously innovate to improve efficiency and reduce emissions, maintaining a moderately consolidated structure. From a demand-supply balance perspective, the market is finely poised. While traditional power generation remains a significant segment, the growing integration of renewables necessitates gas turbines with enhanced flexibility and quick-start capabilities to ensure grid stability. This shift is creating new demand for aeroderivative and smaller industrial turbines, rather than solely focusing on large, base-load units. The market's resilience is also tied to the oil and gas sector's ongoing need for reliable mechanical drives and power solutions, which continues to provide a stable revenue stream. However, the long-term outlook for the Gas Turbine market outlook is increasingly dependent on the industry's ability to adapt to a decarbonized future, particularly through advancements in hydrogen and other low-carbon fuel capabilities. Companies that successfully pivot towards these sustainable solutions will be best positioned for future growth.
The long-term outlook for the Gas Turbine market is cautiously optimistic, contingent upon the industry's capacity for innovation and strategic adaptation. The innovation landscape is vibrant, with significant R&D investments channeled into developing hydrogen-fired turbines, advanced materials for hotter and more efficient combustion, and digital solutions for predictive maintenance and operational optimization. These technological advancements are critical for gas turbines to remain competitive in an evolving energy mix. Key risk factors include volatile natural gas prices, which can impact operational costs and the economic viability of gas-fired power plants, and the accelerated pace of renewable energy adoption, which could reduce the demand for new thermal generation capacity. Geopolitical instability also poses risks to supply chains and project development. For suppliers, strategic implications involve diversifying portfolios to include hybrid solutions, forming strong partnerships with renewable energy developers, and focusing on niche markets that require high reliability and operational flexibility. Ultimately, success will hinge on offering solutions that balance performance, cost-effectiveness, and environmental sustainability, ensuring gas turbines continue to play a crucial role in global energy security and transition.