A new kind of power analysis has recently been presented which is based on the maximization of the power density and predicts smaller and more efficient non-regenerative Joule-Brayton engines than those designed at maximum power. In this paper we apply the power density maximization method to regenerative gas turbines using a theoretical framework where the optimal operating conditions of the heat engine are expressed in terms of the isentropic efficiencies of the compressor and turbine and of the heat exchanger efficiency. It is shown that, unlike non-regenerative results, real regenerative gas turbines are less efficient at maximum power density conditions than at maximum power conditions.